Type of Insurance Worldwide

There are different insurance companies in the UK providing the different type of insurance including life, car, health, accidental, mobile, theft, fire and other insurances. As an insurance policy is a type of contract in which an entity receives financial protection in uncertain circumstances from an insurance company.

The Company sets the type of insurance contract between the insurer and policyholder to pay a premium to the insurance company, and term and condition on which the company agrees to give you protection for your loss after an unforeseen event like death or an accident etc.
In our daily life routine people faces many risks in every field of life. They wouldn’t estimate first how much loss they faced. Particularly ups and downs are the part of a business.

Businessmen make insurance to avoid loss.

Insurance means protection against loss of some asset.
An insurer is a person who offers insurance and another person who buy insurance known a policyholder. In this agreement which have some insurance terms and conditions which the insurer will compensate the insured.
According to this agreement insurer charge, some amount from the policyholder for the coverage of loss is known as premium.
Premium amount will be charged yearly, quarterly. Premium is income for an insurance company once he charges that represent a liability than insurer must provide coverage against claims.
When insurer experiences a loss which is covered by the insurance policy he submits a claim against insurance company for process claim adjuster.

Table of Contents

Importance of Insurance
Functions of Insurance
Main Types of Insurance Coverage
Life Insurance
General insurance
Collision Insurance
Auto Insurance
Rental Insurance
Land Insurance
Homeowners Liability Coverage
Broadcast Insurance

Importance of Insurance
The world we live in is full of risk, this is why insurance is important to our life. Our families, assets, business, property could go through different types of risk. These risks include uncertain death, an accident etc. These losses develop the need for insurance to be compensated with the financial resource from an issuer.
Functions of Insurance
It gives protection to you and your family. The whole family depends on your financial support and for the safe side of you and your loved one to take an insurance policy for unexpected and uncertain circumstances.
On any unforeseen event like an illness, injury, any permanent disability or uncertain death, can leave your family is facing financial stress. So Insurance reduces your financial stress and you can focus on other circumstances of life.
Medical insurance gives you the medical support in case of uncertain illness and you are unable to bear your medical expenses, the insured get the medical support I case of the medical insurance policy.
Insurance plays an important role in the development of the country’s economy. A large number of funds are collected by premium. These funds utilized in the industrial growth of the country, which develops economic growth.
Main Types of Insurance Coverage
There are several types of insurance coverage. Insurance coverage has many criteria according to insurance premium or which type of insurance you have. Insurance help policyholder in every aspect of type insurance. Few of types in following:
Auto insurance
Life insurance
Collision insurance
Auto insurance
Rental insurance
Land insurance
Homeowners insurance
Broadcast insurance.