Insurance : Importance, Types and Benefits | Credit Help India


What is an Insurance and Why Do You Need One

Insurance is protection from potential financial loss. It's a type of risk management, mostly utilized to offset some future event or contingency's inherent risk. The idea is that if something ever happens, you are protected because you have already paid your premiums. And the best way to get "protected" in this sense is by having some insurance. An essential aspect of having insurance is the need to have a degree of predictability concerning the premiums they charge their clients.

Different Types of Insurance Policies

  •  Life Insurance
  •  Health Insurance
  • Car Insurance
  • Home Insurance
  • Personal Insurance
  • Travel Insurance
  • ULIP Plans
  • Term Insurance
  • Two-Wheeler Insurance

There are two primary parts to any insurance policy: the insurer and the insured. Insurers are there to pay the premiums. When the insured pays his or her premiums, the insurer then pays the claim, up to a certain limit (called deductibles) on file. The deductibles and limits create a plan, often referred to as "actuarially fair insurance," which matches both parties' expectations.

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