types of insurance - life & general insurance
DESCRIPTION
To help you understand we have listed the description of commonly available types of insurance, life and general insurance. View to know more!TRANSCRIPT
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What is Insurance?
Insurance is a practice or arrangement by which company or government agency provides a guarantee of compensation for specified loss, damage, illness or death in return for a payment of a premium
In some sense, it’s a thing providing protection against a possible eventuality
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Types of Insurance
Insurance
Life Insuranc
e
General Insuranc
e
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Life Insurance Insurance that pays out a
sum of money either on the death of the insured person or after a set period
It is a contract between the policy holder and an insurer where the insurer promises to pay a designated beneficiary a sum of money upon the death of the insured person.
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General Insurance General insurance or non-life
insurance policies, including automobile and homeowners policies, provide payments depending on the loss from a particular financial event
It is basically an insurance
policy that protects you against losses and damages other than those covered by life insurance
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