Insurances

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Insurances

Types of insurance

Insurances are dedicated to the protection of your liabilities. If you get stuck into some condition that results into financial loss, insurance helps at that time to recover your losses. Insurance is one of the safe sides that people used to have for their valuable things.

General Insurance

General Insurance includes all the insurances aligned with fire, theft, burglary, personal insurances such as health, travel, and accidents. Other insurances such as legal liabilities’ insurance are also included in general insurances. The insurances related to life are not included in these types of insurances.

Some of the forms of insurances are motor insurance, fire insurance, home insurance, marine insurance, health insurance, travel insurance, accident insurance and much other insurance that are not related to life.

The time period for these insurances is not for a lifetime. These insurance are for a specific period of time. Most of the liabilities insurances contracts are annual. Some products in a few have a longer insurance tenure depending upon the buying of the product.

Why is the process of insurances needed?

There are thousands of things and products launched in the market every single day. These products have high economic values. If the products don’t come up with a way to protect their economic value, there must be less demand for those products. Some would not have bought with the fear of damage or theft of those valuable assets. Insurances help to protect the economic value of the assets as well as to protect the consumers from heavy financial losses.

Different types of insurances

Motor Insurance  

The insurance of your vehicle is included in the motor insurance. It covers all the damages that your vehicle can have while on-road or off-road emergencies. Motor insurance protects the owner of the vehicle from finances used to recover the vehicle after damage. It is compulsory for the owner to have motor insurance of his/her vehicle. Not having insurance of your vehicle while driving in a public place is a punishable offense.

A broad motor insurance policy has features that include personal accident policy as well as liability policy. The damage to the vehicle is also included in the same policy. Some of the commonly used motor insurance categories are car insurance category, two wheeler insurance category and commercial vehicle insurance category.

Motor insurance provides you with a lot more benefits worldwide. You can have assistance at roadside whenever required, cashless servicing of your vehicle at any workshop or garage related to your network. Not only this, you can also have the assistance for towing and personal accident cover.

Health Insurance

Medical care is increasing its rates every year with the increasing cost of the lifestyle we are living in. Due to stress and workload of the day to day routine, health is affected to a large extent. These health issues lead to serious health problems and emergencies. We all earn according to our needs and requirements and a mindset is made about the expenses and if suddenly some medical emergency is stuck in between, it is very difficult to manage the financial crisis. This is the reason different entities are providing health insurances that help people stay healthy and live a lifestyle of their choice without any risk of the health crisis.

Health insurance manages medical and surgical costs for the individual having health insurance. The entire hospitalization fee is included in the health insurance. The family of the patient doesn’t need to have stress about expenses in the hospital.

Some of the common policies that health insurances include are individual policy, family floater policy, surgery expenses, and comprehensive health insurance policy.

Travel Insurance

Travel insurance is sometimes very important for the ones who usually travel throughout the year. If you are traveling while you are on a vacation or for a business meeting, can upturn your life if your baggage or passport is lost. Sometimes you may have the flight delayed or you may need to have some medical emergency. All these problems have one solution that is travel insurance.

Travel insurance includes medical emergencies or non-medical emergencies while you are traveling. You will be protected from any of the misfortune on your way and can enjoy your trip completely.

The policies that travel insurances offered are individual travel policy, family travel policy, student travel policy, and senior citizens travel policy. Some may include corporate travel policy for the businessmen traveling around the world.

Home Insurance

One of the largest financial investments of an individual is his home. Nothing can be more expensive than their own home because this is the possession that one makes in a lifetime. Protecting your home’s physical structure and appearance is a thing that one thinks to do.

The home insurance protects the house from natural calamities, disasters, and other threats. It also protects the home from damages done due to fire, theft, flood, earthquakes and other destructive reasons. It ensures that one’s money is spent on something productive than in rebuilding home again after being destructive.

Marine Insurance

Marine insurance includes protection against financial losses that one get from damage or destruction of goods in the shipments. The shipments get destructive while import and export on the international borders and to protect both importers as well as exporters from financial losses.

It includes financial recovery of the goods, freight, cargo and other damage on the way.  Marine cargo insurance protects the goods during its transit and reimburses for the losses they suffered from.

Commercial Insurance

Commercial insurance includes solutions for the business sector of the industry such as automotive, Construction Company, chemicals, foods, beverages, logistics, textiles, power, technology, telecom, manufacturing, aviation, oil and gas and many other sectors of the industry.

Some of the common commercial insurance types are property insurance, marine insurance, liability insurance, financial lines insurance, energy insurance, employee benefits insurance, engineering insurance and international; insurance solutions.

Rural Insurance

Rural insurance includes solutions that comprise of the needs of agriculture and rural businesses.

Insurances, in general, are made to help the people live a better life without having any worry about future. Insurances made life easy to live and enjoy.