As we all know that Insurance is an important part of every company to protect itself from any kind of risk and loss. And also we have our own insurance policy to protect our self from any kind of loss. So how is insurance actually work?
Well, the basic principle of Insurance is:
If anything bad happens, insurance companies would have to pay for it.
And if any company has a policy of insurance and it does not have to pay for the damages, that company would be declared bankrupt.
In other words, Insurance is a legal agreement in which a person agrees to reimburse another person for a loss, injury or damage caused by a third party.
So, Insurance is a contract between an insured person and an insurer. The insured person is the one who has to pay for the damages and the insurer is the one who covers for the damages.
So, if there is no insurance, then the insured person must bear the loss by him/herself.
But the problem with Insurance is, sometimes it is difficult to estimate the exact cost of the damages. For instance, if the damage is caused due to fire, we cannot estimate the exact cost of the damage, it could be costly or cheap.
For this reason, insurance companies usually give a premium as a deposit or a security before issuing a policy to the insured.
The basic types of insurance are:-
(i) Personal insurance
This is the most common type of insurance, in which you have to pay a premium in order to cover any of the medical costs, hospital bills and loss of wages for yourself. Federal regulation of insurance
(ii) Commercial insurance
In this type of insurance, you have to pay for the damage of the property of a business.
(iii) Property insurance
In this type of insurance, you have to pay for the damages to your car, home or any other property.
(iv) Auto insurance
(v) Liability insurance
This type of insurance is required if you want to work with any other businesses. This type of insurance is required because if the other business fails to cover you from any of your claims, you can be sued for the loss of the business.
Insurance is one of the most misunderstood and mis-used products by the general public. We live in an age where insurance has grown to be the largest industry in the world. We use our cell phones and smart TVs. So we’ve become accustomed to being connected, but this means we need to be careful of how connected we are, and how this affects us.
This course will be useful to the general public who want to understand the risks of over-connectivity and what steps to take to keep themselves safe and secure online.
We will explore:
State-based insurance regulatory system
* Why you should stop believing everything you see online and on TV
* How your phone can be your worst enemy, not your best friend
* How to protect your identity
* How to protect your personal safety
We will discuss the dangers of social media and how it impacts on our lives and the lives of our children.
As always, the Hot Topic Insurance Course has been created by experts to provide you with a wide range of information. So let’s learn together.
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