FEATURES OF INSURANCE ARE AS FOLLOWS:
TWO PARTIES: We will always a two parties to do any types insurance contract and the two parties will be one whose insurance is done (INSURED) and another who does the insurance (INSURER).
BASED ON UTMOST GOOD FAITH: Insurance is based on utmost good faith.Utmost good faith means that each and every information and details concerned with insurance will be provided to us (insurer) by the insured.
BASED ON COOPERATIVE SYSTEM:Insurance is also based on cooperative system. There are many insured who is considered as member of cooperative. They all contribute a few amount of money and create a big fund and if any member suffers from the loss will compensate from this fund.
FREE FROM EXPECTED RISK: Insurance provide security against any kind of risk.
PAYMENT OF PREMIUM: If few amount of fees is paid by the insured to insurance company than only the insurance company takes the responsibility of risk and the fee which is give is known as insurance premium.
VARIOUS TYPES OF INSURANCE: Insurance is mainly of two types:
LIFE INSURANCE
GENERAL INSURANCE
HAPPENING OF EVENT:The objective of insurance is fulfilled only at the time of happening of some event.
SECURITY AND INVESTMENTS: Life insurance consists both of the elements of security as well as investments.
OWNERSHIP NOT COMPULSORY: It is not essential to be the owner of property, for which the insurance is being taken.TWO PARTIES: We will always a two parties to do any types insurance contract and the two parties will be one whose insurance is done (INSURED) and another who does the insurance (INSURER).
BASED ON UTMOST GOOD FAITH: Insurance is based on utmost good faith.Utmost good faith means that each and every information and details concerned with insurance will be provided to us (insurer) by the insured.
BASED ON COOPERATIVE SYSTEM:Insurance is also based on cooperative system. There are many insured who is considered as member of cooperative. They all contribute a few amount of money and create a big fund and if any member suffers from the loss will compensate from this fund.
FREE FROM EXPECTED RISK: Insurance provide security against any kind of risk.
PAYMENT OF PREMIUM: If few amount of fees is paid by the insured to insurance company than only the insurance company takes the responsibility of risk and the fee which is give is known as insurance premium.
VARIOUS TYPES OF INSURANCE: Insurance is mainly of two types:
LIFE INSURANCE
GENERAL INSURANCE
HAPPENING OF EVENT:The objective of insurance is fulfilled only at the time of happening of some event.
SECURITY AND INVESTMENTS: Life insurance consists both of the elements of security as well as investments.
1 comments:
Informative article. Thanks for posting all the features of insurance. This article is really helpful to me. I enjoyed reading the detail that you have mentioned.
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