Why Should You Buy an Insurance ?
Why Should You Buy an Insurance?
What is Insurance?
Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment . It is a form of underwriting , the process by which insurers select the risks to insure and decide how much in premiums to charge for accepting those risks.
Types of Insurance
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Auto Insurance : for autos
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Life Insurance ; for individuals
- Health Insurance ; for individuals
- Group Insurance ; for groups or family
- Home Insurance ; for your home
- Funeral Insurance ;
- Accident Insurance ; for individuals or autos
- Sickness Insurance ; for individuals
- Unemployment Insurance ; for individuals
- Disability Insurance ; for individuals
- Fire Insurance ; home or business premises
- Property Insurance ; for risk of property
- Flood Insurance ; for risk of property or individuals
- inland marine insurance; for property or individuals
- boiler insurance ; for risk of boilers
- Aviation insurance ; for risk of aviation
- Crop Insurance ; for risk of crops
- Building Risk Insurance ; for risk of building
- Earthquake Insurance ; for risk of property
- Land Lord Insurance ; for land
- Marine Insurance ; for property
- Tourism Insurance ; for risk of individuals
- Liability Insurance ;against any liability
- Credit Insurance ; against any credit
- Mortgage Insurance ; against any mortgage
- Car Insurance ; for risk of your cars
- Collateral Protection Insurance ; for risk of any collateral
- Kidnap and ransom Insurance ; in case of kidnap
- Legal Expense Insurance ; legal risk
- Locked Fund Insurance ; risk of fund locked
- Pet Insurance ; for risk of pets
- Pollution Insurance ; for risk of pollutions
- Phone Insurance ; for your phone
- Title Insurance
- Travel Insurance
- Social Insurance, etc.
Why an Insurance
For Example, if you buy a car and drive it, you may , unfortunately, fall in accident which may cause your car broken or out of order. In this case, if you have already bought an insurance for your car, you can get it again from the claimed money of respective insurance company against your premium.
Suppose, you have lost your legs by that accident. If you have already bought a life insurance from any insurance company, then, you can get a large amount of money to spend in the time of your disability.
Similar results you can aspect for other cases of insurance.
How and When to Claim for Insured Money?
When an accident happens , you should contact with the insurance company as soon as possible. Some insurance company do not allow delay of claims. So, for the delay of contact you may loss your claimable money.
Before or after the insurance is bought, you must read the terms and conditions of that insurance company attentively with proper importance and memorize it for future reference.
Term Life Insurance
Car Insurance
This content is accurate and true to the best of the author’s knowledge and is not meant to substitute for formal and individualized advice from a qualified professional.
© 2011 Mitali Chowdhury
