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Life |
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Nonlife
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| What
Is Life Insurance? |
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| Life
insurance is a contract that pledges payment of
an amount to the person assured (or his nominee)
on the happening of the event insured against. |
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| The
contract is valid for payment of the insured amount
during: |
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**
The date of maturity, or
**
Specified dates at periodic intervals, or |
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Unfortunate death, if it occurs earlier. |
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| Among
other things, the contract also provides for the
payment of premium periodically to the Corporation
by the policyholder. Life insurance is universally
acknowledged to be an institution, which eliminates
'risk', substituting certainty for uncertainty
and comes to the timely aid of the family in the
unfortunate event of death of the breadwinner. |
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| By
and large, life insurance is civilisation's partial
solution to the problems caused by death. Life
insurance, in short, is concerned with two hazards
that stand across the life-path of every person:
|
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| **That
of dying prematurely leaving a dependent family
to fend for itself. |
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**That of living till old age
without visible means of support. |
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| What
is Non-Life Insurance/(General Insurance) ? |
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| General
Insurance is a form of insurance mainly concerned
with protecting the policyholder from loss or
damage caused by specific risks |
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Examples
include Property/Casualty Insurance, Health/ Disability
Insurance
Business/ Commercial Insurance. |
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| Various
insurance policies for varying needs. |
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| »
Property/Casualty Insurance Provides protection
for property like home, car and house-hold possessions.
It may also protect from liability as a result
of their use. ; |
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| Health
and Disability Insurance |
Pays
for costs related to your health
i.Room rent
ii.Surgeon/Physician's Fees
iii. Diagonstics tests |
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| Business
and Commercial Insurance |
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| This
caters to the need of your business insurance
requirements, provides wide coverage to your property
at work for example offers protection against
loss/damage to the building and its contents.
It also covers liabilities of your employees,
buyers and users. |