In life many things happen which we are not certain about. At times, it is not in our hands to stop them. But, yes we can opt for some level of protection which is insurance. It is a great way to get financial support and this guide will help you understand the different types of insurance.
Insurance provides a monetary shield against uncertain events. You can take insurance to safeguard your health and cover the financial loss due to accidents. Well, there are different types of insurance so it becomes important that you choose the right one to live a worry-free life.
- Life Insurance
Life insurance is the insurance of the person’s life. People buy life insurance so that they become financially secure if they have an unfortunate demise. This is very helpful if you are the only one who is supporting the family in terms of money. With this type, the family of the policyholder is going to support you financially if the policyholder expires during the policy term.
- Property Insurance
In this type, the person can insure his/her property with a specific risk. It can be anything like theft of property, fire, or good damage in the accident.
- General Insurance
General Insurance is going to include Liability Insurance, Property Insurance, and other types. Fire & Marine Insurance are known as Property Insurance. Fidelity, Theft, Motor and Machine Insurance is going to include liability insurance to a certain extent.
- Fire Insurance
Fire Insurance helps in covering the fire risk. If the fire insurance is not there then the effect is caused to the society and individual.
To cover up such losses, it is essential that you get this insurance so that your business or industry is protected.
- Liability Insurance
In general insurance, liability insurance is added. In this case, the insured is liable to pay the property damage or deal with the loss of person death or injury. This insurance type is seen in the form of automobile insurance, machine insurance, and fidelity insurance.
- Social Insurance
Social insurance helps in protecting the weaker section of the society who is not able to fulfill the premium part for a certain type of insurance. Different types of social insurance include sickness insurance, unemployment benefits, pension plans, disability benefits, and industrial insurance.
- Personal Insurance
This type of insurance is regarding human life insurance for those who suffered from accidents, disease, and loss of death. In this type, there are different types of categories which include health insurance, life insurance, and personal accident insurance.
- Miscellaneous Insurance
The furniture, automobiles, goods, property, and valuable articles can also be insured when the damage occurs due to accident or theft.