Insurance  Policy

Insurance  Policy: Insurance policy is a very most useful any persons. Insurance policy has been any person,  car, bike, and your life secure. So you can any company take any policy and secure you life. Insurance policies are used to hedge against the risk of financial losses, both big and small, that may result from damage to the insured or her property, or from liability for damage or injury caused to a third party. 

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Benefits of Insurance policy

Insurance policy performs various functions and comes with multiple benefits.  The basic functions of insurance. Below are some of its most fundamental advantages, along with some of the secondary and the rest are additional ones :- 

Protection Benefits 

 It not only protects the insured from financial woes but also helps in checking mental stress arising out of it. Insurance coverage does reduce the impact of loss that one bears in perilous situations. It provides monetary reimbursement during financial crises.

Certainty Benefits 

 It will protect the policy buyer when met with accidents, hazards, or any vulnerabilities. Insurance coverage provides a feeling of assurance to the policyholders. The insured pays a small portion of the income for this certainty that will help in the future. So, there is a certainty of handsome financial aid against the premium.

Sharing Benefits 

The payout to the one who claims insurance coverage is out of this fund. Thereby, all policyholders share the risk of the one who actually suffered the loss. The very manner in which insurance policy functions makes it a cooperative scheme. An insurer would be unable to pay from one’s capital. An insurance company pools in collective risks and premiums because it covers a large number of risk-exposed people. 

Risk Benefits 

Insurance policy assesses the volume of risk and also anticipates the various causes of it. It evaluates the amount for insurance coverage and the premium payment amounts on a risk value basis. It safeguards against unforeseen events and consequential loss.

What is Insurance policy?

Insurance policy is a legal agreement between two parties i.e. the insurance company (insurer) and the individual (insured) company. The insurance policy company promises to make good the losses of the insured on happening of the insured contingency. This is contingency is the event which causes a loss. It can be the death of the policyholder or damage/destruction of the property. Insurance policy is called a contingency because there’s an uncertainty regarding happening of the event. This insured pays a premium Policy  in return for the promise Insurance Company. 

Type of Insurance Policy 

Home insurance

Education Insurance

Car insurance

Bike Insurance 

Health insurance

Life insurance

Overseas Travel Policy 

Personal Accident Policy