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  • VARIOUS INSURANCE SCHEMES YOU CAN USE
    INSURE YOUR ASSETS

    Insurance is defined as form of risk management basically used to hedge against the risk of a contingent loss. It is also the equitable transfer of a risk or loss, from one entity to another in return for a premium. The insurer is the company that sells the insurance for a premium. The premium is determined by the insurance rate, for a certain amount of risk coverage.

    The majority of insurance policies are provided for individual units of large classes. The insurers benefit from the large number of homogenous units they sell as the number of exposure units increases, the actual results are likely to be close to the expected results.

    In order to claim the insurance the loss should have taken place at specified time and place, and the cause of the loss should be reasonably evident. Sufficient information should be provided to the insurer so that they objectively verify the time, place and cause of loss. In order to claim the insurance there should be accidental loss, i.e. it should be fortitutious and outside the control of the beneficiary. Events like business risks that contain speculative elements are generally not considered worthy of insurance.
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