March 5th, 2010
Other than life insurance, all insurance are called General Insurance. Car Insurance, Vehicle Insurance, machinery Insurance, Liabilities Insurance,Health Insurances etc.. all are comes under general Insurance.
everything which provides economic benefits to human is called assets. Assets can be damaged. However time is not certain. Every asset has a value.The
assets would have been created by the owner to take some economical benefits from its. If it damaged early or destroyed due to perils like accident, earthquake, tsunami, floods
then the owner would bear losses and deprive to take benefits from this.
General Insurance term introduced to helps the asset owner by giving compensation fully or partly. From a Car to a machine, everything is a asset for its owner. By car you can travel conveniently from one place to another place, though its a asset for the owner’s of the car. A machinery can give productions of goods or run your business which is a economical asset for the owner. If these things lost due to natural calamities or perils then it will create adverse condition to the owner. So these things need to be insured under the scheme of General Insurance.
Compensation amount depends upon the plan which you have taken for your assets. It may partly or Fully. Non Life insurance companies are providing good plans which can cover the lost of your assets.These companies deals
with your health plans, giving cover of your property against fire, earth quake, lightnings, flood and other perils.
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March 5th, 2010
As i already discussed that human being is an economical assets, hence the life of a human is an assets. The value of human life depends upon his income. Human earns money according to his skills, education and business.All these things can be insured by life insurance.
However, unfortunately by some accidents or natural calamities, if you lost assets then your income would stop partly or fully. After getting retirement or loosing your job, your income may stop. All these are adverse conditions which may affect you badly. So all these things need to be insured.
These assets also can be lost through unexpectedly early death or through sickness and disabilities caused by accidents. Accident may or may not happen but death will happen. However the time is not certain. If the death happens early then the income will be cease for those who depends on you. if some accident happen before any arrangement then it will affect both you and others who depend on you. Suppose if you are retired and you live a long period for that you haven’t made any arrangements then it also an adverse situation. Living a long life and death before age are both adverse situation.
So life insurance is the alternative method to deals with all theses adverse situation. Insurance company will bear the compensation according your plans. In life insurance plan insurance company will bear the compensation on your pre-mature death or living too long situations.
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March 5th, 2010
Many people don’t buy insurance because they are not aware of it. They don’t know the real value of their assets. Many People like to live in present. They don’t think about the risk of their assets in future. Insurance helps the owner to get the compensation of assets fully or partially.
Every assets need to be insured because there are possibilities of loss and damages. Through accidents, fire, earthquake and floods assets can be destroyed, which will act adversely to the owner benefits. To reduce this adverse conditions, insurance is require.
Well, insurance can’t stop all these calamities or can’t stop to destroy your assets. However insurance will helps to compensate to some extent in such bad conditions.
Every Human being is an economic asset. Every human being earn money according tho their qualification, capacity and skills. So all these things are human assets. This assets can be damaged because of pre-mature death, accidents or diseases, Which will act adversely to their benefits and income. Insurance company are the insurers which will help to compensate in such adverse conditions. So everything which gives benefits economically need to be insured.
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March 4th, 2010
The definition of Insurance is to protect the economic values of the assets. Every asset is valuable to the owner because he/she expects some benefit from it.The benefit may be an income or in some other forms.
Every asset has a certain life period and owners want to take the benefits from his assets through that life period. The asset may be a factory, car or home. All the assets is expected to last for a certain period. All these asset can be destroyed because of accident or calamities. So the owner can deprive to take the benefits from his/her assets. In order to reduce such adverse condition the term insurance introduced. Insurance is a mechanism which helps to reduced the affects of such adverse conditions
Insurance can’t stop accident or replace the assets. Insurance helps to reduced the loss in other forms. It will provide the compensation fully or partly.
Insurance can compensate the risk of financial consequence. Non-economical consequence can’t be insured. For an example– love, friendship, relationship and bark-up
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