What is the meaning of insurance types of insurance principles of insurance difference between life insurance and general insurance types of life insurance and types of general insurance, what is the meaning of insurance and arrangement by which a company or the state undertakes to provide a guarantee of compensation for special weight loss damage content in return for payment of a specified premium see which are the different types of insurance.
LIFE INSURANCE AND GENERAL INSURANCE
There are two types of insurance fastest life insurance. And the other is General Insurance or non Life Insurance now, we’ll see principles of insurance first principle is principle of Most good faith according to this principle the insurance contract must be signed by both parties that is insurance and insured in an absolute good faith or believe they should not hide anything from each other.
Then the second principle is principle of insurable interest the principle of insurable interest state that the person getting ensure must have insurable interest in the subject of insurance. That means you cannot get the insurance policy for a car or for the neighbours ke you shall have the insurable interest in the Hindi property or the person that you are interested in taking the insurance plan the third insurance principle is principle of indemnity according to the principle of indemnity and insurance contract is signed only for getting protection against unpredicted financial losses arising due to future uncertainties.
That means that the role of the insurance is to provide the good to The Lost happened next principal principal number 4 is principle of contribution in applies to all contracts of indemnity insurance has taken out more than one policy on the Subject matter according to this principle the insured can claim the compensation only to the extent of actual loss from all insurance or from any one insurance if one insurance peaceful compensation than that insurance can claim protection proportionate claim from other insurance.
review Khan has hundred thousand rupees of present indefinite it and you can take maximum of two that amount next principle is principle of subrogation according to the principle of subrogation when the insured is compensated for the losses due to damage to the to his insured property 10 price of such property shift due to the insurance principal number 6 days principle of loss minimization, according to the principal of loss minimization insured must always tried his best to minimise the loss of his insured property in case of certain events like a fire break out or blast at Sector you shall call the insured person call the police on fire brigade and he should put all his efforts to minimise the loss to the product or the property and then And last principle is principle of cores approximate on nearest college cause is concerned with how the actual Prince loss or damage happened in short party and whether it is a result of an insured Parul it looks for what is the reason behind the loss is that is an insured parallel or not the difference between life insurance and general insurance Life Insurance is an insurance contract which covers the life risk of the person ko insured where is the general insurance anything which is not covered under Life Insurance like motor house held at sector.
They are General Insurance Life Insurance is a form of investment. Where is generally only a contract of indemnity Life Insurance is for short and long-term. Where is General Insurance is short term? 21 year old three years in life insurance premium has to be paid over the year. However in general insurance premium has to be paid on Life Insurance amount is paid either on the occurrence on of the event on maturity. Where is in the general insurance laws is reversed or liability will be repaid on the occurrence of uncertain events in life insurance must represent the insurance interest must be present at the time of contract in general insurance.
The interest must be present at the time of contract as well as at the time of loss, the policy value life insurance. It can be done for any value based on the premium policy. Where is in general insurance the amount pay Under the life in general insurance contract is to the actual loss suffered. So the maximum amount you get is De Los happened that types of life insurance. It is the pure Insurance form. It was your nominee. It is sum insured in case of your device within the policy term. It does not have any sum assured on maturity amount premium is very law 2nd is endowment plan.
These plans are these are insurance and investment plan a certain portion of the premium is paid of the life and rest amount is invested in low risk that a student at the time of maturity the insured person get a predefined amount third is ulip unit linked insurance plan Pizza newly introduced plans a couple of decades ago. There were launched units of As well as the opportunity for capital appreciation by investing in various forms of varying degree of risks, just like endowment policy in ulips a certain portion of the premium cause in providing life cover invest in equity market, therefore the return is not predefined. It depends on the market return. It has the 10 lock in period se 5 up to that time.
You cannot withdraw the insurance then we come to the general insurance types of general insurance the first and the important is Health Insurance General Health Insurance plan is an indemnity plan that P is for hospitalization expenses, UP Tourism a short while you can avail a stand-alone health policy family floater plan provide coverage to all the members of your family next is motor insurance motor insurance cover. Against accident damaged when did his immense on the form of insurance comes in two forms comprehensive and third party companies to cover 360 degree of your car third party gives you protection from third party damages happened.to vehicle.
Then the Home Insurance Home Insurance policy protects your home and it was belongings from the damage suffered due to Man made or natural disasters some instances insurance policies also provide coverage for contemporary living expenses in case you are living on rent due to your home undergoing renovation and one other important insurance general insurance policy is the day travel insurance policy at travel insurance policy protects. You against losses suffered due to loss of damage package delete in flights and Prince cancellation. When you are travelling abroad in some cases if you are traveling at travel insurance may also offer cashless hospitalisation.