Similarly, if the insurance company insures a car, house or smartphone, then if this thing is broken, broken, lost or damaged, the insurance company gives compensation to its owner in accordance with the predetermined conditions.
What is insurance
Insurance is actually a contract between the insurance company and the insured. Under this contract, the insurance company takes a certain amount of money (premium) from the insured person and compensates the insured person or company in case of any loss in accordance with the terms of the policy.
How many types?
In general, there are two types of insurance:
In life insurance, a person’s life is insured. Life insurance means that upon the death of the person who buys the insurance policy, the dependent receives compensation from the insurance company.
If the head of the family dies prematurely, it becomes difficult to manage family expenses. It is necessary to take a life insurance policy to protect the spouse/children/parents, etc. of the head of the family from the financial crisis. In financial planning, first of all, it is proposed to a person to purchase a life insurance policy
General insurance: includes all vehicles, houses, animals, crops, health insurance, etc.
If you insure your home with a general insurance company, your home is protected in it. After purchasing the insurance policy, if there is any kind of damage to your home, the insurance company pays compensation
Coverage against any damage to your home is included in this insurance policy. Damage to the house due to natural disasters includes damage caused by fire, earthquake, lightning, flood, etc. Artificial disasters include damage to the house due to theft, fire, riots, etc.
it is very important to insure any vehicle driving on the road as per the law. If you are driving on the road without insuring it, the traffic police can fine you. According to the car or car insurance policy, the insurance company gives compensation for any damage to the vehicle.
If your car is stolen or due to an accident, a car insurance policy can help you a lot.You’ll get the most out of your car insurance policy when your vehicle causes injury or death to someone. It is covered by third-party insurance. If you also have a two/three-wheeled bike or car, you must insure it.
Nowadays the cost of treatment is increasing very quickly. When obtaining health insurance, the insurance company covers the cost of treatment in case of illness. Under a health insurance policy, the insurance company pays the amount spent on the treatment of any kind of disease. The spending limit for any illness depends on your health insurance policy.
Protects travel insurance against loss during the trip. If a person travels abroad for some business or for travel and the goods are damaged or lost, the insurance company gives him compensation. The travel insurance policy is valid from the beginning of your trip until the end of the trip. Different insurance companies may have different terms for travel insurance policies.
According to current rules, it is necessary for every farmer who has received an agricultural loan to purchase crop insurance. Under the crop insurance policy, in case of any damage to the crop, the insurance company awards compensation to the farmer. Under the crop insurance policy, compensation is provided by the insurance company in case of crop failure due to fire, flooding or due to any disease.
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Due to the strict terms of the crop insurance policy and the lack of cost compensation, there is not much enthusiasm among farmers about crop insurance. In fact, in order to provide compensation in case of crop failure, insurance companies survey all fields around that farm and compensation is only awarded when most farmers’ crop is damaged.
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Business Liability Insurance:
Business Liability Insurance is actually to compensate for the loss caused to the customer by the work of a company or any product. In such a situation, the entire cost of the penalty and legal proceedings on the company has to be borne by the insurance company doing the Liability Insurance.