Insurance is actually an arrangement which a company or a state undertakes to provide the guarantee of a specific amount of compensation to the person or entity for a specified loss, damage, illness or death in return for a specific amount of premium that is paid by the person monthly.
There are mainly four types of insurance policies:
• Life Insurance: it is a type of insurance that is done to provide financial security for the entire family in the event of the policy holder’s death.
• Health Insurance: it is basically a type of insurance where monetary support is provided for any serious health related issues to the policy holder or his family.
• Property insurance: this type of insurance covers the policyholder in the event of damage to his property by fire or any other means.
• Auto Insurance: your car is too precious to you, so if it is stolen or damaged you will need a huge amount of money. This auto insurance will pay the policy holder’s repairing costs.
But before you buy any insurance you must know all the benefits of that insurance. Insurance benefits the individual or any organization in many ways.
Some of them have been discussed below.
• The most