Insurance is basically a type of agreement in which a person has to pay some money as a premium and in return the company will guarantee to compensate theirloss.This term/concept is widely used in law and economics. There are many companies providing different types of insurance services.
Types of insurance:
1. Home Insurance
As indicated by the name home insurance is a type of insurance related to the security of your house. The insurance company will assure you to compensate all the loss in case of robbery, fire, or other damage. It also covers for the safety of your house if it faces any natural disaster. Every company has its own policies related to how much the insurance will pay to cover up for the damage. For that you have to pay the premium and a promise of security.
2. Life Insurance
As we all know life is so uncertain. If you are a single parent or you have a big family and you are the only one earning, your death could be a great burden on your family.What will happen if you die suddenly? Who will take care of your family? How will they manage financially? Well, you don’t have to worry anymore. There are many insurance companies who offer life time insurance. After being insured,in case anything happens to you, the company will pay for your family (beneficiary). In this way you could protect them and provide for them after your death as well.
3. Medical Insurance
This type of insurance is basically related to your health. If you have got a sore throat or appendicitis, or if you are diagnosed with a terminal illness, you don’t have to worry about any hospital bills if you havegot a health insurance from your company. So feel free to eat ice-cream in winters.
4. Pet Insurance
This type of insurance is very common in the west where people consider their own pets as their family members. In this insurance the company will assure you to pay for the safety and health of your pet for when it gets sick. You have to pay a certain amount (premium) to the company every month and it will assure you that your pet is in the right hands.
5. Car Insurance
Suppose you bought a brand new Mercedes and after a week—Bang— it got hit by a truck or you wake up one night and its not there where you parked it. You won’t be able to sleep properly ever again. But wait, did someone say cars are getting insured by Prudential guarantee car insurance company? They provide excellent car insurance in case of getting hit or stolen. Now the question arises, If the companies are compensating the loss, how much do we have to pay them? You can find the answer through a Car insurance calculator. You just have to enter your post code region, age range and gender and it will give you the answer to how much you are supposed to pay. In order to get insured, If you compare the previous calculated value with the recent one, you can know how these prices may affect you.