Insurance is one of the needs of modern society today. Various advantages make insurance increasingly needed in today’s society. There are several types of insurance such as life insurance, health insurance to property insurance. For more details about the types of insurance, it’s a good idea to look at the explanation below.
Life insurance
Life Insurance differs from other insurances in the sense that, here, the subject of insurance is human life. The insurance company will pay a fixed amount of insurance at the time of death or the expiration of a certain period. Today, life insurance enjoys maximum scope because life is the most important property of an individual. This insurance protects the family in early death or provides a sufficient amount in old age when income capacity is reduced. Under personal insurance, payments are made in the event of an accident.
Insurance is not only protection but is a kind of investment because a certain amount can be returned to the insured at the time of death or the expiration of a period.
General insurance
General insurance includes Property Insurance, Liability Insurance, and Other Forms of Insurance. Fire and Marine Insurance is strictly called Property Insurance. Motor, Theft, Fidelity, and Machinery Insurance cover the extent of insurance liability to some extent. The strictest form of liability insurance is fidelity insurance, in which the insurance company compensates the insured for losses when he is under the responsibility of paying a third party.
Property insurance
Under property insurance, the property of the person/person is insured against certain risks. The risk may be fire or sea hazards, theft of property, or items that damage property at the time of the accident.
Fire insurance
Fire Insurance covers the risk of fire. In the absence of fire insurance, fire waste will increase not only for individuals but also for society. With the help of fire insurance, losses arising from fires are compensated and the community does not lose much. The individual is favored from such a loss and his property or business or industry will remain in approximately the same position as before the loss. Fire insurance not only protects against losses but provides certain consequential losses as well as the risk of war, turmoil, riots, etc. It can be insured under this insurance as well.
Personal Insurance
Personal insurance includes life insurance for people who may suffer losses due to death, accidents, and illness Therefore, personal insurance is further classified into life insurance, personal accident insurance, and health insurance.