Meaning of Ensurance, Different, principles, life & General Ensurance

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Meaning of Ensurance Different Principles Life General


in this artical we will be covering following topics.

what is the meaning of Ensurance?

types of Ensurance?

principles of Ensurance?

difference between life Ensurance and general Ensurance.

types of life Ensurance?

types of general Ensurance?


What is Ensurance, Different, principles, life & General Ensurance and Full Reviews, Claims, Home, Roadside, Life, Health


What is the Meaning of Ensurance ?

What is the meaning of Ensurance  an arrangement by which a company or the state undertakes to provide a guarantee of compensation for speech weight loss damage illness or death in return for payment of a specified premium.


What is the Meaning of American Ensurance Company?

Essurance Insurance Services is a big and famous company in America. It sells auto, home, motorcycle and renters insurance directly online and over the phone to consumers and the needy. Its primary competitors are all direct personal, private insurance writers, primarily GEICO and Progressive. Established in 1999, the company was acquired by Allstate in 2011.


Which are the different types of Ensurance ?

There are two types of Ensurance  

  • First is life Ensurance . 
  • General Ensurance or non-life Ensurance .


Principles of Ensurance ?

1. Principle of utmost good faith

According to this principle the insurance contract must be signed by both parties that is insurer and insured in an absolute good faith or belief or trust.

( they should not hide anything from each other then )


2. Principle of insurable interest.

The principle of insurable interest states that the person getting insured must have insurable interest in the object of insurance.

( that means you cannot get the Ensurance  policy for the neighbor's car or for the neighbor's kid you shall have the insurable interest in the in the property or the person where you are invested taking the insurance plan. )


3. principle of indemnity

Sccording to the principle of indemnity an Ensurance contract is signed only for getting protection against unpredicted financial losses arising due to future uncertainties.

( that means that the role of the insurer is to provide the good to the loss happened. )


4. Principle of contribution

It applies to all contracts of indemnity if the insured has taken out more than one policy on the same subject matter.

according to this principle the insured can claim the compensation only to the extent of actual loss either from all insurer or from any one insurer.

if one insurer pays full compensation then that insurer can claim protection proportionate claim from other insurers.

( so if your car has 100,000 rupees of principle indemnity then you can take maximum up to that amount ) 


5. principle of subrogation

According to the principle of subrogation when the insured is compensated for the losses due to damage to thee to his insured property then the ownership rights of such property shifts you to the insurer.


6. principle of loss minimization

According to the principle of loss minimization insured must always try his best to minimize the loss of his insured property in case of certain events like a fire breakout or blast etc.

(you shall call the insured person shall call the police or the fire brigade and he should put all his efforts to minimize the loss to the product or the property. )


7. Principle of Cosa proxima or nearest cause

proximate cause is concerned with how the actual prints loss or damage happened to insured party and whether it is a result of an insured peril.

it looks for what is the reason behind the loss is that he is an insured peril or not.



Difference Between Life Ensurance and General Ensurance 


Key Points   Life Ensurance  General Ensurance 
 Meaning     It is an insurance contract, which covers the life-risk of the person insured.Anything which is not covered under life insurance like motor, house, health etc.
 Form  It is a form of investment.  It is only a contract of indemnity.
 Premium  Premium has to be paid over the year.   Premium has to be paid lump sum.
 Insurance Claim Insurable amount is paid either on the occurrence of the event, or on maturity.   Loss is reimbursed, or liability will be repaid on Insurance claim the occurrence of uncertain event. 
 Insurable Interest  Must be present at the time of contract.  Must be present, at the time of contract and loss both
 Policy Vallue  It can be done for any value based on the premium policy.  The amount payable under life insurance is confined to the actual loss suffered.
Term  Long Term   Short Term


Key Points Life Insurance General Insurance.   Meaning Form  It is only a contract of indemnity. Term long term short term Premium   Must be present, at the time of contract and loss both. Insurable Interest.  loss both.   Policy Value. 



Types of Life Ensurance ?

1. Term Ensurance - it is the pure Ensurance form it pays your nominee it is sum insured in case of your demise within the policy term it does not have any sum assured or maturity amount premium is very low.

2. Endowment Plan - these plans are these are insurance and investment plan a certain portion of the premium is paid for protection of the life and rest amount is invested in law risk that is so at the time of maturity the insured person gets a predefined amount.

3. Julie unit licked insurance plans  - these are newly introduced plans a couple of decades ago they were launched you lives offer life protection as well as the opportunity for capital appreciation by investing in various funds of varying degree of risks just like endowment policy in you lives a certain portion of the premium cause in providing life cover they generally invest in equity market therefore the return is not predefined it depends on the market return it has certain lock-in period.

( say three years or five year up to that time you cannot withdraw the insurance then we come to the general insurance )



Types of General Ensurance 

1. Health Ensurance - a general health Ensurance plan is an indemnity plan that pays for hospitalization expenses up to the summit short while you can avail a standalone health policy family flow to plan provide coverage to all the members of your family.


2. Motor Ensurance - motor Ensurance covers your vehicle against accident damage theft vandalism and so on the form of Ensurance comes in two forms comprehensive and third-party completes you covers 360 degree of your car when a third party. 

( gives you protection from third party damages happen to do to your vehicle then. )


3. Home Ensurance - our home Ensurance policy protects your home and it its belongings from the damage suffered due to man-made or natural disasters some home instances insurance policies also provide coverage for temporary living expenses in case you are leaving your rent due to your home undergoing the renovation.


4. Travel Ensurance - a travel Ensurance policy a travel insurance policy see you against losses suffered due to loss of damage Begich delays in flights and trips cancellation when you are travelling abroad in some cases if you are hospitalized while traveling our travel insurance may also offer cashless hospitalization.



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ThursDay Online Service: Meaning of Ensurance, Different, principles, life & General Ensurance
Meaning of Ensurance, Different, principles, life & General Ensurance
ensurance meaning insurance is ensurance a word ensurance or insurance ensurance.com login ensurance meaning in hindi, seat ensurance quality assuranc
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