Any risk that can be measured can possibly be also insured. Specific kinds of risks that may give rise to claims are known as “perils”. There are many Types Of Insurance that are meant to insure a variety of things and also cover different areas. An insurance policy will set out in detail which perils are covered by the policy and which are not. A single policy may also cover risks in one or more of the categories. For example, auto insurance would typically cover both property risk, covering the risk of theft or damage to the car and also liability risk covering the legal claims from causing an accident.A homeowner's insurance policy in the U.S. typically includes property insurance covering damage to the home and also the owner's belongings.
THE TYPES OF LIFE INSURANCES ARE:
Term Insurance- Term insurance is a pure risk cover plan. It covers your life for a specified term of 1 year to many years. It pays death benefit only, in case policy holder dies during the term of the policy.
There are most of term insurance policies can be renewed for more additional term. Premium paid for the policy remain same throughout the term of the insurance.
Whole Life Insurance- Whole life insurance policy provides the cover for entire life. Under this plan, the policy holder pays regular premium until his death. When policy holders death occur, the beneficiary will receive the benefit amount in lumpsum. Some policies allows you to pay the premiums for a shorter period but the premium rate will be higher for a such policies.
Endowment Life Insurance- Endowment policy is an combination of life cover and financial saving. It pays amount of the sum assured along with the accumulated bonuses at the end of the policy term or in case earlier death of the policy holder.
Money Back Life Insurance- Money back life insurance policies are popular because they offer dual benefits of life cover and redemption of money at regular intervals. Under this plan, the premium is payable for a particular period of time.
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