How to choose best Insurance Policy ?

How to choose best Insurance Policy?

• look for the best-priced package that is right for you
• prices can vary from one insurance company to the next

• And make sure you know what you want
• Get working knowledge of company reputation in the market

• Know about the people behind the company
• consider the claims settlement process, the amount of the deductible and the extent of the replacement coverage

• Insurance companies and the policies they offer are not all the same, so think about more than just the price
• 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
• An insurer, or insurance carrier, is a company selling the insurance

• the insured, or policyholder, is the person or entity buying the insurance policy
• The amount of money to be charged for a certain amount of insurance coverage is called the premium
• Risk management, the practice of appraising and controlling risk, has evolved as a discrete field of study and practice
• The transaction involves the insured assuming a guaranteed and known relatively small loss in the form of payment to the insurer in exchange for the insurer's promise to compensate (indemnify) the insured in the case of a financial (personal) loss
• The insured receives a contract, called the insurance policy, which details the conditions and circumstances under which the insured will be financially compensated