The word “Insurance” can be well-defined as a cooperative of scattering the loss resulting from a specific risk over number of persons who are unprotected to it . Who decide to safeguard themselves alongside it by paying certain amount of money to the common pool? It will be written in contract between insure & insurer. The few types of insurance are given below:
Fire insurance: It will protect the risk of fire with the help of fire insurance the losses of an individual, industry or business arising due to the fire can be compensated. It is a contract between the insurers in altercation for a premium to compensate to insure against loss or manage case due to the specified property by fire.
Endowment life insurance:It is related to the purpose of long term protecting. It means that business involving to a contract in support to the life of any person under which she or he in the event of her/his death. The amount if a specified is paid in instalment basis of age.
Term life insurance:This type of insurance is made only for the short interval of time until or unless the amount or the loan is repaid. It is made to give protection to the creditor or money lenders.
Whole life insurance:It is prepare with a view to support financial assistance to insure after his or her death in lump sum. In this types of insurance insure will have to pay certain amount in whole of his life time and sum assured is pain too dependent of insure person on his death.
Marine insurance: It is a protection against the marine risk. The marine risk could be collision with rock or another shipment attack by enemies, hijack, capture, fire, pirates, jettison, barratry and wire related risk.
Miscellaneous insurance: The miscellaneous insurance includes of employment liability insurance, motor insurance, credit insurance, civil aviation insurance, personal accident, health insurance and so on.
