General Type Insurances
Posted by De_Trainer | Posted in
Insurance basically guarantees a sum of money to the owner of a particular asset, where the owner whether an individual or a company is referred to as the "Insured". The organization guaranteeing this money is the "Insurer". The Insured pays a nominal amount to the Insurer which is known as the "Insurance Premium". Insurance is broadly divided into two:
Life Insurance
Life Insurance is a contract by which the Insurer makes a certain payment to the Insured on the occurrence of a certain event like death or after a fixed duration of time. The various types of Life insurances prevalent in the Indian markets are:
1. Term Insurance - The Insured is covered for a fixed duration of time by the Insurer. In case of death of the Insured, the Insurer is liable to pay the money to the person nominated by the Insured. However if the Insured survives the duration of the insurance cover than the Insurer is not liable for any payment.
2. Permanent Life Insurance - In this case the Insured is covered either for his or her entire life or for a fixed period of time. The Insurer is liable to pay the person nominated the money due in the event of the death of the Insured. In case the Insured survives the duration than the payment still has to be made to the Insured. The Permanent Life Insurance has been modified by organizations to come up with the following products:
* Children's Policies
* Mortgage Redemption Policies
* Loan Cover Policies
* Group Life Insurances
* Participating and Non Participating Policies
* Endowment Policies
* Money Back Policies
* Annuity or Pension Policies
* Unit Linked Policies
General Insurance
General Insurance on the other hand covers almost anything and everything ranging from vehicles to household goods and is also commonly known as Non Life Insurance. The various types of insurance provided are as follows:
* Motor Insurance
* Small establishment / Shop Package Policies
* Travel Insurance
* Marine Insurance
* Professional Indemnity Policies
* Home Insurance
* Fire Insurance
* Householder's Package Policies
* Personal Accident Insurance
* Mediclaim Insurance
Informative article. You do have given a complete overview of the basic insurance policies that are available in the market. I find this post very helpful for all those people who wants to gain knowledge about insurance and its basic forms. Keep sharing.
product liability insurance