Types of Insurance
Insurance refers to the protection from financial losses- It acts as a shield, protecting an individual against sudden losses arising due to uncertain events.
On a broad scale, there are six categories of insurance products:
- General insurance- Protects an individual from the risk of loss in the value of valuable assets, like Property, Vehicles, and Machinery etc.
- Health insurance- Provides insurance for medical and surgical expenses incurred.
- Life insurance- A contract made between an insurer and a policyholder, where the insurer agrees to make payment of a death benefit to the designated beneficiary in case of death of the insured.
- Marine Insurance- Covers the individual from the loss or damage of cargo, ships, terminals, and any other transport in which the property is being transferred, acquired, or held between the points of origin and the final destination.
- Rural insurance- Covers the rural population from loss to cattle, crops, adverse farming conditions, etc.
- Travel Insurance- Covers medical expenses, lost luggage, flight delay, ticket cancellation, accidents, etc. while travelling internationally or domestically.
