Insurance Company

Future is uncertain. What will happen in future that cannot be predicted in the present. As similar to future, our life is also has no certainty. Our life is also uncertain. What will occur in our life, where our life modifies, where it ends, how long it will last, what will remain in our life and what changes from our life and many more things cannot be predicted by us in the present time. So, life is unpredictable. Many ups and downs occur during our entire life. Since our life is uncertain, we need to have insurance in order to minimize the losses. We cannot eliminate our risks and losses from our life forever but still we can minimize the risks and losses that are to be occurred in our life by doing insurance. 

The term insurancerefers to a contract between two parties: person and the insurance company. The person who does the insurance is known as the insurer and the insurance company who provides the facility of insurance is known as the insured. Insurance companies are those agents or agencies which provides insurance facilities to the needy person.

Insurance companyagrees or promises to pay or compensatethe losses or damages of anything caused by death, fire, theft, accident, and so on. The insurer pays certain amount as insurance premium to the insurance company. That premium can be called as fee or certain insurance amount that are paid in installment basis. Those installments are paid either monthly or semi-annually or annually. The amount paid to insurance company as insurance premiumdiffers from one insurance companyto another insurance company. We can find from the most expensive insurance company to the cheapest insurance company. But, cheap insurancepolicies are more preferred by the people.

Since the life is being more risky day by day, the insurance rate has been increasing. Few years ago, the insurance rate was really low in comparison to today’s insurance rate. We can compare insurance policy rate. The insurance comparison can be made clearly by viewing the past insurancedata with the present insurance data. The insurance companies have made the insurance facility easier through online insurance policies. It means to say that the interested people can even go through the online insurance. They can check the insurance detail through online and buy the policy if convenient.

There are many types of insurance policies such as Life Insurance, Auto Insurance, Motor Insurance, Home/House Insurance, Business Insurance, and Commercial Insurance. But basically the insurance is divided into two types:  Life Insurance and Non- Life/ General Insurance.

Life Insurance: Life Insurance is one of the most commonly known Insurance. It is a contract between the insurer and the insured where the insurance company promises to pay a certain amount of money to the insured or his/her nominee on death of the policy holder. It is insurance done on benefit of owns life. If the policy holder dies before the maturity of policy, the amount is received by his/her nominee by completing certain financial paper works.

Non-Life Insurance: Non-Life Insurance refers to the insurance done beside Life Insurance. Things which have no life lie under non-life insurance. Non- Life Insurance includes Fire Insurance, Marine Insurance, Aviation Insurance, Motor Insurance, Employer’s Liability Insurance, and Fidelity Guarantee Insurance. Auto Insurance is also known as Motor Insurance. All types of vehicles insurance such as car insuranceand van Insurance lies under Motor Insurance.