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Insurance For All |
Insurance is a type of risk management used primarily for hedging
against a possible loss risk. Insurance can be defined like the
equitable transferring of a risk of loss, from one constitution to
another, and can be considered as a guaranteed as well as known small
loss for preventing a large, probably devastating loss. Insurers are
companies selling the insurances; the insured are called those persons
or entities who are buying the insurance. Risks that are commercially
insurable usually share the following common characteristics: definite
loss, accidental loss, large loss, affordable premium, calculable loss,
catastrophically large losses limited risk.
Any risk which can be quantified potentially can be insured. Specific
types of risk that can give rise for claims are called perils. An
insurance policy will set out in detail which perils are covered by the
policy and which are not.
There are different types of insurance among which are life, health,
unemployment, travel
insurance and credit card
insurance and etc. Today one of the most
wide spread types of insurances is home insurance. It provides
compensation for destruction or damage of home from disasters.
In
some countries or their parts standard insurances excludes separate
types of disasters like flood or earthquakes requiring additional
coverage. There are different types of policies; some of them include
inventory and some of them cover home mortgage compensating the lender
and investor for losses in case of the mortgage loan default. The last
type insurance is called mortgage insurance and is rather popular now.
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