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What is insurance, how many types of insurance and what are they?
October 28, 2021, 4:30 pm

What is insurance, how many types of insurance and what are they?

  • Update Time : Saturday, September 11, 2021
insurance policy
insurance types

For those of you who don’t know about insurance, or who have questions about it, the answer is right here.

What is insurance?

Insurance means insurance, you save your most precious life,

And in case of any loss or damage to any valuable property,

Insurance is the process of compensating for those losses and making arrangements for profit.

That is, if a person has a specific insurance company for his own life or property

Or pay a sum to the insurance company on a monthly or annual basis,

And if there is any loss of the assets for which you have insured against this payment,

However, the insurance company will arrange for his loss.

What is life insurance?

In the name of you or any person if any insurance company or while alive

The insurance company insures for life for a certain period of time

Then pays the full amount of the term to his family after the death of that person.

If a person dies before the expiration of the term, he still pays all the money for the term.

For example, if you have life insurance of Rs 5 lakh for a period of 5 years,

But he died after two months, but the insurance company will pay the entire Rs 5 lakh to the family of the person.

Or whatever is in their policy will be paid in full.

When insuring, you must read or know their policy.

How many types of insurance?

There are two types of insurance

  1. General insurance, and
  2. Life insurance.

What is General Insurance ?

General insurance basically any insurance other than life insurance which is called general insurance.

General insurance is insurance for any valuable asset such as car, house, motor vehicle, boat or any other asset.

You have a car under this insurance,

You insure the car with any specific company,

If you have an accident with your car after insurance,

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Or your insurers cause any damage to the car,

However, the insurance company will cover all these losses under this insurance.

Thus if your home has any type of insurance,

However, if your home is damaged by a natural disaster,

Or in the event of a fire, the insurance company will make up for the loss.

All these insurances are called general insurance.

What is life insurance ?

Since life is given here, it can be said that the insurance for life is called life insurance.

If there is any insurance for a person’s life, it is called life insurance.

If there is any loss to the person in whose name the life is covered under this insurance,

For example, if the arm or leg is broken for any reason or you are the victim of any kind of accident

However, all the costs and expenses of his treatment are borne by the insurance company.

And in case of death his family is paid all the dues as per their policy.

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