Insurance Your Phone Is The Most Prized Possession, Suppose It Was Stolen Or Got Damage Wouldn’t It Be Difficult To Ask Your Parents For Another Phone Wouldn’t It Be Nice. If You Could Get Compensated For The Lost Phone This Can Happen To Insurance. What Is Insurance? Is A Process Which Combines The Risks Of Individuals Into a Group Using Funds Contributed By Members Of The Group To Pay For Losses. Insurance Is A Contract Between The Insurance Company And An Individual Or The Insured. The Insurance Company Promises To Be A Specified Amount To Be Insured In Return For The Consideration Of The Premium On The Happening Of A Certain Event. The Insurance Cannot Prevent Unwanted Events Of course Of Loss From Happening. But It Protects The Policyholder By Compensating Him The Promised Amount Of Loss, So If You Had In Insurance Cover On The Phone The Risk Of Losing The Phone And The Monetary Loss Associated Is Been Transferred To The Insurance Company But For A Price, Which Is Called Premium And Insurance Company Would Give You An Amount To Cover The Value Of The Phone. In Case The Phone Gets Lost Losing The Phone Is A Type Of Risk Means The Terms Of Suffering Loss Due To The Possibility Of Adverse Events Beyond The Control Of Men. The Events That Give Rise To Search Trees Are Called Herald Human Lies Individual Properties Industries Infrastructure And Other Assets May Be Destroyed Lost Or Made Non-functional Due To An Occurrence Of Floods Hurricanes Tornadoes Earthquake And Other Perils Of Nature.
What Is The Meaning Of Insurance
An Arrangement By Which A Company Or The State Undertakes To Provide A Guarantee Of Compensation For Specified Loss, Damage, Or Illness, Or Death In Return For Payment Of A Specified Premium.
1.Principles Of Insurance
2.Principle Of Insurable Interest
3.Principle Of Indemnity
4.Principle Of Contribution
5. Principle Of Subrogation
6. Principle Of Loss Minimization
7. Principle Of Causa Proxima (Nearest Cost)
Life Insurance Is An Insurance Contract, Which Covers The Life-risk Of The Person Insured. Where Is The General Insurance Is Anything Which Is Not Covered Under Life Insurance Like Motor, House Etc. Life Insurance Is A Form Of Investment. general Insurance Is Only A Contract Of Indemnity. Life Insurance Is For Long-term. General Insurance Is Short Term, For Safe For 2 Months, 1 Year, 3 Years. Life Insurance Premium Has To Be Paid Over The Year. However, In General Insurance Premium Has To Be Paid On Lump Sum. Life Insurance Amount Is Paid In The On The Occurrence On Of The Event, On Maturity. The General Insurance Laws Are Reimbursed Or Liability Will Be Repaid On The Occurrence Of Uncertain Events. Life Insurance Must Represent The Insurable Interest Must Be Present At The Time Of Contract. General Insurance The Interest Must Be Present, At The Time Of Contract As Well As At The Time Of Loss. Life Insurance It Can Be Done For Any Value Based On The Premium Policy. General Insurance The Amount Payable Under The Life Inch Under The Insurance Is Confined Is To The Actual Loss Suffered.
A. Term Insurance: It Is The Pure Insurance Form. It Pays Your Nominee The Sum Assured In Case Of Your Demise Within The Policy Term. It Does Not Have Any Sum Assured Or Maturity Amount. Premium Is Very Low.
B. Endowment Plans: These Are Insurance And Investment Plans. A Certain Portion Of The Premium Is Paid For Protection Of The Life And Rest Amount Is Invested In Low-Risk Debt Instrument.so At The Time Of Maturity, The Insured Person Gets A Predefined Amount.
C.unit Linked Insurance Plans: Ulips Offer Life Protection As Well As The Opportunity For Capital Appreciation By Investing In Various Forms Of Varying Degree Of Risk. Just Like Endowment Policies, In Ulips A Certain Portion Of The Premium Goes In Providing Life Cover. They Generally Invest In Equity Market, Therefore The Return Is Not Pre- Defined, It Depends On The Market Return. It Has Certain Lock In Period. Se Three Years Of 5 Year Up To That Time You Cannot Withdraw The Insurance.
