Insurance may be defined as protection against a specific loss over a period of time that is secured by the payment of a regularly scheduled premium. It is the amount paid to an insurance company for the purchase of an insurance policy for their promise of reimbursement in the case of loss. The policy is a written contract or certificate of insurance. To sum up – insurance is a contract that provides compensation for specific losses in exchange for a periodic payment. An individual contract is known as an insurance policy, and the periodic payment is known as an insurance premium.
Kinds of insurance
From individual body parts to individuals, now everything can be insured, it just needs ingenuity, to think up new areas to insure. Some important insurance areas are:
- life insurance
- automobile insurance (also known as car or motor insurance)
- fire insurance
- total permanent disability insurance
- health insurance (covers medical bills in case of accidents and sickness)
- travel and transit insurance
- marine insurance and
- workers compensation insurance
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