Types of insurances

Types of insurances

There are many types of insurance but the few of them are as follows:-

1. Agriculture insurance

2. Health insurance

3. Life insurance

4. Vehicle insurance

5. Marine insurance

6. Labor insurance

Agriculture insurance: Agriculture insurance means to help farmers by giving them certain amount of when their crops get destroyed by flood or drought. As they pay premium to the insurance company, with the interest, they are able to help the farmers in need and save the farmers from having high loss. Farmers get help from this, so that they can work without any fear of having loss.

Health insurance: Health insurance means to insure people by giving them a belief to take care of them during their illness. Insurance company claims certain amount to the person with his insurance for his treatment and well-being during the time of his illness. Health insurance has become must in today’s date. There are so many dangerous diseases that may lead to death so to get rid of these kinds of disease, a big amount of money is required for which insurance company supports the patient.

Life insurance: life insurance means to insure people’s life during their illness; it’s somewhat similar to health insurance but not exactly. Life insurance helps people even after the death of the person. It claims amount for the funeral and other expenses after death but only if the death is occurred naturally or by accident. But if the death is due to suicide or any criminal case then the insurance company will deny claiming the insurance amount. As per the policy the amount will be taken by the insurance company but if the death is occurred naturally then the amount will be given to the one whose name is signed in the policy.

Vehicle insurance: Vehicle insurance means to insure the damage of the vehicle occurred due to accident or fire. As per the premium paid by the owner, the insurance company claims the certain amount to mend the vehicle and helps the owner from big loss.

Marine insurance: Marine insurance means to insure the damage of the goods occurred in ships. As many of the country’s trade runs in marine route there is the possibility of drowning of the ship which causes damage of the materials that has to be exported or is imported. The trader cannot carry big amount of loss do the insurance company claims the amount to insure the damage.

Labor insurance: labor insurance means to insure the damage of the labor while working. Big factories and industries work with huge machines which might be dangerous if not used properly. During the work, the worker my get injured due to the machine for which they have to be treated and that money comes from the labor insurance made by the owner of the factory as per his premium paid by him.