Why Insurance Is An Important Part Of Your Life As A Family?

What's with INSURANCE? Here's the explanation!

All natural cycles in the present will be thrown with earthquakes and floods become too common, water reserves will drop and animals become homeless due to a resilient population. The natural balance is increasingly changed due to disturbances such as cloud seeding etc. Life is uncertain and there is a need to get insurance to recover from death, loss, destruction, damage, etc., prematurely. So, what is insurance?

Insurance is nothing but protection that protects a person from all kinds of risks and insecurity. The main component is risk sharing. This can be referred to as a contract where the specified amount is paid so that the insurance company can help the insured person recover from losses and after the damage or risk impacts, in the event of a possibility.

The establishment that helps to get this understanding is called an insurance company. Every individual who wants to get insurance is known as the Insured / Insured. Written contracts between the two parties are referred to as Policies.

After knowing briefly about insurance, let's look at the various types that exist.

These are the types of INSURANCE

1. Life Insurance

The amount paid under this coverage is only after a guaranteed death, or when the policy ends, whichever occurs first. However, this is not a bond of compensation because the loss of one's life cannot be returned but a certain amount of money can be paid.

2. Fire Insurance

This type of protection protects against all types of damage caused by fire. This is considered a compensation contract where the insurance company pays for losses incurred. In general, this protection is only valid for one year after it needs to be renewed. People need to remember only two aspects in mind to claim this and they are:

• There must be a real loss

• Fire must occur by chance and not be done intentionally.

Marine Insurance - This type is the oldest and covers all losses associated with marine exploration. In this type, the insurance company pays part or all of the loss to the owner of the ship or cargo. This again is a compensation contract where the insured can recover the amount of coverage that is actually subject to the insured maximum limit.

After learning various types, let's look at their interests that lead to safe tomorrow.


- Why Insurance?
 Because of insurance, international trade has begun to touch the top when marine insurance provides protection against all types of risks associated with the sea.

- Where can insurance be malicious? 

In the present, life insurance policies are available in various forms and can be used to fulfill social obligations, educational loans or marriage loans, etc.

- Next Step? 

Large funds can be accumulated with the help of premiums paid by the "insured" and that helps as an important factor for the foundation of capital and economic development of a country.

- Are there other advantages?

Insurance not only guarantees protection but is also a good investment method because premiums are paid from time to time and after maturity, a lump sum is given to the insured.

Therefore, it is always a smart move to get one insured and save yourself from the horrors of loss, or damage that can be emotional or financial. Let's save today for a thriving tomorrow. Go Freedom

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