Types of Insurances
As per law and finance an insurance is a kind of hazard administration mainly practiced to go around the danger of possible loss. Companies that sell the insurance is referred to as an Insurer. This has been a very profitable business worldwide. With different companies come with different insurance rates or premiums. A life insurance; off the top of the head would be a good example. An individual would pay some amount of premiums to an insurer. A predefined amount will then be given to the family of the person if ever he will die.
Classifications of Insurance
On this planet, everything is unpredictable. Any form of accidents or diseases can happen at a moment’s notice. So, we must have a watchful eye for when it happens.
A variety of insurers provide health insurance Medical expenses encountered by the insured person on the event of sickness or injury will then be compensated by the insurance company. A pact between the insurance company and the individual insured is then held by law.
This is an insurance formulated to adjust for the costs of dental care is referred as a dental insurance. Dental insurance provide aid for people to bare with the economical strife brought by abrupt dental expenses.
The insurance paid for vehicles or automobiles is called an auto insurance can be also called an automobile insurance
The main advantage of an auto insurance obviously is the added protection against losses due to road accidents. In the event that the insured vehicle sustains any damage as a direct result of an accident, any costs in repairing the vehicle will be compensated by the insurer. Auto insurances also offer replacements in the event of the vehicle being completely obliterated. In most countries, it is a must for an individual to buy an auto insurance for their vehicle. One can simply select the car insurance that tailors to their liking by comparing the automobile insurance quotes that are presented by different auto insurance companies.
The insurance company will cover for the veterinary expenses in the event that your pet is injured or is struck by illnesses. Some insurance companies are also designed to pay you in case your insured pet is lost or stolen and they also pay you if your pet dies. Developed countries mostly carry pet insurance.
The law binds the contract of life insurance that is held by the insurance company and the insured. As stated in the contract the insurance company will pay a sum of money to the family of the insured individual if he dies. In response the insured will then have to pay premium to the insurance company. Life insurance have two types, investment and protection policies. There is also a different kind of life based insurance and is coined as a term life insurance.