What is Insurance Planning? Who is the Insurance Provider in Pitampura, Rohini?
Insurance is a mechanism for collecting money from a large group of people and using that to money compensate those who suffer loss or damage. It involves paying a premium to the insurance provider company in Rohini order to get covered against a certain risk.
Insurance can be bought to cover almost any risk, like the risk of dying early, covering medical treatment cost, the risk of a probable car accident and so on.
Purpose & Need of Insurance
All assets have an economic value.
There is always a possibility that these assets might get damaged or destroyed due to varied reasons.
Purpose of insurance is a protection of assets against future risk. Factors that create the need for Insurance:
Risk – Possibility of loss
Peril – Event which causes the loss
Hazard – Situation which increases the chances of loss.
Types of Insurance
Insurance is generally divided into two main categories:
Life Insurance – covers life of a separate against uncertainties.
Non-life Insurance – covers all materialistic possessions against uncertainties.
Different Categories Of Insurance
- Life Insurance
- Health Insurance
- Property Insurance Auto Insurance
- Liability Insurance
- Disability Insurance
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Advantages of Insurance to Society
- Insurance gives financial stability.
- It helps in recovering from ordinary losses.
- It helps in recovering from catastrophic losses. It helps people to obtain credit.
- It protects against financial consequences of death.
Insurance Industry in India
- Life and General Insurance were nationalized in the 1950s and 1960s respectively.
- IRDA came into existence in 1999 which looks after the regulatory and developmental activities of the insurance sector.
- The first life insurance company in India was Oriental Life Insurance Company.
- • Private life insurers came into existence after the establishment of IRDA in 1999.