Insurance different types, What insurance will I need?
I'm sure you all have heard of the term insurance.
What is insurance?
Insurance is a mechanism of sharing losses of a few by many which reduces the cost of loss caused by a variety of risks insurance is a mechanism that helps to reduce the effects of adverse situations.
It promises to pay the beneficiary of an asset a certain sum if a loss occurs the various types of insurance are life insurance.
It is a contract between an insured and any insurer where the insurer promises to pay the nominee of the insured a some in exchange for a premium upon the death of the insured person life insurance policy ensures that if an individual dies his or her family will be compensated by the insured amount.
They secure the individuals families future.
Even when they are not around to take care of them health insurance health insurance covers the cost of an insured individuals medical and surgical expenses.
There are various Clauses like the number of days to be hospitalized the list of illnesses covered etcetera, which need to be kept in mind before you purchase the health insurance.
travel insurance travel insurance is meant to cover medical expenses.
And other losses incurred while traveling within the country or internationally travel insurance can also cover theft or loss of your luggage during travel.
Home insurance our house and other household assets are costly assets.
And hence. It must be given utmost protection home insurance covers building Insurance contents, like Furniture insurance or both It generally covers for damage caused by fire bad weather natural disaster damage caused by burglary or attempted burglary.
Motor insurance motor or auto insurance provides protection for our vehicle against Financial loss and liability that could result as part of an accident or theft.
The owner of a motor vehicle is legally liable for any injury or damage to third party life or property arising out of the use of the vehicle in a public place.
Hence third-party liability insurance of every vehicle is compulsory under law and driving a motor vehicle without insurance is a punishable offense.
Questions:
1. Anita fell ill while she and her family were traveling to Paris for their vacation.
She had to be given medicines and the family had to be a huge sum of money for her medication.
They could have been compensated this amount had they take in which insurance
2.There was a theft at rakesh's house and he lost a few very valuable items.
However, he was compensated the amount as he had taken insurance for the same what insurance had rakesh taken?
3. While driving on the crowded roads of Bangalore, A truck hit pratik from the back.
There was a big dent and the garage estimated the expenses to be 10,000 rupees pratik asked the garage to go ahead and repair his vehicle as pratik would be compensated for his loss.
He had taken which insurance to be getting these benefits.
4. Ravi met with an accident and expired his family could not get further income and had to repay the home loan and also needed money for future expenses.
They got a large amount of money from the insurance company which help them sail through what insurance had Ravi taken.
5. Sima fell ill and when her family took her to the doctor, the doctor said she had to be hospitalized for a few days.
The medical expenses of a few days in hospital, but very high see my recovered soon and came back home, but the family had a huge medical bill to repay and had to borrow money from some relatives for the same which type of insurance could have avoided this type of borrowing.
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