Insurance is nothing but a contractual agreement between an individual and the insurance company which is issuing insurance policy. As per the contract the insured who is paying a small amount of premium to the insurance company can claim compensation from the policy issuing office at the time of catastrophic or unforeseen accidents. When there is no insurance agreement the insured has to shell out exorbitant amount from his pocket during accidents or emergencies.
Individuals who take insurance policy from the insurance company will save a lot of money during catastrophic losses or accidents. Insurance company will shoulder the responsibility of payment compensation to accidents or external losses. There are different types of insurances like Marine insurance, product insurance, liability insurance and vehicle insurance which are issued by general insurance companies and also there are life insurance products which are issued by life insurance companies.
Several decades back there were only very few insurance companies and after globalization the number has increased tremendously. Insurance is a fantastic contractual arrangement between an insured and the insurers. Insured can take more than one policy covering the same products but the losses will be shared by all the companies. Customers will understand the seriousness of insurance policies only when they take one from the reputed brokers, agents or insurance firms.
Insured can avail insurance from several companies
Hospitals will charge heavily during treatment and patients will face financial difficulties when they undergo treatment in these types of costly hospitals. Patients need not pay even single penny when they avail medical insurance benefits from leading health insurance companies. There are health insurance policies for kids, children, adults and elders and the bread winner can take comprehensive medical insurance policies for his entire family by paying affordable premium. Insured members should renew their medical policies before the expiry day for availing the benefits.