If You are a good reader on our blog, You will know that we always give out some important updates on Insurance. Many can’t do without Insurance. As it gives you full confidence on how to live and manage your insured products. In Our last post we made mention of Top 10 Insurance Company. but many still get confused about the term Insurance.
The term stands for insuring or giving cover to an individual or a group for a specific purpose. On the basis of the function, an insurance policy can be classified into several types. Let discuss on some Types of insurance you might not know or be conversant with.
Several Others Type Of Insurances You Don’t Know
1. Health Insurance: If you are taking a health insurance then that is going to give cover to you and your family. This can be on the basis of the type the health insurance is. This gives one the ability to fight sudden medical emergencies owing to hospital bills, medical expenses, specialist charges, etc.
2. Commercial Insurance: In a company there are several needs of insurance policies. Most companies have several policies that are specifically designed to protect the assets, vehicles, machines, business, employees and other unseen losses. These policies help them to fulfill the immediate requirements.
3. Home Insurance: our home protects us round the year, but it also needs protection against the rude side of nature. Home insurance can protect your residence from both natural disasters and man-made accidents. They offer a compensatory price for damage to property and life in the home.
4. Motor Insurance: This protects one against vehicle damage and third party cases of accidents. You would have a mutual contract with the insuring company that on payment of a certain amount as premium, the company will pay you a certain amount if any accidents occur.
This type of insurance offers medical coverage, liability and property damages. The property damage covers the theft or damage of the car and the liability coverage maintains the legal aspects in terms of property damage and bodily injuries.
5. Personal Accident Insurance: This kind of cover is recommended to one to cope with accidental deaths. Life insurance already covers this part. But when a person gets disabled and losses his or her earning capacity either partially or totally, then the personal accident insurance can be helpful.
6. Travel Insurance: As the name suggests the policies gives cover while one is on a trip. So, when you are on the trip all your worries will be taken care of by the insurance from sudden medical expenses to loss of passport, baggage, delay of flight, etc. You can have a safe and trouble-free journey with them.
NOTE: There are other Types of Insurance Not Listed Above, But we will get you up to date as time goes on…