You must be thinking that insurance is being done here and the photo has been kept above. I will help you here today to tell you the true meaning of insurance, here you are looking at the photo of the umbrella above like this umbrella protects us from getting wet in the rain, Insurance also plays its role in our lives in different ways.
If you have ever asked the definition of insurance or if you have asked the question of the definition of insurance in the examination, then you must have memorized it somewhere only then you will be able to write it. But according to my views, you cannot describe the definition of insurance in any limited words. According to me, it would be appropriate to make your own statements by understanding your insurance thoughts.
What Can Be The Definition of Insurance?
It would be dishonest to define insurance with a definition because the scope of insurance is large, in which insurance is used to insure the items used in our lifestyle besides humans. When these things get broken in our life style, then the whole claim is not received but it is easy to compensate for the insured items. And I would like to write its definition like this.
|INSURANCE DEFINITION WITH DIFFERENT WAY|
|♣Just as the rain keeps us safe from getting the umbrella soaked, Insurance also plays a similar role in our lifestyle. What your opinion.||♣The way we handle our car, bike, so that no accident happens, in the same way insurance also provides financial support if our car gets broken.||♣Just as the head of the household handles the whole family, the insurance also plays a role in your family during difficult times.|
Interesting Indian LIC Company News
©Every success person associated with LIC is proud of 60 years of Diamond Jubilee in the year 2016. LIC’s Life Fund 20 lakh crores, SM- and assets 22 lakh crores. Life Insurance Corporation of India LIFE INSURANCE CORPORATION OF INDIA Questions arise in the mind that LICs are protected by the Government of India. Or are protected by the Government of India LIC. We are proud of our organization.
Come Once Again To Understand Meaning and Definition of Insurance
©Insurance is a method to transfer the loss of person to the insurance company which can easily spread it over a large number of policyholders.
What Is Insurance Means?
©In simple words, insurance is a ‘solution to a sudden problem’. The purpose of resolving a problem is by the insurance company paying a premium to compensate the person’s problem. People buy insurance to cover the possibility of any future uncertainty. There are many insurance policies, you have endowment policy, ULIP policy, child plan, annuity plan, assured plan, term plan etc. The purest form of insurance is term insurance.
WHAT ARE TYPES OF INSURANCE THEY PLAY MAJOR ROLE IN OUR LIFE?
|1.Life Insurance or Personal Insurance||2. Social Insurance||3. Property Insurance||4. Guarantee Insurance||5. Marine Insurance||6. Liability Insurance|
|A. Life Insurance
B. Term Life
C. Permanent Life
D. Level Term
E. Decreasing F. Term
Traditional Whole Life
G. Universal Life
H. Variable Universal life
|A. Social security benefits are provided in two major ways in India:
B. Social insurance
C. Social assistance
|A. Earthquake Insurance
B. Home Insurance
C. Fire Insurance
D. Flood Insurance
E. Boiler Insurance
|A. Life Insurance
B. General Insurance
C. Motor Insurance
D. Fire Insurance
E. Health Insurance
F. Marine Insurance
|A. Voyage policy
B. Time – policy
C. Mixed – policy
D. Valued policy
E. Open or unvalued policy
F. Floating policy
G. Wagering policy – no interest – void
|A. Bodily injuries
B. False advertising
C. Property damages
D. Libel and slander
Characteristics of Insurance
1.Risk Sharing and Risk Transfer
3.Calculates Risk In Advance
4.Payment of Claim At The Occurrence of Contingency.
5.Amount of Payment
6.Larger Number of Insured Persons
7.Insurance Must Not Be Confused With Charity or Gambling