About 12 types of insurance business

About 12 types of insurance business

What is insurance?

Insurance has been defined by various scholars in many different ways. It is an economic system that means that insurance policyholders can replace large and potential losses with small and definite losses. The system of cooperation is also true. But what is the point of replacing a large, potential loss with a small, definite loss? You may ask if it is clear.

If you have insurance, you will have to pay a premium. Isn’t this a small and definite loss for the supplier? The biggest and potential loss is the insured property, for example, a house. If there is a fire, is not it a big loss rather than a premium? But it will burn. If it does not burn, it is not certain. But the possibility is there. This is called a possible loss. If you have insurance, you have to pay a premium. The insurance company also pays for that premium.

This means replacing the small, definite loss of premium with a large loss that could occur in the event of a fire or earthquake. Dr. Nu Min defines another meaning. Insurance is a system designed to help one another in times of financial crisis. The insurance industry will only help if the insured person loses their insurance due to unforeseen risks and is in financial trouble.

So we can help each other. Professor Dr. George E. Rejda also defined what insurance is. It collects the losses that may arise from time to time by handing over the insurance to a company that has agreed to pay the insured in the event of a loss. The risk of loss is the risk. The transfer of risk is referred to in the insurance industry as the Transfer of Risk. Occasional Loss is called Forturious Loss.

That’s why Dr. Ratjadda’s wanted insurance business is – # a collection of occasional losses; Consolidation is the process of transferring the potential for loss to an insurance company. It is clear that the insurance company must agree to pay in the event of a loss.

These definitions are world-famous.Overall, the insurance industry is a system designed to compensate for the loss or damage of an insured item due to a pre-determined condition of the insurance policy.

> 7 types of Non Life Insurance

1. Comprehensive motor insurance
2. Fire and natural disaster insurance
3- Freight insurance
4- Special travel insurance
5. Cash security guarantee
6. Remittance insurance
7- Integrity guarantee

> 5 types of Life Insurance

8. Public life insurance
9. Collective life insurance
10. Health insurance
11. Athlete Injury Insurance
12- Snake Danger Insurance

Lucar Inag
Lucar Inag is a writer and journalist with over 5 years of experience. He is currently an author at Weekly Myanmar, a news, entertainment, and lifestyle website that provides the latest breaking news stories every day. Lucar's articles have been featured in a variety of publications, including The Myanmar Times, The Irrawaddy, and Frontier Myanmar. He is passionate about telling stories that inform and entertain readers, and he is always looking for new ways to tell those stories.

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