insurance policy

A  policy termed as contract of insurance, explaning the term, rules and regulation, demand and deductibles.
Similarly,insurance policy is the agreement between insurer and insured for futher mutual understanding sticking with their main theme.One must read and well understand before doing the Insurance, a person must  read the policy of the insurance company to minimize the misunderstanding and disputes in future.
This is the apex theme of insurance policy.
So, Never Forget To Read Policy Before You Jump To Any Step.

Insurance Types in Nepal

Sorts of Life protection :

Fundamentally there are two sorts of Life Insurance strategies.

1.Entire Life Insurance

Entire extra security gimmicks ensured premiums, passing profits, and money esteem. Entire disaster protection approaches likewise give the possibility to accept profits, which can build the estimation of the approach when the safeguarded is existing or give an expanded demise profit to beneficiaries.

2.Term Life Insurance

Term extra security is frequently the most competitive scope in light of the fact that it offers insurance for a particular number of years. It may be 10, 15 or of any time of years. There are two two types of insurances in this category.

1.General Insurance

2.Non extra security

The General protection or Non extra security may be:

a) Fire Insurance:

b) Marine Insurance:

c) Motor Insurance:

d) Employer's obligation Insurance:

e) Fidelity Guarantee Insurance:

f) Aviation Insurance:

Reasons for Insurance:
*The dangers that are secured by general protection are:

*Property misfortune, for instance, stolen auto or blazed house

*Obligation emerging from harm brought about without anyone else present to an outsider

*Unplanned demise or harm

List of Insurance Company in Nepal

1. American extra security organization restricted (Alico)

Email:- american.life@alicompanycom.np

2. Asian extra security organization

Email:- asianlife@asianlife.com.np

3. Gurans extra security organization restricted.

Email:- guranslife@wlink.com.np

4. Extra security company (Nepal) constrained.

Email:- lic@mos.com.np

5. National extra security organization restricted.

Email:- nlgilife@mail.com.np

6. Nepal extra security organization restricted.

Email:- nlic@mos.com.np

7. Prime extra security organization restricted.

Email:- info@primelifenepal.com

8. Rastriya Beema Sansthan

Email:-beema@wlink.com.np

9. Surya extra security organization restricted.

Email:- info@suryalife.com.np

ORIGIN OF INSURANCE

The word insurance was originated in late Middle English from Old French enseurance, in the mid 17th century. Its synonym is assurance however, There is a technical distinction between insurance and assurance in the context of life insurance.

WHY INSURANCE?

Financial security is far from being stable in our times. It doesn’t matter how big our monthly budget is, or how many savings we have, there always are situations beyond our possibilities and we can never be completely secured. You can even make a life insurance policy, which will pay a significant amount of money to your family after you are gone, so you can be sure for their well-being even if you are not there to help them. The uncertainty in life is what makes insurances so important. Although we can never predict what will happen to us, with the right insurance policies we can be sure that we will hastily recover from our financial losses, and the insurance company will share the risk with us, to provide us enough security so we are prepared for the most unexpected risks.

DEFINITIONS

The term insurance is defined in many ways by many scholars or companies some of them are-

-         “ Insurance is an arrangement by which a company or the state undertakes to provide a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a specified premium”  -oxford dictionary

Insurance is the equitable transfer of the risk of a loss, from one entity to another in exchange for payment. It is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss.       – wikipedia

Insurance

A promise of compensation for specific potential future losses in exchange for a periodic payment. Insurance is designed to protect the financial well-being of an individual, company or other entity in the case of unexpected loss. Some forms of insurance are required by law, while others are optional. Agreeing to the terms of an insurance policy creates a contract between the insured and the insurer. In exchange for payments from the insured (called premiums), the insurer agrees to pay the policy holder a sum of money upon the occurrence of a specific event. In most cases, the policy holder pays part of the loss (called the deductible), and the insurer pays the rest. Examples include car insurance, health insurance, disability insurance, life insurance, and business insurance.