1.What is meaning of insurance
2.Principals of insurance
3.Types of insurance
4.Types of general insurance
(1) what is meaning of insurance
1. An Arrangement by which a company of the state Undertakes to provided a guarantee of compensation for specified loss, damage, illness, our death in return for payment of a specified premium?
(2) Principle Of insurance
1. Principal Of Utmost Good Faith
.According to this principal, the insurance contract most be signed by both parties (i.e insurer and insured) in an absolute good faith or belief or trust
2. Principal of insurable interest
The principal of insurable interest state that the person getting insured must have insurable interest in the object of insurance.
3. Principal of indemnity
.According to the principal of indemnity. An insurance contract is signed only for getting protection against unpredicted financial loss arising due the future uncertainties.
4. Principal of subrogation
. According to the principal of subrogation, when the insert is compensated for the loss due the damage to his insured property then the ownership right of such properties shift to the insurer
5. Principal of loss minimization
. According to the principal of loss minimization insured most always try his level best to minimize the loss of his insured property in case of uncertain events like a fire outbreak of blast, etc?
3.Type Of insurance
1. Term insurance: It is the pure insurance form, it pay your nominous the sum assured in case of your demise within the policy term, it does not have any sum assured of maturity amount, premium is very low
2. Endowment Plans: These are insurance and investment plan a certain portion of the premium is paid for protection of the life and rest amount is invested it in low risk debt instrument , so at the time of maturity the insured person gets a predefined amount?
4.Types of general insurance
1. Health insurance: a general health insurance plan is an indemnity plan that pay for hospitalisation expenses up to the sum insured while you can avail a standalone health policy. Family floater plans provide coverage to all the members of your family,
2. Motor insurance: motor insurance cover your vehicles against accident. damage. theft vandalism. And so on this form of insurance come in two forms comprehensive and thirty-party
Name of insurance company now currently working in USA
2. American Family Insurance
.American family is definitely known for getting to claims very fast and having good service in. Usually providing a pretty decent payout for the claims, and in my experience for the claim. I had a claim on a 2008 Scion TC
3. American National Insurance Company
.Culture and America National Insurance company
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