What do you mean by insurance?
Insurance is a way to manage your risk. When you buy insurance, you purchase protection against unexpected financial losses. The insurance company pays you or someone you choose if something bad happens to you. If you have no insurance and an accident happens, you may be responsible for all related costs.
What are the 4 types of insurance?
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Following are some of the types of general insurance available in India:
Health Insurance.
Motor Insurance.
Home Insurance.
To install Fire Insurance.
Travel Insurance.
What are the benefits of insurance?
Insurance is a financial safety net, helping you and your loved ones recover after something bad happens — such as a fire, theft, lawsuit or car accident. When you purchase insurance, you’ll receive an insurance policy, which is a legal contract between you and your insurance provider.
What is the main purpose of insurance?
Purpose of insurance
Its aim is to reduce financial uncertainty and make accidental losses manageable. It does this substituting payment of a small, known fee—an insurance premium—to a professional insurer in exchange for the assumption of the risk of a large loss, and a promise to pay in the event of such a loss.