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Insurance Meaning
An arrangement by which a company provides the guarantee of compensation for a specific loss, damage, illness, or death in return for the payment of a specified premium. This is what meaning looks like on google. Hold on if you don’t understand I have a simplified version of insurance below 👇🏿
What is insurance?
Basically, insurance is a legal agreement between two people the one insurer and the second insured what happens is insured person receives financial protection from the insurance for the losses he or she suffers under specific circumstances.
What is the purpose of insurance?
The main aim or purpose of insurance is to give protection to the insured person by the insurance company.
Benefits of insurance?
- Insurance provides protection
- Insurance helps to manage cashflow uncertainty
- Insurance helps to control risk
- Insurance helps you to be mentally relaxed for your family because you know insurance will be there to help your family on behalf of you
What is the risk in insurance?
The only risky’s in insurance is that if you do not make the terms and conditions you are not going to have the advantage of insurance but wait to listen you should be happy that of the day we need injury-free and safe life.
Types of insurance?
There are two types of insurance one is life insurance and the second is general Insurance.
In Life insurance, the insurer after his or her death insurance company provides financial support to the insurer’s family so that it helps with their need.
General Insurance comprises health Insurance, house insurance, vehicle insurance, travel insurance, business liability, crop Insurance, etc.
Which type of insurance is important for everyone?
The two insurance which is must and important for everyone is the first-term insurance and the second one is health Insurance you can add or do not need at all.
Top 10 Insurance Companies
1. Max Life Insurance Company
2. AEGON Life Insurance Company
3. Bharti AXA Life Insurance Company
4. Bajaj Allianz Life Insurance Company
5. HDFC Life Insurance Company
6. Life Insurance Company (LIC)
7. Pramerica Life Insurance Company
8. Exide Life Insurance Company
9. Kotak Mahindra Life Insurance Company
10. Reliance Nippon Life Insurance Company
Source – groww
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