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Insurance is a legal agreement between a policyholder and an insurance company wherein the latter promises to compensate the former in the event of a loss. The covered event is contingent in nature as it may or may not occur. Thus, an insurance policy keeps the policyholder shielded against such contingent events which may result in a loss.

Unfortunate events like accidents, illnesses, and natural disasters come without any warning and thus it is necessary for you to keep yourself and your loved ones shielded against such unforeseen happenings. One of the best and simplest ways of keeping yourself secured against these contingent events which may cause a financial loss is buying an insurance policy. Policies are generally issued for six-month or one-year timeframes and are renewable. The insurance company sends a notice when it’s time to renew the policy and pay your premium.

They can make an informed choice in a matter of a single click that too from the comfort of their home. Often a commercial insured's liability insurance program consists of several layers. The first layer of insurance generally consists of primary insurance, which provides first dollar indemnity for judgments and settlements up to the limits of liability of the primary policy. Generally, primary insurance is subject to a deductible and obligates the insured to defend the insured against lawsuits, which is normally accomplished by assigning counsel to defend the insured. Above the primary insurance or self-insured retention, the insured may have one or more layers of excess insurance to provide coverage additional limits of indemnity protection. There are a variety of types of excess insurance, including "stand-alone" excess policies , "follow form" excess insurance , and "umbrella" insurance policies .

What Is The Hospitalization Procedure Of Availing Health Insurance At Igi's Non Panel Hospitals?

When harvest losses occur associated with exceeding the climate trigger threshold, the index-insured farmer is entitled to a compensation payment. Adjusting liability insurance claims is particularly difficult because there is a third party involved, the plaintiff, who is under no contractual obligation to cooperate with the insurer and may in fact regard the insurer as a deep pocket. Claims and loss handling is the materialized utility of insurance; it is the actual "product" paid for.

For Your Business

Auto insurance coverages are priced individually to let you customize coverage amounts to suit your exact needs and budget. Surrender the cash value policy at any time and obtain underlying amount of the insurance policy. Some of us may believe that we have enough money to replace our assets should anything happen to them.

In recent years, a number of insurance companies have become insolvent, leaving their policyholders with no coverage (or coverage only from a government-backed insurance pool or other arrangement with less attractive payouts for losses). A number of independent rating agencies provide information and rate the financial viability of insurance companies. Marine insurance and marine cargo insurance cover the loss or damage of vessels at sea or on inland waterways, and of cargo in transit, regardless of the method of transit.

However, premiums might reduce if the policyholder commits to a risk management program as recommended by the insurer. Global insurance premiums grew by 2.7% in inflation-adjusted terms in 2010 to $4.3 trillion, climbing above pre-crisis levels. The return to growth and record premiums generated during the year followed two years of decline in real terms. Life insurance premiums increased by 3.2% in 2010 and non-life premiums by 2.1%. While industrialised countries saw an increase in premiums of around 1.4%, insurance markets in emerging economies saw rapid expansion with 11% growth in premium income. The global insurance industry was sufficiently capitalised to withstand the financial crisis of 2008 and 2009 and most insurance companies restored their capital to pre-crisis levels by the end of 2010.