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What is Insurance? |
INSURANCE: Insurance is a form of risk management, is defined as "A contract between two parties whereby one party called insurer exchanges for premiums, to pay the other party called insured a fixed amount of money on the happening of a certain event." In simple terms it is a contract between the person who buys Insurance and an Insurance company who sold the Policy. The insurance rate is a factor used to determine the amount, called the premium.
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Why Insurance ? |
Insurance is a contract by which you can protect yourself against losses by paying a premium over a period of time. It protects you from numerous risks-failing health, financial losses, accidents and even fatalities etc.So it is vital that you have an insurance cover as the protective shield against unfortunate losses.
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Benefits Of Insurance : |
| Insurance is mainly a instrument used by consumers for hedging the future contingent risks related with life, health and non-life general issues. |
| Business people will be more inclined to risk their money by building factories, making goods, sailing ships, flying planes, with the knowledge that they will not lose everything should they fall victim of some risk. |
| Insurance provides affordability and accessibility. |
| It relieves those people insuring from the worry and anxiety they may have about how they would meet the cost of risk. |
| Insurance also can help in actually reducing losses. |
| Life insurances provides protection and secure life to your family after any miss happening. |
| Health insurances cover the cost of private medical treatments. |
Vehicle insurances provide protection against losses incurred as a result of traffic accidents and liability.
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