What is life insurance?
Life insurance is a strategy for transferring or avoiding the risk of death, loss or danger to people. Life insurance in modern times serves as an effective means of providing relief to the insured or their family members against financial loss in case of death or old age of the insured.
Life insurance is a contractual agreement where the insurer or insurance company agrees to pay a predetermined sum of money in return for payment of a specified premium after a specified period of time or upon the death of the policyholder. Thus, life insurance is a modern contract executed between the policyholder and the insurance company where the insurance company agrees to pay a specified amount to the policyholder or his heirs or representatives after his death. Or at the end of a specified period, in exchange for paying a fixed premium.
Marine or marine insurance
Marine insurance or marine insurance is a contract in which the insurer guarantees compensation if the ship, cargo or cargo is damaged by certain perils. According to Halsbury, a contract which promises to indemnify against marine losses up to a certain limit, i.e., losses connected with shipping in a certain way is called marine or marine insurance.
Fire Insurance
R.S. According to Sharma, fire insurance is a contract where one party agrees to bear the risk of a certain amount of financial loss to the other party in exchange for compensation related to loss or destruction of something by fire. According to MN Mishra, fire insurance is a scheme that provides compensation in case of fire.
CLASSIFICATION OF FIRE INSURANCE: 1. Value Insurance: A fire insurance which is taken without specifying the value of the contents insured at the time of entering into the contract is called a value insurance. Subsequently, such insurance documents contain conditions for determining the value of the property. 2. Non-valued insurance: Fire insurance which is taken without determining the value of the contents insured at the time of execution of the insurance contract is called an unvalued insurance. Subsequently, such insurance documents contain conditions for determining the value of the property. 3. Permanent Insurance: This type of fire insurance is a contract taken on a property at a fixed price and pays a fixed price to the insurer in case of loss. Suppose a policy is passed for goods worth Rs Even if it is destroyed in a shop of Rs.3 lakhs, the insurer will cover the loss of Rs.3 lakhs. 4. All risk insurance: This insurance covers loss of certain property due to fire, theft, damage caused by employees etc. Faulty fire extinguishers.
Objectives of Fire Insurance: 1. Indemnity: One of the main objectives of fire insurance is to cover loss caused or destroyed by fire. If the property of the insured is damaged by fire, the insurer will pay the corresponding compensation. 2. Investment generation: Insurance companies reinvest a large portion of the money they earn from fire insurance premiums across businesses and industries. To make such investments, the insurer engages in insurance activities. 3. Risk sharing: As fire insurance also distributes the loss to other people in the society, it protects an individual from a major loss. 4. Supplementary to other insurances: life insurance, fire insurance, marine insurance, accident insurance, etc. They cannot handle all the insurance activities of an insurer independently. Taking responsibility and risk for a particular part of the insurance and providing service is therefore another objective of fire insurance by supplementing other insurance policies.
What is car insurance and why is it necessary? What to do in case of an accident?
Car insurance is an insurance system that provides financial assistance in case of similar risks related to a person's vehicle. Creates security for the vehicle owner and provides data on estimated or lost value. Car insurance can be purchased through an insurance company and reduces the financial burden of the owner by complying with the conditions set by the insurance company in case of any type of negligence and lawyers.
The following factors are essential in car insurance:
Safety and Security: Car insurance creates car security for the owner. When an accident occurs, the insurance company pays a certain amount so that the owner can fix the problem and contributes to the amount or estimated value of the car's recovery.
Legal requirements: Car insurance is compulsory in some countries, which means that driving is compulsory in some countries. Failure to follow insurance procedures may result in you being unable to drive your vehicle or subject to legal action.
When you are involved in an accident, you may want to consider the following:
Financial Assistance – Car insurance provides financial assistance to the owner. In the event of accidents, theft, fire and other loss-related events, the insurance company provides an estimate so that the homeowner can reduce the amount of damage caused by the disaster.
Contact the Police: First contact the police at the scene of the accident. They will record the details of the accident and help you if necessary.
Contact the insurance company: If your car is insured, report the incident to your insurance company as soon as possible. Provide them with the necessary documents and follow their instructions.
Take pictures and collect data: Take pictures and collect accident data as often as possible. This may be useful later and will help provide information
Be fully compliant: When dealing with lawyers, first follow the government regulations. Follow the procedures established in your regulations and respect the guidelines.
Contact the officials responsible for the aircraft damage: If you are the victim of the aircraft damage, contact the responsible officials of your insurance company. They will provide you the necessary support and manage your case.
Remember, these are only necessary if the lawsuit involves your car accident. By providing car insurance, you can feel secure and have financial support in almost any financial hardship situation.
0 Comments
Do not share any link