The insurance process
Insurance is the process of spreading the risk of personal or property loss among the maximum number of people subject to the same kind of risk. It protects the individual from the outcome of financial loss due to death, accidents, sicknesses, damage to property, and injury caused to others. The principle of insurance is based on the laws of probability backed by substantial numbers.The insurance policy
The individual who intends to cover himself against risk is the insured or policyholder. He pays a premium (cost of insurance) to the insurance company, the insurer, which issues an insurance policy which is an assurance by the insurer to the insured for any losses covered by the policy. A number of predictable risks with loss potential can be quantified and in most cases has an insurance solution to cover it. Some of the different types of insurance are:Life insurance
In the event of death of the policyholder of a life insurance cover, a cash benefit not exceeding the mutually agreed (between insurer and insured) amount is paid to a nominee of the deceased or any designated beneficiary. The payment may also provide for burial, funeral and other last rite expenses.Health Insurance
For policy holders who want to avail of quicker and better health care, health insurance policies are the answer as they cover the cost of private medical treatments which are expensive but highly effective and markedly superior.Property Insurance
Next to life and health, it is the property owned by an individual that he considers his most precious material possession. Property insurance covers the individual against risks to property from fire, theft or weather damage and includes different forms of insurance like fire insurance, flood insurance, earthquake insurance, home insurance, etc.Casualty Insurance
In the event of accidents that are not necessarily tied to any specific property the individual is covered by casualty insurance to the extent of the coverage mutually agreed upon (insurer and insured).Disability Insurance
When a person is permanently disabled and can no longer work in their profession he will be covered by total permanent disability insurance to the extent of the coverage mutually agreed upon (insurer and insured).There are many other form of insurance and some of the main types of insurance are:
Travel Insurance
Automobile Insurance
Annuities
Financial Loss Insurance
Aviation Insurance
Equipment Breakdown Insurance
Directors and Officers Insurance
Income Protection Insurance
Liability Insurance
Purchase Insurance
Purchase Insurance
Locked Funds Insurance
Marine Insurance
Nuclear Incident Insurance
Environmental Liability Insurance
Pet Insurance
Political Risk Insurance
Professional Indemnity Insurance
Title Insurance
