Insurance Services

Insurance Services provide a protection against financial loss arising on the happening of an unexpected event. Insurance policy not only helps in mitigating risks but also in provides a financial cushion against adverse financial burdens suffered. The Insurance services can be availed for public and private sector organisations as well individuals.

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Detailed Description for Insurance Services

 

Insurance Services provide a protection against financial loss arising on the happening of an unexpected event. Insurance policy not only helps in  mitigating risks but also in provides a financial cushion against adverse financial burdens suffered. The Insurance services can be availed for public and private sector organizations as well individuals.

The functions of Insurance can be divided into three parts:

•  Primary Functions

•  Secondary Functions

•  Other Functions

1).The primary function provides  protection, collective bearing of risk, assessment of risk, & provide certainty.

2).Secondary function covers Prevention of Losses, Small Capital to cover Larger Risks, & Contributes towards the Development of Larger Industries.

3).Other Functions covers means of Savings and Investment, Source of Earning Foreign Exchange, & Risk-Free Trade

 

Social Effects of Insurance:-

Insurance can have various effects on society depending on the way who bears the cost of losses or damages. It can also increase fraud activities; on the other hand, it can help societies and individuals prepare for calamity and some of the bad effects of the disaster on both households and societies.

 

Some of the commonly used insurances are:

1) AUTO insurances:

This covers Bodily injury liability,Medical payments, Uninsured motorists coverage, Rental reimbursement, Comprehensive physical damage, Property damage, and Collision coverage 

2) HOME insurances:

Homeowners insurance covers your personal property, home and also provides liability protection for you and your family. if one wanna buy a home insurance then they must know the answer for following questions:

Ask Your Agent About Discounts

Shop Around Before You Buy

Replacement Cost or Actual Cash Value?

Compare Deductibles

Decide How Much Coverage You Need?

Basic Coverages Available

Where to Shop?

Read Your Policy Carefully

Review Your Home Insurance Needs Every Year

3) HEALTH insurances:

one should know the answer to the following questions before approaching for health insurance:

What is a base plus plan?

What are the advantages of a base plus plan?

What are a comprehensive plan and its advantages?

What kinds of hospital outpatient expenses are covered?

What types of services are generally covered by a group health insurance plan?

4) LIFE insurances:

Life insurance is of 4 types:

*Temporary (Term)

*Permanent

*Whole life coverage

*Universal life coverage


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