TYPE OF INSURANCE

 

TYPES OF INSURANCE

1. Life Insurance: Life insurance is a policy which, in the event of death or disability, provides financial compensation. Upon retirement or a certain period of time, some life insurance plans even provide financial compensation. Life insurance, therefore, lets you protect the financial stability of your family even in your absence. Life insurance is distinct from other insurance here. The life of a human being is the subject of insurance. At the time of death or at the expiry of a certain term, the insurer will pay the fixed insurance amount. Life insurance currently has full scope because life is a person's most precious property. Each and every individual needs insurance and offers protection.

2. General Insurance: A general insurance policy is an arrangement which provides financial coverage for any loss other than death. Apart from life, it insures everything. General insurance compensates you for financial damages due to home, vehicle, bike, fitness, travel, etc.-related liabilities. The insurance provider agrees to pay you an amount guaranteed to cover your car damage, medical services to cure health problems or even financial problems during travel.

3. Property Insurance: No company should take the opportunity to leave its premises, permanent fixtures, equipment, and inventory, and so on unprotected. Different property policies require harm or injury to the property of a business or to the property of those stored on the premises.

4. Marine Insurance: The concept of marine insurance refers to insurance for products dispatched to the country of destination from the country of origin. The term is derived from the fact that, historically, products intended for foreign trade were transported by sea. Despite what the name means, maritime insurance is available to all forms of transportation of goods.

5. Health Insurance: For costly treatments, health insurance is obtained to cover medical expenses. A variety of illnesses and conditions are covered by various forms of health insurance plans. As well as policies for individual illnesses, you can buy a standardized health insurance policy. Generally, the premium charged by a health care policy covers the cost of surgery, hospitalization and medication.

6. Insurance for Cars: Perhaps the most common form of insurance is car insurance. Automotive policies are necessary in all states in at least minimum quantities. The standard car policy requires responsibility in the event of a case for personal injuries and collateral harm, medical payments, damage to or loss of the car itself, and attorneys' fees.

7. Insurance for Travel: The priority for frequent travelers could be travel insurance. But, for all, it might not be appropriate. Depending on the specific needs of each person, the need for insurance can differ. For instance, if you plan a domestic trip and your comprehensive health insurance plan protects you for any medical emergencies around the country, travel plans might not only be required for you.

7. Senior Citizen Health Care: All citizens over 60 years of age are covered by these forms of insurance policies.

8. Health Insurance Group: Provided by the employer to the employee.

9. Maternal Health Insurance: Covers medical costs for prenatal, post-natal, and delivery stage, providing protection to both the mother and the newborn.