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by Cristina Nuta -

Insurance is a legal contract whereby one party, the insurer, undertakes to pay to the other party, the insured, a certain specified amount of money in the event of the materialization of a certain insured risk. The insured party pays an amount of money, the premium, which is the price of insurance. If the insured suffers a loss due to an event stipulated in the insurance policy he is entitled to compensation. He should raise claims with the insurer and to that end he must fill in a claims form. He will then be indemnified or compensated, that is he will get the amount specified in the insurance policy.

Before the drawing up of an insurance policy, the party who seeks protection against risks will find in a proposal form. The insurer will assess the amount of the premium he will quote usually by employing usually a specialist called actuary. The insurance contract is negotiated on behalf of a client by an insurance underwriter.

There are different risks that a person can insure against. If you insure against the risk of being involved in a road accident and having to pay for damage you caused the others, you could insure against third party liability. If you seek cover in case someone breaks into your premises and steals your property, you insure against burglary. When you want to protect yourself against loss caused by flames, the insured risk is called fire. When the goods transported are glassware or chinaware you will probably insure them against breakage.

Some of the main branches of insurance are fire insurance, household insurance, marine insurance, accident insurance. In case of the branch that insures life this is called life assurance. The difference in terms is due to the fact that ‘insurance’ refers to a risk that might materialize or might not, whereas death is a certainty.
All in all, we should say that people must take measures when it comes to their personal goods and life, and insurance is a good means for them to receive a helping hand in case disaster might appear in our lives.
Insurance written by Cristina Nuta for FamousWhy.com
FamousWhy.com - Famous People ... Famous Regions, a Lot Of Articles and Free Software Downloads
Insurance Image Source : free-clipart-pictures.net

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Tags: Insurance, Contract, Legal, Risk, Money

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Category: Business & Finance  - (Archive Business & Finance)

Date Added: 04 August '07

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