There are mainly 7 Types of Insurance are there. Which are as follow :
- Life Insurance or Personal Insurance.
- Property Insurance.
- Marine Insurance.
- Fire Insurance.
- Liability Insurance.
- Guarantee Insurance.
- Social Insurance.
Detail explanation of this above 7 Insurance :
The following is the detail explanations of all this above 7 types of different different Insurances.
1. Life Insurance or Personal Insurance :
Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money (the benefit) in exchange for a premium, upon the death of an insured person.
2. Property Insurance :
This tornado damage to an Illinois home would be covered as a typical named peril Property insurance provides protection against most risks to property, such as fire, theft and some weather damage. This includes specialized forms of insurance such as fire insurance, flood insurance, earthquake insurance, home insurance, or boiler insurance.
3. Marine Insurance :
Marine insurance covers the loss or damage of ships, cargo, terminals, and any transport or cargo by which the property is transferred, acquired, or held between the points of origin and the final destination.
4. Fire Insurance :
Fire insurance is property insurance covering damage and losses caused by fire. The purchase of fire insurance in addition to homeowner's or property insurance helps to cover the cost of replacement, repair, or reconstruction of property, above the limit set by the property insurance policy.
5. Liability Insurance :
Liability insurance is a part of the general insurance system of risk financing to protect the purchaser (the "insured") from the risks of liabilities imposed by lawsuits and similar claims. It protects the insured in the event he or she is sued for claims that come within the coverage of the insurance policy.
6. Guarantee Insurance :
A type of financial-protection policy that provides cash to a named beneficiary upon the insured's death, which an insurance company will offer to an applicant regardless of health.
7. Social Insurance :
A system of compulsory contribution to enable the provision of state assistance in sickness, unemployment, etc.
