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Insurance Meaning & Types In Details | Insurance Policy

Insurance Policy : Come on guys, today we talk about insurance, although we all know what insurance is? But there are some questions related to insurance that people still ask today. If said, insurance holds a very important place in our life. Usually every other person is insured for something. So let’s know about all the important things related to insurance,


What Is Insurance Mean ?

See friends, we all know that we need insurance only, when we are afraid of any loss in the future. Insurance means protecting any risk. Basically, it is a contract between the insurance company and the insured person, that contract gives a guarantee to the insured person to protect/recover his/her future risk.

I mean like, if the insurance company offers you to get insurance, then they say that their company gets the insurance done to protect your future risk. This process is completed by a contract, in that contract the rules and regulations of both parties are written in their presence. As per the contract, the insurance company provides the sum assured to the insured to overcome the risk.

The insured person pays the premium money to that insurance company every month (or by deciding premium period payment) in exchange for the protection of future risk.

What Are Types Of Insurance ?

Now it comes to the type of insurance. Friends, there are Eight Types Of Insurance, and the names of all of them are given below :

  • Life Insurance
  • Motor Insurance
  • Health Insurance
  • Travel Insurance
  • Property Insurance
  • Mobile Insurance
  • Cycle Insurance
  • Bite-Size Insurance

What Is Meaning Of Insured ?

The object, organisation or person whose life or property recovered by the Insurance policy .

What Are The 3 Types Of Insurance ?

We have examined all types of insurance keeping in mind the insured person and the insurance company, the three most important insurance is considered are :

  • Property Insurance
  • Life Insurance
  • Liability Insurance

What Is Insurance Policy ?

Insurance is a contract, that contract is represented by a policy. In which you can get anything insured, whether that insurance is related to your life or anything. Where to go, insurance is done to avoid the unforeseen losses that may come in the future.

Why Insurance Needed ?

Insurance is a policy that takes care of your medical emergencies, contraction of illness and treatment, medical care  and hospitalization. If in future, the earning family member dies in your home with his unfortunate death, then in those circumstances the insurance company financially supports you.

Top 10 Insurance Companies 

Now it comes to, the List Of Insurance Companies and the names of all of them are given below :

  1. State Farm Mutual Automobile Insurance
  2. Berkshire Hathaway Inc.
  3. Progressive Corporation
  4. Liberty Mutual
  5. Allstate Corporation
  6. Travelers Companies Inc.
  7. USAA Insurance Group
  8. Chubb Limited
  9. Farmers Insurance Group Of Companies
  10. Nation wide Mutual Group

List Of General Insurance

Now it comes to the List Of General Insurance. Friends, there are Thirteen List Of General Insurance, and the names of all of them are given below :

  • Star Health And Allied Insurance
  • National Insurance Company
  • Acko General Insurance
  • Reliance General Insurance
  • SBI General Insurance
  • The Oriental Insurance Company
  • Liberty General Insurance
  • HDFC ERGO General Insurance Company
  • Bharti AXA General Insurance Limited
  • Cholamandalam MS General Insurance
  • IFFCO Tokio General Insurance Company Limited
  • Royal Sundaram General Insurance
  • Universal Sompo General Insurance Company


In this post we learned | What is insurance | Why is insurance needed | What is an insurance policy | What are the types of insurance | and things related to insurance.

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