Insurance Meaning And Types Ppt
Definition of insurance insurance is defined as a co operative device to spread the loss caused by a particular risk over a number of persons who are exposed to it and who agree to ensure themselves against that risk.
Insurance meaning and types ppt. It covers the damages to properties lying at different places. What are the different types of insurance. Even with insurance an individual should still have funds to pay the deductible and co insurance there are several types of insurance for specific purposes 1 10 1 g1. Fire and marine insurances are strictly called property insurance.
On the other hand a. There is a distinction between the types of insurance one is life insurance and other is non life or general insurance. With this we will talk about the importance of insurance nature of insurance and then we will talk about insurance meaning and types. Definition features types general insurance.
Powerpoint ppt presentation. Because every person has to insure himself his family or anything else in today s kingdom. Types of motor vehicle insurance the vehicle insurance is obliged also to provide assurance to the vehicle insured in case of damage repair mild to severe and the replacement of part or all of an insured motor vehicle if you have a variety of things that damage caused by a variety of things in accordance with the insurance agreement. 4 difference between insurance and.
Introduction introduction life insurance marine insurance fire insurance miscellaneous insurance prospects of insurance business insurance legislation 5. Basically there are two types of insurance as presented below. Some of the common types are. Powerpoint ppt presentation free to view.
This is also called as an. Insurance refers to a contractual arrangement in which one party i. The reimbursement under the policy can be withdrawn on the event of death or maturity of the policy. The insurance that covers the risk of the life of the insured is called life insurance.
It does not mean prevention of loss. Health insurance a type of insurance coverage that pays for medical and surgical expenses that are incurred by the insured. This is known as an all in one policy. In this the nominee will get the policy amount upon the death of the insurer.
General insurance includes property insurance liability insurance and other forms of insurance. Overall we will talk about all these topics in the article. Every person has heard the word sometimes or anywhere in his life. So that he can keep that thing safe.
Health insurance is often included in employer benefit packages as a means of enticing quality. Motor theft fidelity and machine insurances include the extent of liability insurance to a certain extent. The insurer firsts value the property and then undertakes to pay compensation up to that value in the case of loss or damage. It has a wide coverage and includes damages due to fire.
It can be very expensive for a business that is running in a small and flawless way. Why your assets need the insurance every type of business needs the liability insurance to protect themselves from an illegal activity that is filed by the business associates custom winds and other type of third parties that can demand sometimes about the legal requirements.
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