General insurance Insurance policy

[Mandy96]

What is an insurance policy?
Insurance Policy is simply a documented agreement between the “insurer” and the “insured”. Who is an insurer and who is the insured?
An Insurer is the insurance company that insure and ensure the assurance that the a particular life or property is in safe hands in case any risk of losing such property or savings arises and if it was a life insurance then surely compensation will be made after the death of the insured life.
The insured is the life or property being insured by the insurance company. The insurance policy covers the insured as long as the contract between the insurer and the insured still hold because the agreement or contract is what assured the insured that he or she can take risk without being scared of losing out at the end.

 

[sincerem]

Thanks for the well taking explanation of what insurance policy is all about. I understand it is the agreement between the insurance company and the one insured. I've known the difference between insurer, being the insurance company itself, and the insured being the policy seeker, one that is paying to own an insurance policy.

 

[Good luck]

Insurance policy is very good and important for all because it has a lot of benefits and advantages though there are some disadvantages attached to it but the advantage is more than the disadvantages which a lot of people are ignorant of because they lack the insight or probably they are not an elite.One needs to be insured to get some benefits in future.

 

[Mataracy]

You are correct with the analysis made. And insurance policy said to be a law or regulation or type of insurance selected by the insured to go with . During contract between the insurance company and the insurer. The insurer will be given different policy to chose which may be attracted with different premium to be paid by that insurer.

 

[btaliat]

Insurance is a contract between the insured and the insurer which makes the insurer, usually the insurance company, to bear the risk that may occur if there is any risk that the insured may witness. Actuary is the most term used for anybody that engages in life insurance. The money paid for insurance companies is called premium.

 

[Jamoflondon]

Actually you are right about your explanation with your definitions of the insurer and the insured like you said in your post. But can I insure my life and still insure my properties at the same time or let me put it all in one sentence; is it possible for a person to have different kinds of insurance policy at a time.

 

[Mika]

I think this topic has been explained and discussed by a lot of members of this forum. Insurance policy not only provides coverages gains loss and damages but also provides benefits if nothing happens during the insured period. You can use an insurance policy as a saving scheme because you pay premiums every year, which is some sort of saving.

 

[Lens1000]

This insurance explained in simple terms without mincing words . The insurance policy is a promise between the insurer and the insured. The insured pay for the promise made by the insurer. They insurer provide coverage for life and properties of insured based on the promise it made. The insurer bears the risk.

 

[sincerem]

Insurance policy is very good and important for all because it has a lot of benefits and advantages though there are some disadvantages attached to it but the advantage is more than the disadvantages which a lot of people are ignorant of because they lack the insight or probably they are not an elite.One needs to be insured to get some benefits in future.

Yes, the advantages of insuring our our lives and property is very much beneficial more than the demerits. It isn't a get rich scheme for any one thinking about exploiting financial benefits when he or she enters into insurance policy plan. Rather is a reasonable way of protecting ourselves and property when the unbeknownst occurs.

 

[Wisdom01]

Yeah insurance policy is more like the agreement both parties have made and the person needs to know about the premium cover because the amount been charged is based on the insurance policy attached to both parties ,that's why it mostly the first thing most company consider when intiating the agreement with the person insuring

 

[sincerem]

Yeah insurance policy is more like the agreement both parties have made and the person needs to know about the premium cover because the amount been charged is based on the insurance policy attached to both parties ,that's why it mostly the first thing most company consider when intiating the agreement with the person insuring

Yes, its the agreement with the company and the individual seeker. The insurance company insures the individual who seek for insurance via any of the policy plan. The policy is the contract agreement just as you've said.

That agreement guide's the insured as protection towards future uncertainty.