What are the examples of insurance?

• Life insurance. As the name suggests, life insurance is insurance on your life. ...
• Health insurance. Health insurance is bought to cover medical costs for expensive treatments. ...
• Car insurance. ...
• Education Insurance. ...
• Home insurance.

What are the 2 types of insurance?

What is the most common type of insurance?

What Is insurance & its types?

Insurance policies can cover up medical expenses, vehicle damage, loss in business or accidents while traveling, etc. Life Insurance and General Insurance are the two major types of insurance coverage. General Insurance can further be classified into sub-categories that clubs in various types of policies.

What are different types of life insurance?

What is insurance simple words?

What Is Insurance? Insurance is a contract, represented by a policy, in which an individual or entity receives financial protection or reimbursement against losses from an insurance company. The company pools clients' risks to make payments more affordable for the insured.

What is the important of insurance?

Insurance turn accumulated capital into productive investments. Insurance also enables mitigation of losses, financial stability and promotes trade and commerce activities those results into sustainable economic growth and development. Thus, insurance plays a crucial role in the sustainable growth of an economy.

What are the 6 types of insurance?

Six common car insurance coverage options are: auto liability coverage, uninsured and underinsured motorist coverage, comprehensive coverage, collision coverage, medical payments coverage and personal injury protection. Depending on where you live, some of these coverages are mandatory and some are optional.

What are the five major types of insurance?

The Bottom Line

Home or property insurance, life insurance, disability insurance, health insurance, and automobile insurance are five types that everyone should have.

Is Marine a insurance?

Marine Insurance is a type of insurance policy that provides coverage against any damage/loss caused to cargo vessels, ships, terminals, etc. in which the goods are transported from one point of origin to another.

What are the principles of insurance?

In the insurance world there are six basic principles that must be met, ie insurable interest, Utmost good faith, proximate cause, indemnity, subrogation and contribution. The right to insure arising out of a financial relationship, between the insured to the insured and legally recognized.

How do insurances work?

The basic concept of insurance is that one party, the insurer, will guarantee payment for an uncertain future event. Meanwhile, another party, the insured or the policyholder, pays a smaller premium to the insurer in exchange for that protection on that uncertain future occurrence.

What is third-party insurance?

Third-party insurance, which is also sometimes referred to as 'act-only' insurance is a statutory requirement for all vehicle owners as per the Motor Vehicle Act. It is a type of insurance cover where the insurer offers protection against damage to the third-party vehicle, personal property and physical injury.

What are the characteristics of insurance?

What is insurance one word?

1a : coverage by contract whereby one party undertakes to indemnify or guarantee another against loss by a specified contingency or peril. b : the business of insuring persons or property. c : the sum for which something is insured.

Who is insured person?

Definitions of insured person. a person whose interests are protected by an insurance policy; a person who contracts for an insurance policy that indemnifies him against loss of property or life or health etc. synonyms: insured. type of: individual, mortal, person, somebody, someone, soul. a human being.

What is insured name?

What Does Named Insured Mean? ... That is, a named insured is the person or business who is explicitly named on the insurance contract. If you are the named insured, your name usually appears on the first page of the contract, often within the first few lines. You are also be the one to sign the insurance contract.

What is a first Named insured?

2 The first named insured—also termed primary named insured—is. the “individual or entity whose name appears first in the declarations of an insur- ance policy.”

What is another word for insured?

In this page you can discover 27 synonyms, antonyms, idiomatic expressions, and related words for insured, like: safeguarded, protected, covered, warranteed, guaranteed, uninsured, underwritten, secured, assured, ensured and ascertained.

What is CPA policy?

The Compulsory Personal Accident (CPA) cover by Liberty General Insurance is a standalone compulsory Personal Accident policy exclusively for the owner-driver of the vehicle. ... This policy compensates you or your beneficiaries against accidental death or disability caused while driving the Insured vehicle.