What is insurance?

Insurance is a deal between a customer and an organization that is used to reduce the risk. An insurance is defined by a policy number. Such as 195690876-7 is an insurance number. There are some premiums or installments are to be paid for a fixed period of time.

How many types of insurance?

There are two types of insurance. Such as-

1. Life insurance

2. Non life or general insurance.

What is life insurance?

Life insurance is only related to life. The value of life can not be defined but the risk value in absence of a customer can be defined for his nominee or next generation. Life is insurance is very importantly used in developed countries such as USA, CANADA, EU, SCHOTLAND, AUSTRIA, AUSTRALIA, UK etc. The people of developing countries are not so much aware of life insurance. However, the people are become aware of this issue day by day.

Write down some example of life insurance.

The life insurance skim are mentioned in the following-

1. Pension ploicy.

2. Three stage policy

3. Multiple stage policy.

4. Marriage Endowment policy.

5. Education policy etc.

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