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    Eng Insurance

    Uploaded by

    Srikar tej
    The document provides an overview of insurance. It explains that insurance is a legal agreement between an insurance company and an individual where the company promises to compensate the individual for financial losses from certain events like death, disability, or property damage. The insurance policy details the conditions under which the company will pay out. Insurance allows individuals and companies to protect themselves from financial loss by paying a small premium compared to the cost of a big payout. Insurance companies can make a profit by taking on risk because most insured people do not claim.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    Eng Insurance

    Uploaded by

    Srikar tej
    17 views1 page
    The document provides an overview of insurance. It explains that insurance is a legal agreement between an insurance company and an individual where the company promises to compensate the individual for financial losses from certain events like death, disability, or property damage. The insurance policy details the conditions under which the company will pay out. Insurance allows individuals and companies to protect themselves from financial loss by paying a small premium compared to the cost of a big payout. Insurance companies can make a profit by taking on risk because most insured people do not claim.

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    eng insurance

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    The document provides an overview of insurance. It explains that insurance is a legal agreement between an insurance company and an individual where the company promises to compensate the individual for financial losses from certain events like death, disability, or property damage. The insurance policy details the conditions under which the company will pay out. Insurance allows individuals and companies to protect themselves from financial loss by paying a small premium compared to the cost of a big payout. Insurance companies can make a profit by taking on risk because most insured people do not claim.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    17 views1 page

    Eng Insurance

    Uploaded by

    Srikar tej
    The document provides an overview of insurance. It explains that insurance is a legal agreement between an insurance company and an individual where the company promises to compensate the individual for financial losses from certain events like death, disability, or property damage. The insurance policy details the conditions under which the company will pay out. Insurance allows individuals and companies to protect themselves from financial loss by paying a small premium compared to the cost of a big payout. Insurance companies can make a profit by taking on risk because most insured people do not claim.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 1

    Be

    ginne
    rsgui
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    I
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    e
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    karTe
    j

    Thel ifea nd
    p ropertyo f
    a nind ivi
    d uala re
    sur round edb yt he
    risko fd ea t
    h
    disability,
    ord estruction.
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    e
    ri sksma yr esultinf ina nciallo s
    s es.Ins urancei sap rud e
    ntwa yt otr ansfers uch
    r
    iskst oani ns ura ncec omp any .Ins ura ncei sal egalag r
    e e
    me ntb etwe ent wop arties.
    i.
    et hei nsurenc ec omp a
    ny( i
    ns urer)a ndt hei ndividual( i
    nsur ed).Int hi sca se
    , the.
    promi sest oma keg oodt hel osseso ft heinsur edonha ppeningo ft hei nsur e
    d
    co nt ingency. Itwo rksliket his:
    Thei ns urera ndt hei nsur edg etal e galcontractf o
    rt heins ura nc e,whi chi s
    calledt hei nsur anc ep ol
    icy .
    Thei ns ura ncep o l
    icyha sde t
    a i
    lsa boutt hec ond it
    io ns,
    circ ums tance sund erwhi cht hei nsur anc ec omp anywi llp a
    yo utt hei ns uranc ea m
    ountt oe i
    the rt hei nsuredp e
    r s
    o no rt heno mi nees
    . Insurancei sawa yo fpro te
    cting
    yo ur sel
    fa ndy ourf ami lyfro maf ina ncia lloss.Gene r
    a l
    ly,thep r emi umf orab i
    g
    i
    nsura nc ecov erismuc hl esseri nter mso fmo neyp aid.Thei nsur ancec omp anyt ake s
    thisr i
    sko fp r o
    v idingahi ghc overf o ras ma l
    lp remiumb ecausev eryf ewi nsur e
    d
    peoplendupc la i
    mi ngt hei nsur ance .Thi siswhyy oug etins uranc ef orab i
    g
    amo unta tlowp ric
    e .Anyi ndi vidua lo rcomp anyc ans eeki nsur anc efroma n
    insur ancec om
    p any ,butthed ecisiont op r
    o videinsur anceisa tthed i
    scr eti
    ono fthe
    company .Thei ns uranc ec omp anywi llev a
    lua t
    et hec laima pplication
    Gene ra ll
    y,ins ur ancec omp anie srefus et op rovideinsur ancetohi gh- riska pp li
    ca nts
    The rea rev arioust ypeso fi nsur anc e
    sfo rdiffrentreaso nswhi chi nclud e
    lifei nsur ancehe althinsur ancec ari nsur ancee tc.

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