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Which are Different Common Types of Insurance  

The term "insurance" stands for insuring or giving cover to an individual or a group for a specific purpose. On the basis of the function, an insurance policies are classified into several types. Let us study the types
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Anurag Anurag on Saturday, August 26, 2017, 11 Months Ago

Which are Different Common Types of Insurance

Insurance is an agreement, spoken to by an arrangement, in which an individual or element gets money related security or repayment against misfortunes from an insurance agency. The organization pools customers' dangers to make installments more reasonable for the guaranteed. Protection arrangements are utilized to support against the danger of money related misfortunes, both of all shapes and sizes, that may come about because of harm to the guaranteed or her property, or from risk for harm or damage brought on to an outsider. There are a huge number of various sorts of protection strategies.

All of us are well accustomed to 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 policies are classified into several types. Let us study the types to get a detailed knowledge of the policies.

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.

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.

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.

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.

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.

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.

 

These are commoly observed types in the market Its a very broad classification and may differe with situations.

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