Insurance - Content Tak

 Insurance just like a contract or system which works in financial risk involved that's why insurance helps individual or Corporation to save from loss. 'Insurance' Answer by top websites -

Family Health insurance 
Image on Pixabay 

1. First Answer -

Insurance by Wikipedia

What is Insurance?

Insurance is a means of protection from financial loss. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss. An entity which provides insurance is known as an insurer, an insurance company, an insurance carrier or an underwriter. A person or entity who buys insurance is known as an insured or as a policyholder. 

What is Insurance policy? 

The insured receives a contract, called the insurance policy, which details the conditions and circumstances under which the insurer will compensate the insured. The amount of money charged by the insurer to the policyholder for the coverage set forth in the insurance policy is called the premium. 

This Answer by Wikipedia 

2. Second Answer - 

Insurance by investopedia 

What is Insurance? 

Insurance is a contract, represented by a policy, in which an individual or entity receives financial protection or reimbursement against losses from an insurance company. The company pools clients' risks to make payments more affordable for the insured.

What is Insurance policy?

Insurance policies are used to hedge against the risk of financial losses, both big and small, that may result from damage to the insured or her property, or from liability for damage or injury caused to a third party.

This Answer by Investopedia 

3. Third Answer - 

Insurance by insurancedekho.com 

What is Insurance? 

Insurance is a legal agreement between a policyholder and an insurance company wherein the latter promises to compensate the former in the event of a loss. The covered event is contingent in nature as it may or may not occur. Thus, an insurance policy keeps the policyholder shielded against such. 

Why is Insurance important? 

Unfortunate events like accidents, illnesses, and natural disasters come without any warning and thus it is necessary for you to keep yourself and your loved ones shielded against such unforeseen happenings. One of the best and simplest ways of keeping

This Answer by insurancedekho.com 

4. Fourth Answer -

Insurance by cleartax.in 

What is Insurance? 

Insurance is a legal agreement between two parties i.e. the insurance company (insurer) and the individual (insured). In this, the insurance company promises to make good the losses of the insured on happening of the insured contingency. The contingency is the event which causes a loss. It can be the death of the policyholder or damage/destruction of the property. It’s called a contingency because there’s an uncertainty regarding happening of the event. The insured pays a premium in return for the promise made by the insurer. 

How does insurance work? 

The insurer and the insured get a legal contract for the insurance, which is called the insurance policy. The insurance policy has details about the conditions and circumstances under which the insurance company will pay out the insurance amount to either the insured person or the nominees. Insurance is a way of protecting yourself and your family from a financial loss. Generally, the premium for a big insurance cover is much lesser in terms of money paid. The insurance company takes this risk of providing a high cover for a small premium because very few insured people actually end up claiming the insurance. This is why you get insurance for a big amount at a low price. Any individual or company can seek insurance from an insurance company, but the decision to provide insurance is at the discretion of the insurance company. The insurance company will evaluate the claim application to make a decision. Generally, insurance companies refuse to provide insurance to high-risk applicants.  

This Answer by cleartax.in 

5. Fifth Answer -

Insurance by turtlemint.com

What is Insurance? 

Insurance is a legal contract between two parties- the insurance company (insurer) and the individual (insured), wherein the insurance company promises to compensate for financial losses due to insured contingencies in return for the premiums paid by the insured individual. In simple words, insurance is a risk transfer mechanism, where you transfer your risk to the insurance company and get the cover for financial loss that you may face due to unforeseen events. And the amount that you pay for this arrangement is called premium. There is insurance available for various risks, starting from your life to mobile phones that you use. In the end, it’s essential to protect what is ‘important’ to you.

How Does Insurance Works? 

The concept of insurance works on the basis of ‘risk pooling’. When you buy any type of insurance policy from the insurance company for a specified period with specific cover, you will make regular payments (referred to as premiums) towards the policy. Similarly, Insurance Company collects premium from all of its clients (referred to as insured) and pools the money collected to pay for losses arising out of an insured event. In case the insured event takes place, and you make a claim, losses will be compensated by the insurance company from the pool of policyholder’s premiums. In case you don’t make a claim during the specified policy period, no benefits will be paid to you. However, there are various types of products offered by insurance companies today which also involve savings element attached to it.

This Answer by Turtlemint.com

6. Sixth Answer - 

Insurance by etmoney.com 

What is Insurance? 

