Insurance Guardian
Insurance is a risk transfer mechanism that shifts responsibility for losses to specialists called insurance companies who handle the risk by spreading it over a large number of people or firms. Insurance can help you cover the cost of unexpected events such as theft, illness or property damage. If you purchase insurance for any of your assets, the insurance company will pay you an amount equal to the value of the asset that has been lost. You can also purchase life insurance to protect your loved ones on your death. The insured receives a contract, called the insurance policy, which details the conditions and circumstances under which the insurer will compensate the insured. So long as an insurer maintains adequate funds set aside for anticipated losses , the remaining margin is an insurer's profit. Insurance can be broadly divided into two categories - life insurance and non-life/general insurance. Life insurance is further divided into various types of plans namely Term Plans