What is insurance?

Insurance helps you protect yourself against risk like a house fire, car accident or burglary you can also get insurance that pays you money if you get to ill to work or to provide for your family if you die.

  • How insurance works
  • Do you need insurance

what is insurance

How Insurance work:

All most every adult in the united kingdom has some kind of insurance for car insurance to cover for per getting ill with insurance, you choose what you want to be protected against

then your insure calculates the risk that the event to be insure will happen and the insurance provider or insure will determine the price you will need to pay your premium.

Choose a policy An insurance policy is a document that is exactly what you are or aren’t protected against for e.g. a travel insurance policy might say that it will cover your medical bills if you insure yourself abroad – but not if you were doing something dangerous like skiing .

Insurance:

  • An arrangement by which a company or the state undertake to provide a guarantee of compensation for specified loss damage illness or death in return for payment of a specified premium .
  • A thing providing protection against possible eventuality .

Insurance is a mean 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

USAGE EXAMPLE:

  • Bob seemed to think his expensive new auto insurance policy was a excuse to drive recklessly and risk an accident but he was clearly  headed for trouble .
  • as well as provided is with temporary .
  • it is good to have insurance against some of bigger problem your business could face to avoid total disaster if they arise.

Why choose a Career in insurance:

Looking for a career that offers stability Varity lifelong learning above average advancement , a sense of community And, a whole lot more look on further.

Still unsure about what career path to take? want to switch to a bitter, more rewarding job? Here are 10 reasons you should consider a career in insurance if only there was a way to earn money while you study and gain valuable work place experience in an industry with lots of opportunity.

insurance a contently evolving industry that touches nearly every part of the economy and sector of society. it’s possible to find an insurance  career that  can connect you to these sectors or emerging issues.

Benefits of Insurance:

  • Financial security of life and assets in case of an unfortunate event.
  • Tax Relief by way of deductions from income, which lowers tax burden.
  • Encourage saving and helps in financial planning for the future.
  • Life Insurance policies can be used as a security obtain a loan.

All of the above statement are generally true; however the tax benefits of life insurance has certain limitations  which under the wrong set of circumstances can cause the tax benefits mentioned to be lost please discus with your insurance and tax advisor.

A life insurance policy may be exchanged for another life  insurance policy or for an annuity without incurring taxation.

The death benefit may be decreased at any time life insurance or life assurance especially in the common wealth of nation  is a contract between  an insurance policy holder and an insurer or assure, where the insurer promise to pay a designated beneficiary a sum of (money the benefit) in exchange for a premium upon the death of an insured person.

The type of Insurance:

It’s unlikely that you will and every insurance product on the market  even if you  could afford them all. But how do you know whether your hard  earned cash is going on the policies you and to help most? The table below is designed to help you make the right decisions for you and your house hold budget.

What does home insurance cover?
  • Buildings the cost of repairing or rebuilding your home if its damaged by storm, floods, fire lightning subsidence etc.
  • you won’t be covered for general wear and tear. You unlikely to be covered for properties left unoccupied for more than 60 continuous day.
  • Yes it is a legal requirement if you own your home plus mortgage lenders normally insist on you having buildings cover.
  • You well need to read your policy document carefully to check what is and isn’t covered.
  • If everything goes well making an insurance claim is simple and stress-free especially if you take fine to get all details right.
  • Be prepared keep good records.
  • Your claim this article take you through the process of making an effective claim.
  • Life and health insurance contact your health insurance company to get approval for private treatment.

What is insurance premium:

Premium is an amount paid periodically to the insurer by insured for covering his risk.

Description- In an insurance contract the risk is transferred from the insured to the insurer for taking this risk. The insurer charges an amount called the premium. The actuaries are entrusted with the responsibility of ascertaining the correct premium of an insured. The paying frequency can be semi-annually , annually for in a single premium.

also see: Life assured non-standard life premium paying term adverse selection subrogation, paid-up policy mitigation.

Insurance Q&A: What is an Insurance Premium?

seems life half of our weekly pay checks! Right? will hopefully is not that bad for most of us.

Jokes aside an insurance premium is just a fancy industry term to describe the price you pay for insurance coverage during a given period of time whether its one month six month or a entire year.

Insurance premium is a specified amount stipulated by the insurance company which the insured individual should periodically pay to maintain the actual coverage of insurance.

The greater the risk associated with an event claim the more expenses the insurance premium will be.

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