What is insurance?
The word insurance defines as a protection or guard shield from any kind of financial damage or loss.It can generally be regarded as an invulnerability against any kind of uncertain deprivation.
The persons or companies that provide insuranc facilities are commonly pronounced as underwriter, insurer or insuring companies.
The peoples who buy this offer are called policyholders.
The main working principle of the insurance companies is that a decided amount of money is redacted from your accounts weekly or monthly according to the agreement.
You can also submit the payable amount by using a check or net cash. Read More
In exchange of the money which is deducted from your account. This company pays for all the dues and expenses whenever an incident has happened.
Buying an insurance policy is a very wise decision. There are certain times in which even a millionaire person has got no money. At that time insurance act as a great relief in those circumstances. If you are an insurer you will be provided an agreement or insurance policy papers.
These papers are details of the times and circumstances in which the company will totally support their clients. All the financial loss is covered and payed by the insuring establishment.
If you are dealing with some tough financial circumstances for instance, you need buck for the education of your children.
In that times insuranc policies plays a vital and significant role for the recovery. In modern era life has become too fast. Thousands of peoples die each day due to different incidents. Everyone will die it is a cruel reality of nature. If you are a responsible person and you are supporting a family, it should be your first priority to buy insurance policy.
insurance Risk Cover
So in case of anything happens your family can manage the everyday needs from the insured money.Historical Background
Insurance has a vast background in early times. It is an invention of very old times. The genuine discoverers of the insurance were Chinese and Babylonian. In the 3rd and 2nd millennia BC. The Chinese traders were the first to insure the transfer and distribution of their goods.
They made an institute for the surety and security of their items. In case any incident happens with them. Babylonians played a prime role in the development of this department. The created an institute by the name of Code of Hammurabi.
This agency was situated in 1750 BC. The Mediterranean merchants took a lot of advantage from this policy.
This was a great reason behind the development and strong economy of China. The merchant’s and traders were provided complete financial support if anything happens to their goods. In early times it was very common that the precious goods were looted by the thief’s. The insuranc policy was a sparrow of gold for the peoples of that time. In 800 BC the peoples of Rhodes assembled a system very close to insurance. They pronounced as the general average.
A group of the merchant’s collectively insured their goods and a gigantic system of trading was developed. Because their loss was covered by the policy so they worked at ease. With passage of time new features were added to this policy.
In the beginning of 14th century at the place of Genoa complete justified separate insuranc contracts were introduced. The Genoa government provided premium
, economy and gold class contracts. The insuring amount you will get depends upon the agreement and class you chose. After the creation this contract policy a new discipline was introduced in the
insuranc. It resulted in a massive development of this field.
Modern Concept
Today insuranc companies are permanent content of our life. millions of peoples sign the policy papers each day. this concept is regarded as the gigantic relief for the poor and middle class peoples. They annually or monthly submit the agreed charges.
In return of which they are given numerous advantages such as family insurance, health insurance, education insuranc etc. All of these are some chief categories of the insuranc policy. the established and well-furnished form of insurance was sketched by the Great fire of London.
This was the first official property insurance company of that era. Later on in the 18th century The Amicable Society for a Perpetual Assurance Office was the first valid policy holders to offer life time insuranc.
as each day is passed glamorous offers are added to the policies of insurance. Now in 21st century insurance has a significant importance in our life. One can secure the future of his/her loved ones by buying an insurance. For a happy and prosperous life after the retirement from your job. Insurance is the best option in that times. For you and your family and loved ones take this step to secure them all
what is life insurance
