Hi all, hope that you all know about the basic of insurance, if not, then dont worry, we’ll discuss it later.
Now we’ll learn something common characters insurance. I think that you should know about that characters. So lets enjoy then:
Different rates of different premium: Generally, the insurance policy is created for the individual persons or a company. If the company or person fulfill the condition of the insurance company, the person or the company be benefited. There are different types of insurance such as health insurance, life insurance, car insurance, accidental insurance etc. So these different types of insurance have different types of rates. If you think that, all types of insurance have same policy and same rate, then you should check the policy given by the insurance company or you should talk to the insurance company for the clear concept.
Choosing a premium which is affordable: Sometimes it is seen that, there is so high cost of insurance event found. The insurance can be high rate if the insurance is for a big companies or a heavy rich person. If you lead a general life, and if you find the insurance company is giving high interest rate for you, then you should check the insurance company background. Here the background means the stability of that insurance company, the history of transection etc. Also if you think that the loss chance is zero, then you may go ahead.
Careful of losses: Suppose that, you have done an insurance. Somehow you have become eligible for the money of the insurance company. Now in this case, generally the insurance company will investigate about the proper cause. And in this case if you fail to provide detail and proper information, you may not be eligible for the money of your insurance. So it is think that, everyone should be careful and active in this case.
Accidental activities: Some of the activities can be considered as accidental activities such as winning a lottery, or risk in business in share market etc. In general case, this type of activates are not included for the insurance.
Meaningful loss: Suppose that, you’ve done an insurance of your company. After some days you’ve shown that you got a big loss in your company, as a result you want to get money from the insurance company. But you should keep in mind that, the loss should be meaningful. Because, the insurance companies have to paid you a large sum of money for cost expected and cost demanded.
Loss, which can be taken in calculation: As said earlier, the loss must be meaningful. So for becoming meaningful, the loss can be calculated in two sections. These can be: The estimated prediction of loss and the real loss.
Large loss risk: Actually, the loss when appear, generally difficult to guess. For example, you can’t determine how much damage can be done, if there is a large storm. If you do flood insurance, then flood may occur in your area once in a year or once in 5 year or never. So in this case, if you do double insurance, like earthquake insurance and the wind insurance in the area of heavy stormy, then it can be taken as a considerable topic in insurance company.