Life Insurance


What is Life Insurance?

Life Insurance, in simple terms, is a contract which is signed between an individual and an insurance provider, wherein the insurance provider guarantees to pay a certain sum of money (sum assured) in case of the insured individual’s death. In order to avail this protection, the insured pays a certain amount as premium towards maintaining the policy.
It is nothing but a safety net which provides financial security/protection against loss of life. The primary purpose of a life insurance policy is to protect the financial interests of the insured’s family.
While one might think that this is a recent concept, studies have shown that it has been around for centuries, with different variations of insurance dating back to 1750 BC.
There are 3 basic aspects related to life insurance, namely:

Comments

Post a Comment

Popular posts from this blog

THESE ARE THE RECOMMENDED SLEEP TIMES ACCORDING TO THE NATIONAL SLEEP FOUNDATION

Image
What is 'Insurance' Insurance is a contract, represented by a policy, in which an individual or entity receives financial protection or reimbursement against losses from an insurance company. The company pools clients' risks to make payments more affordable for the insured. Insurance policies are used to hedge against the risk of financial losses, both big and small, that may result from damage to the insured or her property, or from liability for damage or injury caused to a third party. BREAKING DOWN 'Insurance' There are a multitude of different types of insurance policies available, and virtually any individual or business can find an insurance company willing to insure them, for a price. The most common types of personal insurance policies are auto, health, homeowners, and life. Most individuals in the United States have at least one of these types of insurance, and car insurance is required by law. Businesses require special types of in
Read more

O.M.G..!!!!!!FISHERMEN MEET FACE TO FACE WITH SNAKE IN WATER,,SEE VIDEOFISHERMEN MEET FACE TO FACE WITH SNAKE IN WATER,,SEE VIDEO

Image
reinsurance   insured receives a  contract , called the  insurance policy , which details the conditions and circumstances under which the insurer will compensate the insured. The amount of money charged by the insurer to the insured for the coverage set forth in the insurance policy is called the premium. If the insured experiences a loss which is potentially covered by the insurance policy, the insured submits a claim to the insurer for processing by a  claims adjuster . The insurer may  hedge  its own risk by taking out  reinsurance
Read more