What Is Insurance? – Definition, Types, Benefits In English

You must have heard the words insurance, Car insurance, life insurance, etc., because nowadays more advertisements come on TV, internet everywhere, What Is Insurance In English? If you do not know ABOUT insurance then you will get to read complete information about it here.

Many questions related to insurance remain in our mind like what is insurance, what is insurance, what happens by getting insurance, what are the types of insurance, how is insurance taken, etc.

What Is Insurance in english

What Is Insurance?

The insurance is a means to deal with any loss or loss that may occur in the future. No one ever knows what is going to happen tomorrow, insurance can cover potential losses in the future.

Insurance is actually a contract or contract between the insurer and the person insured to protect against loss due to a risk in the future.

When we buy an insurance, we have to pay the installment of a certain amount at a fixed time or many times we have to pay the entire amount in one plan which is mentioned in the written contract with the insurance company. .

In future, whenever there is any loss in the thing related to that insurance, then the insurance company has to compensate for that loss according to the written contract of insurance.

Types of Insurance

Insurance is generally divided into two parts according to living and non-living things, in which Life Insurance means life insurance for a living person and General Insurance means general insurance for non-living things.

What is life insurance and its benefits

life insurance
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There are different life insurance plans. Under which plan you should get life insurance, you will have to consult an insurance agent, he can advise you about a better life insurance according to the plans of the present time and with the consent of your pocket.

Life insurance is a type of savings that a person takes, then in case of his death in an accident, the insurance company gives some amount or premium to his family members.

The life insurance taker has to deposit some amount in the insurance company for a fixed time, how much premium he will get, it depends on the plan of the insurance. Life insurance also has many plans like term insurance, endowment plan, money-back policy, unit-linked insurance plan, whole life insurance etc.

Also Read –

What Is Vehicle Insurance – Car Insurance

Car Insurance
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If you have your own car, motor cycle or any other vehicle then vehicle insurance plan or vehicle insurance is necessary for you. This type of insurance policy proves to be helpful in case of accident or theft of your vehicle.

But in some vehicle insurance plans, third party policies are also done in which the drivers or pedestrians who drive the vehicle can claim the insurance. It is very necessary to do this policy because it is done for one of the valuable things in our house i.e. vehicles.

Nowadays, minor accidents keep happening, even in such a situation, more expenditure is incurred on these vehicles. If your vehicle policy is insured, then there is no need to panic because you can claim even for minor damages to your vehicle from the insurance policy company.

What Is Personal Accident Insurance

Personal Accident Insurance
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In the accident insurance plan or accidental policy also, by depositing a specified value, if the policyholder gets injured or becomes disabled, according to the terms and conditions of the policy.

The cost of the hospital or the amount is given in case of death. The biggest advantage of Accidental Insurance Policy is that you do not have to bear any kind of expenses in case of your accident. The insurance policy company bears all the expenses, but different policies have different terms, which should be read only after getting the policy done.

What Is General Insurance

Insurance done for an inanimate object is general insurance such as home insurance, motor vehicle insurance, travel insurance, health insurance etc. General insurance also includes insurance against flood, fire, theft, accident and man-made calamities etc.

In this, the entire payment of the insurance plan has to be made in one go which is for a fixed time, at the end of this time, this insurance plan has to be renewed or again. Both life and general insurance are required to comprehensively cover all aspects of your life.

What Is Medical and Health Insurance

Health Insurance
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In Medical and Health Insurance Scheme or Medical and Health Insurance also, by depositing a specified price, the insurance provider company does all the health related matters of the policyr like admission to any disease hospital, cost of medicines, operation cost etc. This policy is very necessary because every year the health of every person gets a little bad.

In such a situation, these policy companies also bear the cost of some regular checkup in a year. There is no guarantee when health gets worse due to today’s food and drink, in such a situation, health insurance policies prove to be very helpful.

What Is Home Insurance

In the insurance that is done in home insurance or home insurance, a policy is made according to the material and structure of the building of your house.

In this, the insurance company bears the cost of damage to both the household or household items. This insurance is useful in case of collapse of the house, any accident, theft of goods, burning or any such inconvenience in which there is damage to the house or the contents kept inside.

Other type Insurance

  • Pet Insurance
  • Marriage Insurance
  • Coronavirus Insurance
  • Mobile Insurance
  • Political Risk Insurance

How to take insurance

There are many ways to take insurance, such as getting insurance from an insurance agent of an insurance company, getting yourself insured by going to an insurance company, getting insurance online from an insurance company’s website, getting insurance by registering on an online broker website, etc. If needed, we can claim the insurance policy done in all these ways i.e. if there is any loss related to the insurance policy for which we have insured, the insurance company will demand the amount received in lieu of insurance. can do.

Benefits of insurance

Today every human being takes insurance to keep himself and his loved ones life safe, life insurance policy provides a protection, taking insurance is a great way to save and you can guarantee your insurance policy in any case.

You can also apply for a loan from the bank. Talking about general insurance, it provides financial security in a way, in this we can insure anything because today there is no trust in anything, any accident can happen at any time. Any problem can be easily controlled.

Insurance FAQ

How many insurance companies are there in World?

There are currently 999+ life insurance companies in World, and all are private insurance companies.

How did insurance originate?

The Romans knew about life insurance, but its modern form began in 1653, when the life of Mr. William Gibbons of London was insured for one year. It is also said that insurance was first introduced in Mesopotamia and Babylon 3000 thousand years ago, modern insurance is believed to have developed in the 13th century.

What is the basic basis of insurance?

Before giving insurance to any customer, after seeing the basis of his current and future income, expenses and responsibility, all companies work to give necessary insurance to the customer.

Now, you all know about what is insurance in english, if you have any issue related this then comment below. I will answer your all question related Insurance in english.

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