Insurance is vital to a free enterprise economy. It protects society from the consequences of financial loss from death, accidents, sicknesses, damage to property, and injury caused to others. The person seeking to transfer risk, the insured ( policyholder ), pays a relatively small amount, the premium , to an insurance company, the insurer , which issues an insurance policy in which the insurer agrees to reimburse the insured for any losses covered by the policy. Insurance is the process of spreading the risk of economic loss among as many as possible subject to the same kind of risk and is based on the laws of probability (chance of a given outcome happening) and large numbers (enables the laws of probability to work).There are many perils (causes of loss) that society faces, some natural (e.g., earthquakes, hurricanes, tornadoes, flood, drought), some human (e.g., arson, theft, fraud, vandalism, contamination, pollution, terrorism), and some economic(e.g., expropriation, inflation, obsolescence, depressions/recessions). Insurers are able to provide coverage for virtually any predictable loss.
Any risk that can be quantified probably has a type of insurance to protect it. Among the different types of insurance are:
Automobile insurance, Aviation insurance, Casualty insurance, Credit insurance, Health insurance, Liability insurance, Total permanent disability insurance, Marine Insurance, Pet Insurance, Property insurance, Travel insurance.
Whilst it might seem complicated, the basic principles of insurance are straightforward. Insurance companies assess the risk of any eventuality and the potential downside associated with it. Then based on past experience and their own expertise insurance companies calculate the premium that a customer needs to pay to provide cover against injury or loss. When the insured event happens, the company pays out the agreed level of claim.
[...] The main features of Online Insurance are: Do It Yourself architecture Fast, convenient and easy Buy / renew policies 24\7 access to all your policy details Regular premium renewal reminders Single view of all insurance policies held by an individual Online Manager: A tool to manage your entire insurance portfolio Instant issuance of digitally signed policies Most advanced technology and state-of-the art infrastructure Online claim intimation and status-tracking Bancassurance Bancassurance channel has been successfully deployed internationally to distribute insurance products. [...]
[...] It's a precursor to the formal transition to a third-party administrator regime, which provides hassle-free health insurance and also standardizes medical diagnostic procedures and hospitalization expenses. With sky rocketing prices of medical expenses, medical insurance plays an important role in today's world. It is the buffer against medical emergencies. Medical insurance is gaining such a high trend that policies are out even for infants. And are they selling? With the hype that is created all medical insurance policies have a hungry market. [...]
[...] To purchase individual insurance, a person must generally answer a health questionnaire and undergo a medical examination to provide evidence of insurability to the insurance company. An insurer may decline coverage on the basis of the applicant's personal habits, health, medical history, age, income or any other factors that bear on risk acceptance. Or the insurer may issue a policy with limitations on coverage. However, group insurance is issued without medical examination or any other evidence of individual insurability. Group insurance ensures that all the members of the group are insured regardless of their health. [...]
[...] Types of Health Insurance Health insurance in a narrow sense would be individual or group purchasing health care coverage in advance by paying a fee called premium.' In its broader sense, it would be any arrangement that helps to defer, delay, reduce or altogether avoid payment for health care incurred by individuals and households. Voluntary health insurance schemes or private-for-profit schemes In private insurance, buyers are willing to pay premium to an insurance company that pools people with similar risks and insures them for health expenses. [...]
[...] Health insurance provides coverage for medicine, visits to the doctor or emergency room, hospital stays and other medical expenses. Policies differ in what they cover, the size of the deductible and/or co-payment, limits of coverage and the options for treatment available to the policy holder. Health insurance is insurance that pays for all or part of a person's health care bills. The types of health insurance are group health plans, individual plans, workers' compensation, and government health plans such as Medicare and Medicaid. [...]
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