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Thursday, 18-Nov-2010 06:15 Email | Share | | Bookmark
INSURANCE

Insurance is a type of risk management which is used primarily to hedge against some risks of contingent or uncertain loss. In general insurance may be defined as equitable transfer of risk of the loss, which is transferred in exchange of a payment from one individual to the other.Rürup Rente The company which is selling the insurance is called the insurer and the person who is buying this insurance policy is called the policy holder or insured. Premium is a term which refers to the insurance coverage and the factor which determines the amount of money to be charged is called the insurance rate. The study of the process of appraising and the controlling of risk is called as Risk management. It has emerged as a separate field of study. There are many different types of insurance like home insurance, property insurance, health insurance, life insurance, disability insurance, casuality insurance, vehicle insurance etc.

The insured person is guaranteed of a payment by the insurer at the time of a large and devastating loss. The insured assumes a guarantee along with a small loss in form of payments to the insurance company in exchange of the promise from the insurer. The insured will receive the insurance policy which is a contract having the details of the conditions during which the insured person will be receiving a compensation.

Insurance pools funds from many other insured entities which will enable the insurance company to pay for devastating losses that might occur to one of these entities. Thus the insured entity is therefore protected from the risks of fee as the fee is dependent on the severity and frequency of the event taking place. In order for the risk to be called as an insurable risk, it must meet certain features. Insurance forms the major part of financial service industry and it is commonly a commercial enterprise. But self insurance can also be done by individual entities by saving money for their losses in the future.

The risk which is insured by the private companies share about seven characteristics in common. They are Large number of similar exposure units, Definite Loss, Accidental loss, large loss, affordable premium, calculable loss and limited risk of catastrophically large losses.

There are basically some legal requirements for the insurance company to insure the individual entity. The insurance company can compensate the insured only upto the interest of the insured in case of losses. The insurer and the insured are bound by honesty, fairness and good faith. The insurance company may pursue the recoveries on behalf of the insured entity which is allowed legally.This is known as subrogation. The reason for the loss must be covered by the insurance policy.

Insurance generally has a lot of effect on the society as it changes who probably might bear the cost of damage and losses. In some cases it may increase fraudulence. On the other side it greatly helps the individuals and societies to prepare themselves for any catastrophes and thus it mitigates the effect of catastrophes on both societies as well as households.


Thursday, 18-Nov-2010 06:00 Email | Share | | Bookmark
INSURANCE

Insurance is an arrangement with a company in which a person has to pay money regularly, and the company will pay back the cost if something bad happens. The company which collects the money is called the insurance company and individual who pays money is called the insured or policy holder.Riester Rente The contract which the insurance company makes with the person is called the insurance policy. The insurance policy clearly contains the risks under which the money will be dispatched. Insurance can be got for any risk which can be quantified.

There are many different types of insurance. A homeowner's insurance includes the insurance of his property and it covers any damage to the house or the belongings of the owner. To some extent it also covers the medical expenses for the people who have been injured on the property of the owner.

A business insurance protects the business from any kind of risk. It is further classified into many type. Rürup Rente Another type of insurance is the vehicle insurance which protects the person against the loss caused by an accident. This kind of insurance also provides medical, property and liability coverage. That is, property coverage will pay for the damage to the vehicle or vehicle theft. Liability coverage will pay for the bodily injuries or any property damage for others. Medical coverage will pay for the medical expenses in treating the injuries or rehabilitation and sometimes also funeral expenses.

Yet another type of insurance is the home insurance which provides compensation in case of damage to a home due to disasters.Health insurance is a type of insurance which will cover the costs required for medical treatments. There is another type of insurance called the disability insurance. It provides financial support for the policy holder in case if he is unable to continue his job due to disabling injury or illness. Disability insurance may be a short term insurance or a long term

Another type of insurance is the life insurance. It provides with money to the insured persons family or any other person who is designated by the insured, after the insured person's death. This benefit may be paid as a whole sum or as an annuity to the beneficiary. This kind of insurance will greatly help the insured person's family in his burial, funeral and in also other expenses.

Property insurance is an insurance which provides protection against the risks to the property like theft, fire or damage caused due to weather. This also includes some specialized types of insurance like flood insurance, fire insurance, home insurance, earthquake insurance or boiler insurance.There are also many other types of insurance which will benefit different kinds of people like aviation insurance, boiler insurance, builder's risk insurance, crop insurance, flood insurance, earthquake insurance, liability insurance, travel insurance, pet insurance etc.

There are some basic requirements for an insurance company which are to be considered before making a contract with the company. These include the analysis about the strength and stability of the insurance company.


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