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Insurance policy

What is Insurance policy?

In insurance, an insurance policy is a contract (usually a standard contract) between the insurer and the insured, known as the insured, which establishes the claims that the insurer must legally pay.
It Happens In exchange for an initial payment, known as a premium, the insurer promises to pay for losses resulting from dangers that fall under the language of the policy.

Insurance contracts are designed to meet specific requirements and therefore have many features not found in many other types of contracts.
Since insurance policies are in standard form, they present a hot language similar to a wide range of different types of insurance policies.

An insurance policy is generally a unified contract, which means that it includes all forms of agreement between the insured and the insurer.
However, in some cases, additional entries such as letters sent after the final agreement can make the insurance policy an unified agreement.

An insurance manual states that "the courts generally consider all previous negotiations or agreements ... each contractual term in the policy at the time of delivery, as well as the policy written after the pilots and endorsements ... both sides".
With the consent of, part of the written policy. "The textbook also states that the policy should refer to all documents that are part of the policy.

Verbal agreement for trial They are subject to the rule and, if the contract appears to be complete, it cannot be considered part of the policy.
The materials advertising and circulars are generally not part of a policy, oral contracts may be pending pending the issuance of a written policy.

Importance of insurance

Here are the main reasons why insurance is needed: -

1. Financial security

It doesn't matter how much you earn or how much you have saved; your financial situation can be damaged by an unexpected event in an instant.
Therefore, insurance is the best way to become financially secure.
You can purchase or renew insurance online and receive payment for financial support in case of unexpected events.

2. Transfer of risk

The insurance contract operates according to the "principle of transferring financial risk from the insured to the insurer". As an insured, you pay a premium to receive compensation from the insurer in the event of an unexpected event.
having insurance reduces the financial burden on yourshoulders.

3. Insurance is  Complete protection for you and your family

The family is the most important resource you have and your family is also dependent on you for financial support. That's why it's important to make sure that you and your family are completely safe in an emergency.

4. More stress or tension in difficult times

None of us can see the future or foresee future events. Any unexpected tragedy can strain you physically, mentally and financially.
So if you have insurance to take care of the consequences of such tragedies such as illness, injury, permanent disability or even death, you and your family will be relieved of tension and stress.
With the insurance in place, all financial stress will be cured and you can concentrate on your recovery.

5. Some types of insurance are mandatory

Insurance is necessary because sometimes it is mandatory by law.
As example of this is auto insurance. According to the 1988 Motor Vehicle Act, it is mandatory to have at least one motor insurance for every motor vehicle traveling on the road in India.
Auto insurance is very useful when making complaints. In IFFCO Tokyo, we have further improved it with our rapid complaint resolution process which, as the name suggests, accelerates the resolution of complaints.

5. Peace of mind

Having insurance gives you financial security and peace of mind. NoAmount of money can replace your peaceOFmind. So when you have insurance, you know that you are protected from any unexpected events in life, which gives you complete peace of mind.
Thanks a lot



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