What are The Types Of Insurance? - 7 types Of Insurance Explained In Short Notes

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I am sure most of us have insurance policy. Infact now a days having an insurance has become a necessity which was earlier considered as necessary. We want that in the event of any mishap our kids should be insured so we get insurance. As soon as we start earning we want to cover up the cost of health so we get a policy. When we are old we want to insured for our medical expenses so again we look for an appropriate insurance policy. With so many life events, demanding money outflow in the event of mishap insurance is of best help. So what are different kinds of insurance present?

Let us have a look.

1. Life insurance: It is insurance upon the life of the policy holder. Where the holder of the policy pays premium over the term of the policy and receives the amount at the time of maturity of the policy or the nominee receives the amount upon the death of the policy holder. It is dependent upon the life of the policy holder and so it the premium. Premium maybe payable on yearly basis based upon the type and the sum assured upon the maturity of the policy.

2. Health insurance: This type of insurance mainly consist of insurance dependent upon the health. One of the major insurance part of health insurance is medical insurance. Some policies may or may not include dental insurance. It also includes injuries or accidents at workplace.

3. Property insurance: This type of insurance is taken to prevent property against theft, buglury, fire and natural calamities like earthquake, floods etc.

4. Auto insurance: It covers the financial loss due to accident of vehicles. Sometimes it may also cover the medical expenses on injuries suffered by the accident depending upon the terms of the policy.

5. Travel insurance: It covers almost everything related to travel like loss of belongings, delay in travel, medical expenses during travel.

6. Credit insurance: In this type of insurance the insurer repays the loan in case of inability of the policy holder to pay in the event of death or loss of job.

7. Insurance at amusement points: This is one of the new type of insurance and not very known. In this the policy holder is insured against the damage of equipments used at amusement points. I hope this was of some use. Please comment down below and let me know if you want to know about any of these insurance in detail. Thank you for reading. For other articles please visit the source mentioned below.

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