Insurance gives financial protection against a loss arising out of happening of an uncertain event. A person can avail this protection by paying premium to an insurance company.
Why people opt for Insurance?
We all know that in a human life, there are a lot of uncertainties. People opt for insurance purely for the reasons of uncertainties of life. Insurance allows the insured person to have a peace of mind as he is insured and assured to make of for his loss in case of an uncertain circumstance.
What are the kinds of Insurance available?
Life Insurance, Fire Insurance, Marine Insurance, Motor Vehicle Insurance
How does insurance work?
The concept behind insurance is that a group of people exposed to similar risk come together and make contributions towards formation of a pool of funds. In case a person actually suffers a loss on account of such risk, he is compensated out of the same pool of funds. Contribution to the pool is made by a group of people sharing common risks and collected by the insurance companies in the form of premiums.