There are many inventions in the world to make the human life easy and more easy and comfortable. The invention of the insurance policy is one of the greatest inventions in the age of this modern era. By doing an insurance policy people may get a chance to secure their lives and their assets financially.
There are more than seven thousands of millions of people living in different countries in different continents all around the world. There are many different kinds and types of insurance policies around the whole world. To serve these varieties of policies to the people there established many insurance companies as policy providers in the whole world. These insurance companies may be small, medium or big in sizes and also may be local, national or multinational. Some of the insurance policies are given here as examples: home insurance, health, life, auto mobile or motor vehicle, fire, marine, accident insurance, hospitalization and medical expenses, education, car, employees, unemployment, professional indemnity insurance, maternity, public liability, fidelity, cattle, crop, industry insurance, machinery, aviation, theft, credit insurance, etc. But now here in the given below we are going to discuss on the necessity of the home insurance policy according www.pokerx88.com for the employees for their home or house. We can define home insurance as; it is a policy of an arrangement in which we can get a chance to make secure our home or house monetarily by signing in a written contract paper for a certain period of time with an appropriate insurance company against all of the possible risks of unpleasant occurrence. So, when an employee builds their home they should bear in their mind that they should take a policy of home insurance. Because there are possibilities of various risks like: firing in the home, damages and wash away in floods, collapse in earth quakes, validity of the home may be ended, etc. In these situations there need money to repair or to rebuild the home again. But it is impossible for almost all of the employees to bear this huge cost instantly. Because their earnings are limited and insufficient as they need. So, if they have taken a home insurance policy then they will get those desired money from their insurer company.
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With the inventions, uses and developments of science and technology, we are going ahead very rapidly to reach our goals and to achieve our objectives. But our lives are surrounded with many kinds of risks. To protect our life and assets from the risks there established many policies and strategies.
These policies are generally known to us as insurance and assurance. There are almost two hundreds and twenty two countries around the world. In all of these countries there are various types and kinds of insurance policies. To serve these policies to the people there are also an establishment of many insurance companies. There are mainly four types of categories of insurance policies. They are personal, property, fidelity and liability insurance. Within these categories there are different kinds of insurance policies. Some of these are given here for examples. Home insurance, marine, fire, accident, crop, auto mobile or motor vehicle, machinery, aviation insurance, life, personal accident, health, unemployment, maternity, employees insurance, public liability, fiduciary, credit, industry, education insurance, etc. Here in the given below we are going to give a short note only on the policy of home insurance. Home insurance policy is a way of an understanding in which we can get a option to make safe and sound our home or house financially, by signing in a treaty that is written in a paper, with an insurance company that provides the noticed policy in the beginning of this definition, against any likely risks of any horrible event happens in the next future. There are many risks surrounded with our homes and houses. These risks are may be firing occurs into the home, collapse of homes in destructive earthquakes. There are also risks of flashed away of our homes in floods or homes may be both flashed away and destroyed in natural calamities like cyclones. In above the circumstances, we need a huge amount of money to repair our homes or to rebuild a new one. So, we can say that, if we take a home insurance policy for our homes and houses now then we will get those desired money from our insurer. With the development of science and technology, man has become to win many things and risks. But it is difficult to overcome or win some things and risks like accidents, reaching to old age and deaths and so on. Though it is impossible for man to defend them but there is invented various types of financial defensive strategies and ways.
These kinds of ways are known as the policies of life insurance. Specialist Benjamin Franklin said that, "Life insurance is a rainbow in a cloudy sky." So we can also defined the life insurance policy as, it is an way of an agreement by signing in a written contract in which we are capable of securing our life financially for a definite period or for entire living age with a good faith and well known insurance company against all of the potential risks of anything horrible incident happens in upcoming days. The importance's of life insurance policy in individual and family life are expressed according www.indotogelx.com in the following below. 1. Relieves the misery caused by death Death is a universal truth event for a man's life for which we say man is mortal. Insurance companies can help financially to the insured peoples families and their members on their financial crisis if that insured is died or unable to bear the family costs. 2. Helpful for old age Reaching to the old age is also a universal truth. Then there are various reasons for money. If anyone has taken a life insurance policy for his life he will get that needed money from his insurer in his old age. 3. Removes the misery resulting from cessation of income When a person's earning power is reduced or totally banned for the causes of diseases, illness, accident, lameness, unemployment, etc. then an insurance company can helps him financially for his taken policy of life insurance. 4. Assistance in creating savings and investment Insurance companies can take parts in the creation of savings by collecting money as premiums from the insured. They can also participates in investments, through the invest of money of the insured that are gotten from the insurer. 5. Increase of mental satisfaction There is an increase of mental satisfaction of the people by taking a policy. So, finally we can say that, actually the importance of life insurance policies in our individual and family life can't be described in writing. In the competitive world of insurance business, the success of a life insurance company is mainly depends on the numbers of the installments and fixing up the rates of premiums correctly. There are some factors in the governing of the rate of premium in a life insurance company. These are explained in the given below.
