How does an Insurance works?

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Analyst | Posted on 29-Jul-2019

Hi I have read your post on insurance how works. It is really helpful information.And I want to suggest some more information insurance is a contract that is represented by a insurance policy in which a person or a company receives a financial protection or reimbursement for losses from a insurance company.

Insurance is available to help you pay for damage to your property or to pay for the others on behalf.when you injure someone or damage their property.And it is a contract that transfers to the risk of financial loss from individual or business from the company .

in insurance there will be different types like :

Property insurance

Life And health insurance

Property insurance provides protection to business and individuals related to their belongings and assets physical and financial.
Life and health insurance will protect from financial loss due to death sickness or disease in these there will be more types of insurance according to our requirement we can choose the policies .

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student | Posted on 19-Feb-2019

Insurance works on a very simple principle that is , it insures only the uncertain. Insurance companies are called insurers. The business of insurance is to (a) bring together persons with common insurance interest (sharing the same risks), (b) collect the share or contribution(called premium) from the customers and (c) reimburse compensations (called claims) to those who bear from the risks.

The mechanism of insurance is also very simple and clear. People who are exposed to risks of similar nature come together and agree that, if any one of them suffers a loss , the others will share the loss. By this method , the heavy loss that any one of them in group may suffer is divided into bearable small losses by all the others in the group. Thus insurance helps to spread the cost and risks.

Lets take an example , a Jumbo Jet with more than 350 passengers crashes , the loss would run into several crores of rupees. No airline would be able to survive from such loss. It is unlucky that all Jumbo Jet will crash at same time if 100 airline companies come together into an insurance pool, the loss to be borne by each companies would come down to few lakhs. Hence, insurance is a business where “sharing” makes the unbearable loss , bearable

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alvina clair

Financial adviser | Posted on 30-Jul-2019

Most likely, you will have to pay a small copay for a doctor visit, often $25-40. If you have a high deductible plan, however, you will have to pay for your visit out of your own pocket and it will be applied to a deductible. If you have a sizeable bill and you wind up paying the whole deductible, then after you've met it, you'll be covered at a percentage of the remaining cost for that year. Good luck.

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TooMuchat Stake

Hurricane insurance disputes | Posted on 3-Aug-2019

You need to pay the insurance money in monthly installment. for more detail and get proper guidance from our law firm. we offer and discuss the problems like Hurricane insurance disputes, Hurricane Insurance Claims, Disputes and Hurricane Damage

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