Insurance and Its Basic Types
Thursday, January 18th, 2007Insurance
What is insurance? How do they insure that whatever you have insured is safe and protected or can be substituted by other means? What are the merits demerits of insurance? What are the types of insurance? These questions must tingle in your mind before going for a insurance, so here are some simplification from the views of a insurance agent.
I INTRODUCTION
Insurance is a contractual agreement in law and business that provides compensation by an insurer (insurance company) to an insured party (person or any company) if or when a particular situation occurs in particular circumstances. Such state of affairs possibly consist of death or personal grievance, mishap, joblessness or old age, lose control to of or harm to material goods, or such a number of instances that can be money-wise compensated. Several citizens who are uncovered to the threat of happening of an unpredicted incident make a payment of relatively small amount of money to the insurer, by which the insurer can (more...)
