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What is insurance mean?

What is insurance mean?
Insurance is a means of protection from financial loss. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss. ... The amount of money charged by the insurer to the policyholder for the coverage set forth in the insurance policy is called the premium.

What are the types of insurance?
Life insurance, health insurance, disability insurance, and auto insurance are four of the main insurance products that you should take into consideration when planning your financial future.

6 Types of Insurance
  1. Life Insurance or Personal Insurance.
  2. Property Insurance.
  3. Marine Insurance.
  4. Fire Insurance.
  5. Liability Insurance.
  6. Guarantee Insurance.
1. What is Life Insurance?
Life Insurance is defined as a contract between the policyholder and the insurance company, where the life insurance company pays a specific sum to the insured individual's family upon his death. The life insurance sum is paid in exchange for a specific amount of premium. Life is beautiful, but also uncertain. Whatever you do, however smart and hard you work, you are never sure what life has in store for you.

2. what is Property Insurance?
Property insurance provides protection against most risks to property, such as fire, theft and some weather damage. This includes specialized forms of insurance such as fire insurance, flood insurance, earthquake insurance, home insurance, or boiler insurance.

3. what is Marine Insurance?
Marine insurance covers the loss or damage of ships, cargo, terminals, and any transport by which the property is transferred, acquired, or held between the points of origin and the final destination. 


4. what is Fire Insurance?
Fire insurance is property insurance that covers damage and losses caused by fire. The purchase of fire insurance in addition to homeowners or property insurance helps to cover the cost of replacement, repair, or reconstruction of property, above the limit set by the property insurance policy.

5. what is Liability Insurance?
Liability insurance is a part of the general insurance system of risk financing to protect the purchaser from the risks of liabilities imposed by lawsuits and similar claims and protects the insured if the purchaser is sued for claims that come within the coverage of the insurance policy.

6. what is Liability Insurance?
Guarantee insurance is used as security for the performance of a piece of work, which has been agreed upon in a contract. It is also used as security for advance payments or payments on account for services agreed upon in a contract.


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