Van insurance is a policy which offers compensation towards the loss incurred by any firm or person (the insured). Risks or loss of different nature are covered by different kinds of policies. The contract document between the insured and the Insurance Company is called policy.
An insurance policy remains in force for only a specified period. The amount of compensation for the loss mentioned in the policy is called the assured sum. The Insurance Company will promise an assured sum to the insurer for the loss sustained by him. The Insurer has to make remittance of insurance premium at pre determined intervals.
All policies will have the name of the person to whom the payment to be made in case of the death of the insurer. The person so named is called a beneficiary. The Insurance Company is responsible to pay compensation only if loss occurs before the expiry of the policy.
Also they will pay only if the loss occurs during the term of the policy. Depending upon the premium and the period of the policy the sum assured will vary.
Insurance Companies offer different kinds of policies. Some of the well accepted policies are Life Insurance, Travel Insurance, Auto Insurance, Health Care Insurance and Home Insurance.
Life insurance policy is the one taken by an individual to get insurance cover in case of death of self or any other family member. Death or disability due to accidents gets covered under this policy.
An insurance policy enables the survivors in the family to cover the loss of income due to the death of the bread winner of the family.
The payment of Insured amount will be made to the Insured or the beneficiary as the case may be in all these cases as per the conditions stipulated in the insurance policy.
A traveller will get insurance cover against loss of his valuables and money during travel under a Travel Insurance policy.
Home insurance policy covers the risks on the property owned by an individual or an institution. The loss to property can happen due to fire, natural calamities, theft etc. Owner of the property will get the compensation from the Insurance Company as per the conditions of the policy.
The insured gets the hospital expenses under the Health care Insurance policy. This type of policy may cover only certain kind of illness.
Insured under Health care insurance will get his hospital bills paid by the Insurance Company for diseases mentioned in the policy.
In the case Home insurance policy is meant to cover the loss and damages occurring to the house and the house hold articles. The loss due to theft and damages due to fire and fury of nature is covered by this policy.
A person can get information about various insurance policies from a authorised insurance agent or Net. Insurance is a very effective risk management measure.
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