Quick Answer: What Is The Definition Of Insure?

What kind of insurance should I get?

Most experts agree that life, health, long-term disability, and auto insurance are the four types of insurance you must have.

Always check with your employer first for available coverage.

If your employer doesn’t offer the type of insurance you want, obtain quotes from several insurance providers..

What is the difference between policyholder and insured?

The policyholder: Person who owns the policy. The insured: Person whose life is insured.

Is insuring a word?

In American English, this word is usually spelled insure. I shall try to insure that your stay is a pleasant one.

What is mean by insure?

insure verb (PROTECT) [ T ] to protect yourself or your property against damage or loss by making regular payments to a company that will pay for the damage or loss if it happens: We’ve insured our house for $100,000.

What’s another word for insure?

What is another word for insure?assureprotectcoverguaranteeindemnifyunderwritewarrantcinchensureguaranty223 more rows

What is the important of insurance?

Insurance generates significant impact on the economy by mobilizing domestic savings. … Insurance enables to mitigate loss, financial stability and promotes trade and commerce activities those results into economic growth and development. Thus, insurance plays a crucial role in sustainable growth of an economy.

What is the difference between a proposer and insured?

Insured is the person whom the insurance is covered. The proposer is the person who proposes the insurance on the insured name. In the case of self-insurance (taking the policy on your name), insured and proposer are the same.

Is Insuree a word?

Noun. The person or entity protected by or receiving insurance provided by the insurer.

What is the verb for insurance?

transitive verb. 1 : to provide or obtain insurance on or for. 2 : to make certain especially by taking necessary measures and precautions.

What is the noun for insure?

insurance. A means of indemnity against a future occurrence of an uncertain event. The business of providing insurance. Metaphoric: Any attempt to anticipate an unfavorable event.

What are the 4 types of insurance?

Different Types of General InsuranceHome Insurance. As the home is a valuable possession, it is important to secure your home with a proper home insurance policy. … Motor Insurance. Motor insurance provides coverage for your vehicle against damage, accidents, vandalism, theft, etc. … Travel Insurance. … Health Insurance.

What are the 7 types of insurance?

7 Types of InsuranceLife Insurance or Personal Insurance.Property Insurance.Marine Insurance.Fire Insurance.Liability Insurance.Guarantee Insurance.Social Insurance.

What are the main concepts of insurance?

The basic principle of insurance is that an entity will choose to spend small periodic amounts of money against a possibility of a huge unexpected loss. Basically, all the policyholder pool their risks together. Any loss that they suffer will be paid out of their premiums which they pay.

Which insurance is best?

Best Life Insurance Plans in India 2021Insurance PlanEntry Age (Minimum/Maximum)Policy Term (Minimum/Maximum)Aegon Life i-Term Plan18/75 years5/40 yearsAviva Life Shield Advantage Plan18/55 years10/30 yearsBajaj Allianz i-Secure18/70 years10/30 yearsBharti AXA Life Premium Protect Plan18/65 years10, 15/35 years5 more rows

Who is insured person?

2) The insured is the person whose life is being covered against the risk under the policy. 3) The insurer is the insurance company that provides the insurance cover. 4) The proposer is the person who takes the cover and is also called the policyholder.

What is insurance simple words?

Insurance is a term in law and economics. It is something people buy to protect themselves from losing money. … In exchange for this, if something bad happens to the person or thing that is insured, the company that sold the insurance will pay the money back.

Which type of insurance is best?

Term Life Insurance Plans Term insurance is the purest and most affordable form of life insurance in which, you can opt for a high life cover for a specific period.

What is the difference between owner and insured?

The insured is the person whose life is covered by the policy. When the insured dies the death benefit is paid. … The owner is the person who owns and controls the policy.