Insurance is a kind of contract that is taken from an insurance company to cover an individual life all the properties from any damage which may from insured risks. Insurance does minimize your financial liability in case of dangers thus giving you peace of mind. Before you enter into any agreement with the insurance company of your choice it is always important to determine the different types of insurance which you may be in need of. read more now The modern world is full of many risks, and this is the reason why taking an insurance cover may provide the total protection you need from different risks in your day-to-day life. read more now The information in this article may show you the mains types of insurances policies that you need to know.
Life insurance is one of the most common insurance policy you need to know. What makes it be unique and different from other types of insurance policy is the subject matter of taking this type of policy is to cover and individual life. This is where you are required to pay a fixed amount at the expiry of a particular period. click for morePeople do take their life as an important property thus this insurance policy do enjoy maximum scope.
The other insurance policy you should know as property insurance which is taken to cover the property. Therefore, different properties are insured against specific risks. Marine perils, fire, theft, loss are some of the main and common risks where the property insurance is taken against.
Liability insurance is whereby you as the insured becomes liable to pay all the damages of the property. This may also include getting compensated for the death, injury, and loss of the person. There was insurance policy seen in the form of marine insurance, fidelity insurance and also automobile insurance.
read more now Another type of insurance policy is social insurance which may provide you with protection well at weak areas in the society especially when you are not in the best position to pay a premium for the adequate insurance. click for more Some of the social insurance types are sickness insurance, unemployment insurance, disability insurance, industrial insurance, and pension insurance.
Insurance that covers the disloyalty, dishonesty, and disappearance caused by the second party or by the employees is called guarantee insurance. Therefore you must be a party to the contract. read more nowFor example, considering the export insurance, you may get full compensation for the loss due to negligence of the importers to get the total debt.
Finally, miscellaneous insurance is another kind of insurance which you need to know. It covers, goods, furniture, machines, valuable articles, property, and others of the kind.