What is Insurance? How Many Types of Insurance? How does Insurance Work?

Opurbo
Dec 30, 2022

Hello friends, how are you all? Welcome to Technical Masum Blogger. In today's post we will discuss insurance related questions. What is insurance? How many types of insurance? So let's gather some business ideas.


What is insurance?

Insurance means insurance. Insurance is a type of agreement that protects against future financial loss. For example: Many of us know that any accident can happen in our life. And to get out of that accident, we may have financial loss many times. And that financial loss is subsidized by insurance.

What is YouTube Premium? 


How does insurance work?

Insurance is generally a type of legal agreement made between the insured and the insured person. And this agreement is called insurance policy. Where the insured person means the customer has to pay a fee premium whereas the insurer means an insurance company. To insure something. And instead of that premium, the insurance company makes a kind of commitment that if the insured item is damaged or stolen for any reason, the insurance company will bear the cost. And for that the insured person has to follow some basic terms and conditions which fall under the insurance rules. We try to understand this whole batter through an example.



Suppose your friend Amit has a car. Amit has insured his car from Ebchi company for which the company has to pay 10000 rupees every year. Now one day his car gets damaged or has an accident. It will cost Amit approximately Rs 70,000 to fix. As per the terms and conditions of the insurance, the said company will bear all the expenses of the vehicle. And here the insurance company will pay the cost to repair his car due to an agreement between Amit and the insurance company. That is insurance or insurance policy.


How many types of insurance?

Insurance is generally of 2 types.

  • Life Insurance
  • General Insurance

Life Insurance

By hearing the name, it is understood that life insurance. It means that the insurance is done for a personal life. For example, there is an agreement with the insurance company that if the insured person dies due to any reason, the insurance company will pay a lump sum to his family as per the terms and conditions. As much as the insurance person did.


General Insurance

Except for life insurance, all the insurances are general insurance. For example
  • Health Insurance
  • Motor Vehicle Insurance
  • Home Insurance
  • Travel Insurance
  • Crop Insurance

Health Insurance 

In this insurance, the insurance company bears the cost of any health related problem treatment.

Motor Vehicle Insurance

In this insurance, any motor vehicle such as bike, car theft or accident is borne by this insurance company.

Home Insurance

This home insurance covers the cost of fire, theft or any damage to the home.

Travel Insurance

This travel insurance covers the financial loss due to an accident during a travel error.



Crop Insurance

This insurance is done on any crop. For example, this crop insurance covers the amount of financial loss the farmer faces if the crop is damaged due to any reason. If a farmer has taken lawn from the bank for his crops then this insurance is very important.

So hopefully through this post I have been able to give some business ideas related to insurance. If you want to know more about this post, you can tell us in the comment box below. thank you


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