Saturday, November 28, 2009

Insurance concept

What is an insurance actually? 
                   An insurance is a contract between the company and the proposer.  The insurance policy document consists of all the terms and conditions of the insurance contract in which the proposer mades his signature and accepts the insurance contract.  Mostly this contract is done for a particular period of time.  The breaking of the contract insists a different set of rules.




Major people involved in insurance contract

  •         Insurance company - The company which gives the insurance.
  •         Proposer - The person who proposes for a insurance policy.
  •         Life Assured - The person whose life is going to be covered under the particular insurance contract.
  •         Nominee - The person to whom the policy amount should be delivered on the death of the policy holder within the contract period.
  •        Asignee - The policy can be assigned to someone else so that all the benefits of the policy is redirected to the asignee.  If a loan is taken on the policy the person who gives the loan becomes the asignee of the policy.
        Hereafter i will discuss a lot more about different plans in the insurance especially from Life Insurance Corporation of India which has more than 16 crore policy holders.

     
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    2 comments:

    1. Appropriate definition with explanation. I have read so many post that describes this concept but at some point I got confused. Your post is excellent as each and every point and term is explained so well that I learned this concept.

      ReplyDelete
    2. I came across this link on Health App Singapore , hope can provide more insights.

      Health App Singapore

      ReplyDelete