Insurance is actually an arrangement which a company or a state undertakes to provide the guarantee of a specific amount of compensation to the person or entity for a specified loss, damage, illness or death in return for a specific amount of premium that is paid by the person monthly.
There are mainly four types of insurance policies:
1. Life Insurance
2. Health Insurance
3. Property insurance
4. Auto Insurance
But before you buy any insurance you must know all the benefits of that insurance. Insurance benefits the individual or any organization in many ways. Some of them are -
1. The most important benefit of security is the payment of the losses that one faces. An insurance policy is a contract that is used to minimize the losses faced by the individual.
2. It manages the cash flow uncertainty. Insurance provides the payment of for the covered losses. Therefore the problem for paying out of the pocket is resolved.
3. Insurance complies with the legal assessments. Insurance meets the contractual requirements and also provides the legal evidence for the organization or the person to claim for the refund or losses.
4. A very important benefit of the insurance policies is its measures for promoting risk control activity. Insurance provides all kinds of incentives to implement a loss control program.
5. An uncommon benefit of security is the support it provides for the policy holder's credits. Insurance gives loans to individuals and organizations by guaranteeing that the lender will be paid the whole compensation if the loan amount or the property is destroyed.
6. Insurance provides all kinds of the source to the investment funds. All the Insurance collect a specific premium from the policyholder and invest them in various schemes and pay the claims if they occur.
7. Insurance also helps in reducing the social burden of the victims by giving them compensation.
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