1. Proposed insured sum The rate of premium is specially depends on the proposed insured sum in a life insurance policy. If this kind of insured sum is high, then the rate of premium is also generally high. If it is lower, then the rate of premium is also low. 2. Time period of insurance policy The rate of premium is also depends on the time period of the life insurance policy. According to the all right, if the time period of the life insurance policy is for long time then the rate of premium will be lower and if it is for short time then the rate of premium will be higher. 3. Nature of risk To fix up the rate of premium in a life insurance policy, the nature of risks should be bringing in special consideration. Higher risks generally cause higher rates of premiums. If there are lower risks, then the rates of premiums are also being lower. Here some things of the policy taker means insured are noteworthy. These are: the age of the insured, profession, physical condition, character and habit, family history, residence, financial ability, education and standard of living are important that should be considered. 4. Nature of insurance policy The nature of the life insurance policy is also notable to fix up the rate of premium. The premium rates are lower in a whole life insurance policy than in an endowment life insurance policy. Without any profit in an insurance policy there also the rate of premium is higher than in an insurance policy with profit. 5. Investment facilities The money getting from the policy taker as premiums, the life insurance companies can invest them in profitable businesses. If there are good investment facilities, the insurance companies can do their business well and smoothly. 6. Management expenses The management expenses are also plays a vital role in the fixing up the rate of premium. If the expenses are higher then the rate of premium is also be higher. If the expenses are lower then the rate of premium is also lower. Above the factors are really important to fix up the premium rates in a life insurance policy. There are several classifications of the life insurance policy on the basis of the duration of the policy. Endowment policy is also divided in classes. Three of them are described according www.entbet88.com in the below:
1. Educational annuity policy This kind of life insurance policy is taken for the interest of the children's education. In this policy, a policy taker opens an educational annuity policy for a certain period of time by paying installments to the insurer. After the end of the time of the policy the insurer gives the insured money as educational annuity in a certain frequent time to the kids named in the policy until a certain period. If the policy holder is died before the end of the time of the policy, then there is no need of any installment. In this case, after the death of the policy holder, the insurer will give the full insured money as educational annuity to the children named in the life insurance policy until a certain period. 2. Double endowment policy This kind of policy is similar to the ordinary endowment life insurance policy. But there is a noteworthy difference between them. In a double endowment life insurance policy, if the policy holder is alive after the end of the time of the policy, then the insurer will be bound to pay doubled than the insured money. If an insured is died during the time period of the policy, then his selected nominee will get the insured money only that was agreed in the policy. The duration of these kinds of life insurance policies are between 10 years to 40 years which means long term. 3. Multi purpose policy Multi purpose endowment life insurance policy is a policy in which there is an arrangement, where many purposes of humans lives are taken together within the same policy. There is an opportunity to get a financial certainty and security of the risks of humans deaths, lameness, illness, unemployment, kids educations, daughters marriages and many other matters. But here the rates of premium are generally high. All of the above policies are important to be considering in taking a life insurance policy. The way of taking financial security against the risks related to death and life is called as the policy of life insurance now-a-days. This is a popular dissimilar business around the whole world as it is a kind of contract between the insured and insurer. So there are shown some essential elements related to the contract and business. There are mainly two types of elements. These are described in the given below.
A. Legal elements:
B. Elements related with insurance business:
Finally we can say that, a contract of a life insurance policy is build up within both types of all elements in the above; we can’t ignore anyone of them. |
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