Insurance is a means of protection from financial loss. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss.
Insurance is there to provide protection for yourself, your investment and your business. Disaster could take any form; car breakdown, roof leaks, a major home fire, an automobile accident that leads to a legal action and someone in the family becomes ill. Insurance gives you peace of mind and you know that if anything happens to you, your family or your business that you will be financially secure.
General insurance or non-life insurance policies, including automobile and homeowners policies, provide payments depending on the loss from a particular financial event. General insurance is typically defined as any insurance that is not determined to be life insurance. It is called property and casualty insurance in the United States and Canada and non-life insurance in Continental Europe.
Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money (the benefit) in exchange for a premium, upon the death of an insured person (often the/ policy holder).
In insurance, the insurance policy is a contract (generally a standard form contract) between the insurer and the insured, known as the policyholder, which determines the claims which the insurer is legally required to pay.
An insurance premium is the amount of money an individual or business pays for an insurance policy. Insurance premiums are paid for policies that cover healthcare, auto, home, and life insurance.
Sum assured is a pre-decided amount that the insurance company pays to the policyholder when the insured event takes place.
An “insurer” refers to the company providing you with financial coverage in the case of unexpected, bad events covered on your renters or homeowners policy.
The person who obtains or is otherwise covered by insurance on his or her health, life, or property.
Underwriting services are provided by some large financial institutions, such as banks, insurance companies and investment houses, whereby they guarantee payment in case of damage or financial loss and accept the financial risk for liability arising from such guarantee.
An insurance claim is a formal request by a policyholder to an insurance company for coverage or compensation for a covered loss or policy event. … In some cases, a third-party is able to file claims on behalf of the insured person.
Motor insurance is an insurance policy that covers the policyholder in case of financial losses – resulting from an accident or other damages – sustained by the insured vehicle. A comprehensive motor insurance policy covers damages to third-party and third-party property along with compensating for own losses as well.
Fire insurance is property insurance that covers damage and losses caused by fire. The purchase of fire insurance in addition to homeowners or property insurance helps to cover the cost of replacement, repair or reconstruction of property, above the limit set by the property insurance policy.
Travel insurance is an insurance product for covering unforeseen losses incurred while travelling, either internationally or domestically. Basic policies generally only cover emergency medical expenses while overseas, while comprehensive policies typically include coverage for trip cancellation, lost luggage, flight delays, public liability, and other expense.
A rider is an insurance policy provision that adds benefits to or amends the terms of a basic insurance policy. Riders provide insured parties with options such as additional coverage, or they may even restrict or limit coverage.
An insurance endorsement is an amendment to a property and casualty insurance policy. It can add, remove, or change the policy’s coverage.
No-claim bonus (NCB) is a discount in premium offered by insurance companies if a vehicle owner has not made a single claim during the term of the motor insurance policy.
An insurance renewal is when you opt to continue an insurance policy. Your insurance renewal may include an increase in your rate. Once you are through the initial policy period, your insurance rate may change when it’s time for your policy renewal.
A lapse is the cessation of a privilege, right or policy due to the passage of time or inaction. A lapse of a privilege due to inaction occurs when the party that is to receive the benefit does not fulfill the conditions or requirements set forth by a contract or agreement.
If an insured person fails to pay the premium due to various circumstances and as a result the insurance policy gets terminated, then the insurance coverage can be renewed. This process of putting the insurance policy back after a lapse is known as reinstatement.
Premium rates for life insurance are typically based on factors such as:
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