In order to reduce the risk, Insurance is a famous investment vehicle which has been used globally by all sorts of people. Among those there are certain types of Insurances which you would have not even heard. Those famous investment vehicles are:
1. Life Insurance
2. Property Insurance
3. Auto Insurance
4. Travel Insurance
5. Medical Insurance
6. Credit Insurance
7. Third Party Insurance
1. Life Insurance:
Life Insurance is a contract that pledges payment of an amount to the person assured (or his nominee) on the happenings of the event insured against.
The contract is valid for the payment of the insured amount during:
2. Property Insurance:
Property insurance is a contract that pledges to protect a building and its contents. There are a number of types of property insurance available on the market. Property insurance offers security and financial aid against any kind of property risks like natural disaster, theft and fire. The property contents are also covered under such insurance.
There are mainly two ways to gain property insurance and they are:
3. Auto Insurance:
Auto insurance is a contract that pledges to protect you against financial loss if you have an accident. You agree to pay the premium and the insurance company agrees to pay your losses as defined in your policy. Auto insurance provides property, liability and medical coverage:
Property coverage pays for damage to or theft of your car.
Liability coverage pays for your legal responsibility to others for bodily injury or property damage.
4. Travel Insurance:
Travel insurance is insurance that is planned to cover financial, medical expenses, travel delays, baggage, trip interruption while travelling, either within one's own country, or other country.
The most common risks that are covered by travel insurance are:
5. Medical Insurance:
Medical insurance is a contract that pledges to save you against several illnesses and guarantee you stay financially secure should you ever require treatment. They safeguard your peace of mind, eliminate all worries about treatment expenses, and allow you to focus your energy on more important things, like getting better. Let's learn more about the various types of medical insurance available, and what the best policy for you might be.
6. Credit Insurance:
Credit insurance is a form of insurance coverage that is available to both individuals and businesses. This type of insurance is the contract that pledges to provide protection in the event that the policy holder is rendered unable to pay on outstanding debt due to any incident that is covered in the terms of the policy. Common factors that may invoke the provisions contained within a credit insurance policy include the loss of a job, death of the insured party, or an accident that disables the policyholder.
Credit insurance is one of the important types of insurance that covers risk against the following:
Credit insurance offers a number of benefits, which are available in the form of
7. Third Party Insurance:
Liability cover purchased by an insured (the first party) from an insurer (the second party) for protection against the claims of another (the third) party. The first party is responsible for its own damages or losses whether caused by it or the third party.
Third Party Insurance covers:
a) Personal Injury
b) Property damage
Third Party Insurance cover for Personal Injury includes:
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1. Life Insurance
2. Property Insurance
3. Auto Insurance
4. Travel Insurance
5. Medical Insurance
6. Credit Insurance
7. Third Party Insurance
1. Life Insurance:
Life Insurance is a contract that pledges payment of an amount to the person assured (or his nominee) on the happenings of the event insured against.
The contract is valid for the payment of the insured amount during:
- The date of maturity, or
- Specified dates at periodic intervals, or
- Unfortunate death, if it occurs earlier
2. Property Insurance:
Property insurance is a contract that pledges to protect a building and its contents. There are a number of types of property insurance available on the market. Property insurance offers security and financial aid against any kind of property risks like natural disaster, theft and fire. The property contents are also covered under such insurance.
There are mainly two ways to gain property insurance and they are:
- Open Perils - Property insured through open peril policy offers coverage for all sorts of loss resulted from floods, act of terrorism, earthquakes and war.
- Named Perils - Property insured through named peril policy offers coverage for all sorts of loss that are particularly listed in the policy documents. The most common named includes range of loss caused by explosion, fire, theft and lightning.
3. Auto Insurance:
Auto insurance is a contract that pledges to protect you against financial loss if you have an accident. You agree to pay the premium and the insurance company agrees to pay your losses as defined in your policy. Auto insurance provides property, liability and medical coverage:
Property coverage pays for damage to or theft of your car.
Liability coverage pays for your legal responsibility to others for bodily injury or property damage.
4. Travel Insurance:
Travel insurance is insurance that is planned to cover financial, medical expenses, travel delays, baggage, trip interruption while travelling, either within one's own country, or other country.
The most common risks that are covered by travel insurance are:
- Medical expenses
- Emergency evacuation/repatriation
- Overseas funeral expenses
- Accidental death, injury or disablement benefit
- Cancellation
- Curtailment
- Delayed departure
- Loss, theft or damage to personal possessions and money (including travel documents)
- Delayed baggage (and emergency replacement of essential items) Legal assistance.
5. Medical Insurance:
Medical insurance is a contract that pledges to save you against several illnesses and guarantee you stay financially secure should you ever require treatment. They safeguard your peace of mind, eliminate all worries about treatment expenses, and allow you to focus your energy on more important things, like getting better. Let's learn more about the various types of medical insurance available, and what the best policy for you might be.
6. Credit Insurance:
Credit insurance is a form of insurance coverage that is available to both individuals and businesses. This type of insurance is the contract that pledges to provide protection in the event that the policy holder is rendered unable to pay on outstanding debt due to any incident that is covered in the terms of the policy. Common factors that may invoke the provisions contained within a credit insurance policy include the loss of a job, death of the insured party, or an accident that disables the policyholder.
Credit insurance is one of the important types of insurance that covers risk against the following:
- Trade Receivables
- Portfolio
- Business-to-Business Transactions
- Short Term Credit Risk
Credit insurance offers a number of benefits, which are available in the form of
- Risk Mitigation
- Efficient collection of debts
- Complements credit management of the seller
- Enables development of new markets against protection provided
- Expert advices since buyers are analyzed for credit worthiness.
7. Third Party Insurance:
Liability cover purchased by an insured (the first party) from an insurer (the second party) for protection against the claims of another (the third) party. The first party is responsible for its own damages or losses whether caused by it or the third party.
Third Party Insurance covers:
a) Personal Injury
b) Property damage
Third Party Insurance cover for Personal Injury includes:
- Liability for death or injury to third parties - this means that you are insured against death or injury (caused by your vehicle) to pedestrians, occupant of other vehicles, and outsiders other than passengers, for unlimited amounts. Passengers of private vehicles and pillion riders are also deemed covered.
- Liability to employees connected with operation of the vehicle - this means you are insured against death or injury (caused by your vehicle) to the vehicle's drivers, cleaners, conductors, coolies etc. , employees used in the operation of the vehicle.
- Liability to passengers carried in the vehicle for hire or reward - this means that as an owner of a taxi, bus or auto - rickshaw, you are insured against death or injury (caused by your vehicle) to the passengers.
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