What is insurance?


Insurance means to arrange or manage your risk. So many peoples are facing different problems related to financial loss. In this case insurance may be helpful to reduce risk of financial loss. Insurance may be for any properties or health also. There are some terms and conditions must follow by the customers. Here you will get some ideas about several benefits, terms and conditions, policies etc. for any kind of insurance.
Insurance institutions:

Insurance companies or insurance institutions of America are generally/popularly known as IIA in short. This companies comes under non-governmental organization. They are mainly recognized or approved by the national government. In case of any discrepancies the government can handle the matter. Some of the reputed IGIE (Institute for Global Insurance Education) are as follows:

  1. Insurance institute of Singapore
  2. Bangladesh insurance academy
  3. Insurance institute of Switzerland
  4. Taiwan Insurance Institute etc.

Types of Insurance:

  1. A. Life insurance:
    Life insurance is very popular specially after novel COVID-19 period. Because due to any kind of diseases there may be great financial loss for any person and sometimes that person may not be able to tolerate that situation due to economic problem. But in this situation if the person has applied for life insurance and she/he is regularly paying instalment properly or following all the guidelines or principals she/he will get all expenses for any kind of treatment for all family members. Recently maximum insurance institutions are dealing with cashless transaction with the hospitals/nursing homes etc.

B. Vehicle insurance:

Vehicles or journey is very important part of our life. But sometimes due to accidental problem anyone may lost her/his expensive and favourable vehicle. This loss may be financial as well as others. Therefore, maximum people are interested to update their vehicle insurance from different reputed insurance institutions. This vehicle insurance may be first party or third party. First party charges little high as compared to third party and therefore you can get better facilities and coverage for your vehicles.

C. Cyber-attack insurance:

Cybercrime is very common in this techno-advanced civilization. Therefore, peoples are also interested to protect their cyber safety which may be very useful to protect their wealth and reputation also. For example, so many peoples are making transaction through different online mode and at the same time few greedy people are targeting those unaware people to get those advantages. Therefore, you also can protect your online transaction or any kind of personal data through different paid as well as free insurance protection.

D. Insurance for income protection:

In case of the policy holder become unable to do work due to illness or disabilities, they will be abled to get financial support as per the terms and conditions of income protection insurance. In many cases pre-existing diseases are not taken into consideration for this insurance policy. Therefore, as an insurance policy holder you may check all the terms and policies for which you are agreeing to get insurance facilities.

E. Insurance for casualties:

Different kind of casualties are very common now. Therefore, peoples are dealing with the insurance policy makers to recover their financial loss. Terrorism attack, robbery, political or social violence etc. may be the reason of great financial loss. In this case this insurance related to different kinds of casualties may be very helpful.

Insurance controversies:

  1. Reduce/not reduced risk:
    Many peoples are not agreeing to accept that insurance can reduce the risk in different aspects. These peoples believes that these insurance institutions are not providing proper facilities to recover economic loss of the people. As per their information they believe that insurance companies are using so many hidden terms and conditions for not minimizing the demand of the policy holders.
  2. Complicated terms and conditions:
    So many policies or terms and conditions are there which are not too clear to understand by the common people. Whenever the policy holders demand for their economic loss, insurance companies will show that different complicated or hidden policies to reduce their own pressure.
  3. Limited benefits for the policy holders:
    When the people show their interest to get the benefits of any insurance companies, they may be agreed to give so many facilities, but when the insurance policy holders demand at the time of their needs or when the casualties happened.