The concept of insurance is very simple to understand. You pay a monthly or yearly fee to the insurance company to insure your life, health, vehicle, property, etc for a certain period. In return, the insurer pays for the financial damages in case of any harm to the insured person or object. 

So you are transferring the risk of a financial loss you might experience due to life’s uncertainties to an insurance company for a small fee. 

What is Life Insurance? 

Life insurance financially protects your family in case you die an early death. Here is how it works. You pay a regular premium to the insurance company for a specific number of years. In return the insurance company pays a sum assured to your family if you die during the policy tenure.  

This Answer by etmoney.com 

7. Seventh Answer -

Insurance by godigit.com 

What is Life insurance? 

Life Insurance refers to a policy or cover whereby the policyholder can ensure financial freedom for his/her family members after death. Suppose you are the sole earning member in your family, supporting your spouse and children.

In such an event, your death would financially devastate the whole family. Life insurance policies ensure that such a thing does not happen by providing financial assistance to your family in the event of your passing.

Benefits of Life Insurance - 

• Tax Benefits - If you pay life insurance premiums, you are eligible for tax benefits in India, under Section 80(C) and 10(10D) of the Income Tax Act. Thus, you can save a substantial sum of money as taxes by opting for a life insurance plan.
• Encourages Saving Habit - Since you need to pay policy premiums, buying such an insurance policy promotes the habit of saving money.
• Secures Family’s Financial Future - The policy ensures your family’s financial independence is maintained even after your demise.
• Helps Plan Your Retirement - Certain life insurance policies also act as investment options. For instance, pension plans offer a lump-sum payout as soon as you retire, helping you to fund your retirement.

This Answer by godigit.com 

8. Eighth Answer -

Insurance by iffcotokio.com 

What is General Insurance? 

General insurance, by definition, is the group of non-life insurance policies that provide insurance cover for motor vehicles, houses, health, and travel. These policies have to be renewed according to the tenure prescribed in their respective policy documents, and these have a particular sum insured which is reimbursed depending on the loss from a particular financial event. Typically, it is defined as any insurance type that is does not come under life insurance.

Why is Insurance is so important? 

Buying insurance is important as it ensures that you are financially secure to face any type of problem in life, and this is why insurance is a very important part of financial planning. A general insurance company offers insurance policies to secure health, travel, motor vehicle, and home. The convenient part of it is that you can purchase all these insurance policies online nowadays.

This Answer by iffcotokio.com

9. Ninth Answer - 

Insurance by investopeda.com 

What are the types of insurance? 

Here is the most popular four types of insurance - 

Life insurance 

The greatest benefits of life insurance include the ability to cover your funeral expenses and provide for those you leave behind. This is especially important if you have a family that is dependent on your salary to pay the bills. Industry experts suggest a life insurance policy that covers 10 times your yearly income. But that's a number not everyone can afford.

Health Insurance - 

Health insurance is a type of insurance that covers medical expenses that arise due to an illness. These expenses could be related to hospitalisation costs, cost of medicines or doctor consultation fees. This Answer by iciciprulife.com 

Long term disability coverage - 

Long-term disability insurance is the one type of insurance most of us think we will never need. Yet, according to statistics from the Social Security Administration, one in four workers entering the workforce will become disabled and will be unable to work before they reach the age of retirement.

Auto insurance - 

There were 6.7 million car accidents in the U.S. in 2018, according to the National Highway Traffic Safety Administration.10 An estimated 38,800 people died in car crashes in 2019 alone.11 The number one cause of death for Americans between the ages of five and 24 was auto accidents, according to 2018 CDC data.12 Over 2.7 million drivers and passengers were injured in 2018.10 The 2010 economic costs of auto accidents, including deaths and disabling injuries, were around $242 billion.13

While not all states require drivers to have auto insurance, most do have regulations regarding financial responsibility in the event of an accident. States that do require insurance conduct periodic random checks of drivers for proof of insurance. If you do not have coverage, the fines can vary by state and can range from the suspension of your license, to points on your driving record, to fines from $500 to $1,000.

This Answer by investopedia.com 

10. Tenth Answer -

Insurance by economictimes.com

Top insurance company in India -

• Max Life 
• HDFC 
• Tata AIA 
• Pramerica Life 
• Exide Life 
• Canara HSBC OBC 
• Reliance Nippon 
• Bajaj Allianz 
• Aegon 
• ICICI Prudential

This Answer by economictimes.com 

Read Also - how to delete Instagram account?