Thursday, 4 May 2017

What is Insurance - Must Know About Important Insurance Terms

Hello Readers, Today our topic is What is Insurance - Must Know About Important Insurance Terms. This is very important in Banking awareness and General Banking and Financial awareness part of all type of IBPS and Bank Competitive examinations. You know there is a lot of benefit in our daily life from term 'insurance'.

for example- car insurance, auto insurance, liability insurance, home insurance, motor insurance, general insurance etc.

Now we first know,

What is insurance?

Below we are giving best Definition of 'Insurance' according to the information given on Wikipedia.

Here you can study insurance meaning in simple words that Insurance is a type of special contract between an insurance company and its client, means in which the insurance company agrees that on the happening of certain type of events the insurance company will either make payment to its client or meet certain costs.  

What is Insurance Policy?

Insurance Policy is a special document detailing all the terms & conditions of a contract of insurance.
All the duties of the insurance company and the insured person are largely contained within that special contract document, often called a Insurance Policy.

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