Category: Insurance

Insurance

 

The first thing that comes to your mind when you hear the word insurance: anis an arrangement by which a company or the state undertakes to provide a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a specified premium.

n agreement by which a person pays a company and the company promises to pay money if the person becomes injured or dies or to pay for the value of property lost or damaged.

2.

There are two broad types of insurance:
  • Life Insurance.
  • General Insurance.

When you pay premiums in exchange for a policy that pays out when you crash your car in a car accident, this is an example of an auto insurance policy. When you save money in case you lose your job and are out of work, this is an example of insurance in case you lose your job.