Life we know is full of uncertainty. Trials and troubles are the two aspect of life. No one can forecast absolutely or even guess what the future is giving to you. There may nothing be waiting for you in storing your life. Life actually offers no assurance by itself, apart from the occurrences of being receiving death and taxes.
This need of security which is nearby throughout your life can be triumph over some sort of partial requirement through insurance. Insurance can never repair or replace what you have lost in your life. But insurance can do one thing; it can provide monetary support to value your loss and can help you adjust the new offer in life to keep up the new situation.
In spite of offering countless option and immense scope, insurance can be classified into four categories. They are: Insurance of Person, Insurance of Interest, Insurance of Property and Insurance of Liability.
Insurance of Person
This is a classic insurance which covers the risks upto a certain limit. A man can insure his life or health at the same time against any accidental emergency.
In case if he dies, his nominee or dependent will get the reimbursement of the full amount he was insured for. If you are a insured person and if you meet an accident or you suffer from illness that cripples you forever you will be compensated by the insurance company the whole amount of money you have insured on condition if you will not be able to lead your normal life again.
Further, if your accident is not so severe you can also get compensation from the insurance company like medical expense, treatment and rehabilitation. If you are opted for a medical insurance cover-note then only you will be paid for the insurance policy you have done for yourself.
Insurance of Interest
Every individual has some particular duties. He is always expected to maintain a standard of his living. But to err is human. So, no one is perfect and no one can ever be. Due to an sporadic error a person might suffer a great loss for which he can have the payment against compensation from the insurance company.
On the other hand, if the profession qualifies for insurance of interest, then the insurance policy will more than be sufficient in arranging funds and court formalities that may ensure the result of legal vilification.
Insurance of Property
In view of the fact that the real property has a physical shape and reliability, it is subject to many sort of risk factors such as fire, robbery, theft and so on. The whole life hard work of a person can be wiped away within a moment.
If a person invests with care for his property he can have the compensation easily for his loss if he meets contingency as soon as the damage has been ascertained.
Insurance of Liability
Everyone is liable to make his measures and deeds legal for damage or injury to some other person and his property. Everybody in person shall be liable and legally responsible for this action.
A person deserves liability if he is out of control over his deeds and he has to provide compensation from his own.
By investing in the insurance of liability one can ward off the liabilities which he have incurred due to his deed and behavior.
The premium that is payable on liability insurance will fairly be minimal when it is compared to the damage that have been compensated in the long run.