Write for us Insurance – An all encompassing insurance knowledge website called insurance offers through instructions on numerous kinds of insurance coverage. Hence, Our professional writers compose blog pieces about numerous insurance policy related topics that are supported by extensive research.
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What is Insurance?
Furthermore, Insurance is a legal agreement between an insurer (insurance company) and an insured (individual), in which an insured receives financial protection from an insurer for losses he may suffer under specific circumstances.
Indeed, Under an insurance policy, the insured must pay a regular amount of premiums to the insurer. Hence, The insurer pays a predetermined sum insured to the insured if an unfortunate event occurs. So, such as the death of the insured, or damage to the insured or their property.
Insurance – Meaning and Definition
The literal meaning of insurance would be insurance against unforeseen and unfortunate losses. This means that if you encounter an unusual event in the normal course of your life and suffer a financial loss as a result, you can receive compensation.
For example, you were in an accident while driving to the office in his car and the car was damaged. Your insurer may reimburse the repair costs in this case. However, the insurer will not reimburse for normal wear and tear, such as a headlight that has stopped working.
Moreover, Legally, insurance has been defined as a contract in which the insurer agrees to indemnify the insured for losses suffered by any unforeseen event. Hence, The contract also has a counterpart called a premium. The maximum amount of benefit available is called the sum insured or sum assured.
Key Features of Insurance.
Below are the main features of an insurance plan that you should consider:
- Insurance is a risk transfer tool.
- Insurance is a community solution because several people, exposed to the same risk, pool their funds to bear the loss.
- Hence, The contract is based on the principle of “best faith” unlike other commercial contracts.
- Insurance coverage does not affect the risk of loss or minimize the extent of loss.
- As part of the insurance contract, you should always try to avoid, mitigate and minimize losses.
- You can only insure yourself against risks whose occurrence and scope are unforeseeable.
- Speculative, financial (betting) and commercial risks cannot be insured.
Benefits of Insurance
There are many benefits of getting insurance and here are some of them:
- Family Financial Security – Provide coverage against life’s uncertainties and protect you against loss from various unforeseen life events.
- Security of financial situation: Hence, Certain events, such as medical emergencies, can have a significant impact on the management of your cash flow. The insurance ensures that you do not have to pay out of pocket for such situations.
- Wealth-building goals: Insurance policies like ULIP provide you with investment opportunities and help you achieve your essential financial goals.
- Wealth preservation: Life insurance policies, like endowment and redemption plans, are among the safest long-term investments possible. These plans help you protect your wealth from inflation and taxes for long periods of time.
- Wealth Allocation: Few investment plans offer the kind of security that life insurance pension plans offer. Hence, After you retire at age 60, you can live to be 100. Only life insurance pension plans can guarantee regular income during this period.
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