What is Insurance and Insurance Companies List
what is insurance: – Insurance is one of the most and major sector in global services industry. Due to faster internet and mobile connections any one can purchase insurance products from anywhere in the world. Major insurance marketing is done from USA, Europe, Japan and south Korea and also insurance markets are also found from emerging countries like India and China. Generally Insurance is essentially a form of risk management which is claimed against any contingent or any loss. Insurance Industry works on two principle business factors they are .
- Life insurance : Life insurance is concerned with insuring people against any premature death, permanent death etc. Pensions and long term investment contracts belongs to Life insurance group only.
- General Insurance : General Insurance is the type of insurance assured to any personal injury, damage to any property, auto insurance, house hold insurance.
Along with Insurance industry another major facet of this industry is Reinsurance. What is Reinsurance ? Reinsurance in Insurance industry is simply insurance for insurers. Reinsurance involves financing by the insurer which involve risk, a policy or a portfolio of risk through a contract with another insurance company.
Different types if Re-insurers.
- Professional reinsurers.
- Reinsurance department of primary insurers.
- Lloyd’s associations.
Insurance policies are divided in to different categories they are .
- Agriculture insurance.
- health Insurance.
- Life Insurance.
- Vehicle or Auto Insurance.
- Home insurance.
- Travel Insurance.
There are two types of insurances 1) Life insurance and 2) General insurance. Under general insurance different insurance products are as follows.
Auto Insurance : There are two types of Auto insurance available they are
- Third party :- Insurance amount will be payed to third party other than owners in case of any accidents,
- Comprehensive:-The premium for motor vehicles is assured to owner and also for third party. The premium for motor vehicles is decided on the value of the vehicle and the location where the vehicle is registered.
Property Insurance : This property insurance covers lands, buildings and other contents of the building.
Health Insurance : Trough this insurance the insurers can claim reimbursement of the medical expenses.
List of Insurance Companies in India.
Public Sector Life Insurance Companies.
Private Sector Life Insurance Companies.
- Bajaj Allianz Life Insurance Company Ltd.
- Birla Sun-Life Insurance Company Ltd.
- HDFC Standard Life Insurance Co.Ltd.
- ICICI Prudential Life Insurance Co. Ltd.
- ING Vysya Life Insurance Company Ltd.
- Max New York Life Insurance Co.Ltd.
- MetLife Insurance Company Ltd.
- Kotak Mahindra Old Mutual Life Ins. Co. Ltd.
- SBI Life Insurance Company Limited.
- TATA AIG Life Insurance Co.Ltd.
- Reliance Life Insurance Co.Ltd
List of general Insurance company List in India.
Public Sector Insurance Companies
- New India Assurance Company Limited.
- National Insurance Company Limited.
- The oriental Insurance Co.Ltd.
- United Insurance Co.Ltd.
- Agriculture Insurance Company of Indian Ltd
Private Insurance Companies.
- Bajaj Allianz General Insurance Co. Ltd.
- ICICI Lombard General Insurance Co.Ltd.
- IFFCP-Tokio General Insurance Co.Ltd.
- Reliance General Insurance Co.Ltd.
- Royal Sundaram Alliance Insurance Co.Ltd.
- TATA AIG General Insurance Co.Ltd.
- Cholamandalam Genera; Insurance Co.Ltd
List of all insurance companies around the world : Insurance companies list.
List of Unique Insurance Terminologies.
- Policy : Policy is the term that the contract sold by the insurance company.
- Policy falling date: Policy falling date is the date of payment paid by insurance company.
- Premium: Premium is the amount to be paid by insurance company to insured person to enter in to the contract.
- Sum Assured: Sum Assured is the amount of money assured by insurance company as in the case any lose, as in case of maturity.
- Surrender value : Surrender value is the term used in life insurance policy. If a person who takes life insurance and decide to stop premium payment after few years before the date of maturity.
Benefits of Insurance :- Buy paying Insurance either it is Small amount or large amount amount of premium one can avail several benefits.
- Insurance is the safeguard to the family for future.
- It presents peace of mind in case of any financial loss.
- It encourage savings.
- Get a tax rebate.
- It provides protection from claims made by creditors.
- It is way of security against personal loan, housing loan and other type of all loans.
- Insurance provides protection to industries, agriculture, women and children.
When buying insurance you do the following steps.
- Get a longer policy than you think you might need.
- Get a guaranteed level-term policy.
- Get a convertible policy.
- Shop around : Term4sale.com, insure.com and Amertas.com.