In last few weeks, we are just dealing about the insurance and its terms. And now i am going to tell about some important terms about insurance. The life insurance business deals with risks relating to life of human beings. The circumstances that create the loss or damage(risks) are mainly two, death and old age. Insurance does not prevent either. It can mitigate the consequences in those circumstances. Human beings also run the risk of sickness, accidents and unemployment. These are insurable in non-life insurance. Sickness and accident risks, including disability, are insurable as supplementary benefits, also called riders, under life insurance policies.
The life Insurance deals with different risks
In last few weeks, we are just dealing about the insurance and its terms. And now i am going to tell about some important terms about insurance. The life insurance business deals with risks relating to life of human beings. The circumstances that create the loss or damage(risks) are mainly two, death and old age. Insurance does not prevent either. It can mitigate the consequences in those circumstances. Human beings also run the risk of sickness, accidents and unemployment. These are insurable in non-life insurance. Sickness and accident risks, including disability, are insurable as supplementary benefits, also called riders, under life insurance policies.