insurance types and episodes
Home or property insurance, life insurance, disability insurance, health insurance, and automobile insuranceDefinition of ‘risk’ in insurance is the “uncertainty of the occurrence of an event that can cause economic losses”.Double insurance refers to the method of getting insurance of same subject matter with more than one insurer or with same insurer under different policies. This means that one can get insurance policies on a subject matter more than its value. Double insurance is possible in all types of insurance contracts.
- Utmost Good Faith.
- Insurable Interest.
- Proximate Cause.A nominee in insurance is an individual appointed by the policyholder or policy buyer to receive the sum assured (policy benefits) in case of the policyholder’s death.
- Close family members are appointed nominees, such as spouses, children,
- Indemnity.
- Subrogation.
- Contribution.
- Loss Minimization.For the most part, there are two types of life insurance plans – either term or permanent plans or some combination of the two. Life insurers offer various forms of term plans and traditional life policies as well as “interest sensitive” products which have become more prevalent since the 1980’s .
Term life insurance. Whole life insurance (permanent) Universal life insurance (permanent)
are five types that everyone should have.
