What is insurance simple words?

What is insurance and explain its principle?

Insurance is the service that provides protection from certain types of risks that arise out of uncertain events. It gives individual an assurance by promising a certain sum of money in case of death or damage to personal property. The insured needs to pay. a premium in return for this assurance.

What is insurance and its function?

The main function of insurance is to protect the probable chances of loss. ... The insurance guarantees the payment of loss and thus protects the assured from sufferings. The insurance cannot check the happening of risk but can provide for losses at the happening of the risk.

What do you mean by insured?

Insured is a generic term that refers to any person or entity legally entitled to receive the benefits of an insurance policy, typically claim payments. Insurers make payments to insureds after they experience a covered loss, damage, or an injury that qualifies for payment under the policy's terms.

What are the 3 main types of insurance?

What is the importance of insurance?

Insurance provide financial support and reduce uncertainties in business and human life. It provides safety and security against particular event. There is always a fear of sudden loss. Insurance provides a cover against any sudden loss.

Why do we need insurance?

Need for Insurance

Insurance plans are beneficial to anyone looking to protect their family, assets/property and themselves from financial risk/losses: Insurance plans will help you pay for medical emergencies, hospitalisation, contraction of any illnesses and treatment, and medical care required in the future.

What is insurance in Brainly?

Answer: an arrangement by which a company or the state undertakes to provide a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a specified premium.

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 are the 4 main types of insurance?

There are, however, four types of insurance that most financial experts recommend we all have: life, health, auto, and long-term disability.

What are the 7 main types of insurance?

7 Types of Insurance are; Life Insurance or Personal Insurance, Property Insurance, Marine Insurance, Fire Insurance, Liability Insurance, Guarantee Insurance. Insurance is categorized based on risk, type, and hazards.

What are the 2 types of insurance?

What are 5 principles of insurance?

What is the opposite of insurance?

Antonyms & Near Antonyms for insurance. hazard, risk, threat.

How do you use insure in a sentence?

Examples of insure in a Sentence

This policy will insure your car against theft. She had difficulty finding a company that would insure her. They take great care to insure the safety and security of their home. We hope that careful planning will insure success.

What is life insurance by Brainly?

Answer: Life insurance is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money in exchange for a premium, upon the death of an insured person.

What area of personal finance is life insurance Brainly?

#5 Protection. Personal protection refers to a wide range of products that can be used to guard against an unforeseen and adverse event. Common protection products include: Life insurance.

Are insurance policies contracts?

An insurance policy is a legal contract between the insurance company (the insurer) and the person(s), business, or entity being insured (the insured). Reading your policy helps you verify that the policy meets your needs and that you understand your and the insurance company's responsibilities if a loss occurs.

Which claim form is usually submitted for services performed in a physician's office?

The Form CMS-1500 is the prescribed form for claims prepared and submitted by physicians or suppliers, whether or not the claims are assigned. It can be purchased in any version required i.e., single sheet, snap- out, continuous, etc. To purchase them from the U.S. Government Printing Office, call (202) 512-1800.