Insurance is the coverage offered by an insurance company to an individual or an organization against a specified loss in return for the earlier premiums received from the policy holder. A premium is a periodic amount of money charged by the insurance company to provide active coverage.
The premium is usually collected on a monthly or half-yearly basis. The insurance company will normally terminate the policy, if the policy holder fails to make the scheduled payment. To renew this lapsed policy, the policy holder will have either have to pay the balance of the insurance premium or get reinstated.
The chief advantage of an insurance policy is the feeling of financial security that it offers to the policy holder.
The different types of insurance polices broadly defined include; Health Insurance, Life Insurance, Auto Insurance, Homeowners’ Insurance and Appliance Protection.
The premium for the same service can vary depending upon the service provider and a host of other factors. The premium amount is primarily based on statistics. Individual habits and history can also play a role in influencing the insurance companys decision on the cost of...
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