Insurance Definition With Example
When you pay premiums in exchange for a policy that pays out when you crash your car in a car accident this is an example of an auto insurance policy.
Insurance definition with example. We call the party receiving compensation the insured the insurer on the other hand is the company that provides the compensation or cover. The definition of insurance is protection against something going wrong. An individual bought insurance with a co insurance clause wherein losses will be shared by the insured and insurer in the ratio 80 20. Fire and marine insurances are strictly called property insurance.
General insurance includes property insurance liability insurance and other forms of insurance. There many types of insurance policies. Insurance company won t pay anything as john didn t reveal the important facts. Insurance is a shield that protects and secures your business from any possible risks.
At the time of taking policy he was a smoker and he didn t disclose this fact. The company also compensates for illness damage or death. If the loss amount during the term was 1 000 the insurer will only pay 800 and the balance 200 will be borne by the insured. Insurance is an arrangement by which a company undertakes to compensate a person property company or entity for a specific loss.
Even if a provider desired to provide such coverage it is against the public. For example one of the branches of a popular fast food chain has turned into ashes due to a big fire. Insured must have the insurable interest on the subject matter. In case of life insurance spouse and dependents have insurable.
For example life insurance companies may require higher premiums or deny coverage altogether to people who work in hazardous occupations or engage in dangerous sports. 2 principle of insurable interest. 4 difference between insurance and. For example john took a health insurance policy.
Definition features types general insurance. Motor theft fidelity and machine insurances include the extent of liability insurance to a certain extent.
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