What Is Insurance?
Insurance is a contract, represented by a policy, in which an individual or entity receives financial protection or reimbursement against losses from an insurance company. The company pools clients’ risks to make payments more affordable for the insured.
Insurance policies are used to hedge against the risk of financial losses, both big and small, that may result from damage to the insured or her property, or from liability for damage or injury caused to a third party.
How Insurance Works
There is a multitude of different types of insurance policies available, and virtually any individual or business can find an insurance company willing to insure them—for a price. The most common types of personal insurance policies are auto, health, homeowners, and life. Most individuals in the United States have at least one of these types of insurance, and car insurance is required by law.
7 Types of Insurance are; Life Insurance or Personal Insurance, Property Insurance, Marine Insurance, Fire Insurance, Liability Insurance, Guarantee Insurance. Insurance is categorized based on risk, type, and hazards.
- Life Insurance or Personal Insurance.
- Property Insurance.
- Marine Insurance.
- Fire Insurance.
- Liability Insurance.
- Guarantee Insurance.
- Social Insurance.
These are explained below.
Life Insurance is different from other insurance in the sense that, here, the subject matter of insurance is the life of a human being.
The insurer will pay the fixed amount of insurance at the time of death or at the expiry of a certain period.
At present, life insurance enjoys maximum scope because life is the most important property of an individual.
Each and every person requires insurance.
This insurance provides protection to the family at the premature death or gives an adequate amount at the old age when earning capacities are reduced.
Under personal insurance, a payment is made at the accident.
The insurance is not only a protection but is a sort of investment because a certain sum is returnable to the insured at the death or the expiry of a period.
General insurance includes Property Insurance, Liability Insurance, and Other Forms of Insurance.
Fire and Marine Insurances are strictly called Property Insurance. Motor, Theft, Fidelity and Machine Insurances include the extent of liability insurance to a certain extent.
Marine insurance provides protection against the loss of marine perils.
The marine perils are; collision with a rock or ship, attacks by enemies, fire, and captured by pirates, etc. these perils cause damage, destruction or disappearance of the ship and cargo and non-payment of freight.
So, marine insurance insures ship (Hull), cargo and freight.
Previously only certain nominal risks were insured but now the scope of marine insurance had been divided into two parts; Ocean Marine Insurance and Inland Marine Insurance.
The former insures only the marine perils while the latter covers inland perils which may arise with the delivery of cargo (gods) from the go-down of the insured and may extend up to the receipt of the cargo by the buyer (importer) at his go down.
Fire Insurance covers the risk of fire.
In the absence of fire insurance, the fire waste will increase not only to the individual but to the society as well.
With the help of fire insurance, the losses arising due to fire are compensated and the society is not losing much.
The individual is preferred from such losses and his property or business or industry will remain approximately in the same position in which it was before the loss.
The fire insurance does not protect only losses but it provides certain consequential losses also war risk, turmoil, riots, etc. can be insured under this insurance, too.
The general Insurance also includes liability insurance whereby the insured is liable to pay the damage of property or to compensate for the loss of persona; injury or death.
This insurance is seen in the form of fidelity insurance, automobile insurance, and machine insurance, etc.
The social insurance is to provide protection to the weaker sections of the society who are unable to pay the premium for adequate insurance.
Pension plans, disability benefits, unemployment benefits, sickness insurance, and industrial insurance are the various forms of social insurance.
Insurance can be classified into 4 categories from the risk point of view.
The personal insurance includes insurance of human life which may suffer a loss due to death, accident, and disease
Therefore, personal insurance is further sub-classified into life insurance, personal accident insurance, and health insurance.
The property of an individual and of the society is insured against loss of fire and marine perils, the crop is insured against an unexpected decline in deduction, unexpected death of the animals engaged in business, break-down of machines and theft of the property and goods.
The guarantee insurance covers the loss arising due to dishonesty, disappearance, and disloyalty of the employees or second party. The party must be a party to the contract.
His failure causes loss to the first party.
For example, in export insurance, the insurer will compensate the loss at the failure of the importers to pay the amount of debt.
Other Forms of Insurance
Besides the property and liability insurances, there are other insurances that are included in general insurance.
Examples of such insurances are export-credit insurances, State employees’ insurance, etc. whereby the insurer guarantees to pay a certain amount at certain events.
This insurance is extending rapidly these days.
The property, goods, machine, Furniture, automobiles, valuable articles, etc. can be insured against the damage or destruction due to accident or disappearance due to theft.
There are different forms of insurances for each type of the said property whereby not only property insurance exists but liability insurance and personal injuries are also the insurer.
Get Free M 416, Snipers skins and outfits-
PUBG Mobile Season 12 New Skins
In this season, developers will be dropping a long list of weapon skins in the game. A few images of skins online. We have covered the details in our previous article, make sure to check it out.
PUBG Mobile Season 12 – New Skins, Outfits,
PUBG Mobile Season 12 is around the corner for sure. According to the in-game countdown, the new season will arrive in the first week of March. Well, the users were expecting the update 0.18, which carries season 12 features, to arrive beat servers . But, the update delayed, and according to some reports, it happened because of the Corona-virus outbreak in China. Also.
Well, other information that we want to share with the readers is about the new season 12 outfit that online.
You can check out the image below. We are not sure, but this could be another royal pass reward outfit. So, here we present to you the third RP reward which will be available in season 12 of PUBG Mobile.
Royale Pass Reward – Outfit 3 –
Stay tuned, we will be sharing more leaked info later. This article will be updated as soon as possible.
Well, season 11 of PUBG Mobile is about to wrap up. And fans are eagerly waiting for the new season to bring new content, maps, weapon-skins and a lot more in the game. Also, a lot of leaks have been surfacing online showing what we can see in the upcoming season.
Earlier, in this post, we mentioned that battle pass rewards, weapon skins, and outfits. And now, we will be sharing details about the new weapons, which will be available soon. According to many reports, a new weapon called DBS may make its way to the PUBG Mobile season 12.
DBS is a shotgun, which will be available with Air-drop crates in the game.
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