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By paying premiums to the insurance companies, the insured person or company is free from all possible losses and the insurance companies increase the capital by collecting the premiums from numerous insured persons. Apart from the assistance of the insurer, saving money can be avoided by worrying about potential risks. There are certain principles to be followed when determining the insurance process, the type of insurance and the compensation.
Life insurance is a strategy for transferring or avoiding the risk, loss, danger of death to people. In the modern age, life insurance serves as an effective means to relieve the financial loss of the insurer or his or her family in the event of death or the old age of the insured.
Life insurance is a contractual arrangement that promises to pay the insured company or insurance company or a predetermined amount at the end of the term, or at the end of the term, in exchange for paying the premium at a specified rate. Therefore, life insurance is a modern contract executed between the insurer and the insurer in order to pay the specified premium payment, the insurer promises to pay the insured or his successors or his nominee a specified amount after his death or at the end of a specified term.
Naval or maritime insurance is a vessel operated by the insurer when the vessel, vessel product, or tariff insurer is damaged by a specified risk. According to Halsbury, the contract that promises to compensate for the loss of maritime damages, ie maritime operations, to a certain extent, is called naval or maritime insurance.
About Fire Insurance As for Sharma, fire insurance is a contract where one party agrees to carry a certain amount of financial loss risk in exchange for reimbursement, which implies the loss or destruction of something by the fire. According to MN Mishra, fire insurance is a system that compensates for the fire.
Purpose of fire insurance: 1. Compensation: The main purpose of fire insurance is to compensate for the damage caused by the fire or destruction. If the insured's insured property is damaged in the fire, the insurer will pay the appropriate compensation. 2. Creating Investment: Insurance companies re-invest a large part of the money they earn on premiums for fire insurance. For this type of investment, the insurer's insurance business is engaged. 3. Risk Distribution: Since fire insurance also distributes one's losses among other people in society, it protects a person from a single loss. 4. Other insurance supplements: Life insurance, fire insurance, naval insurance, accident insurance, etc. cannot carry out the entire activities of the insurer in one single insurance. This is another purpose of the insurance company to fulfill the responsibility and risk of a particular part of the insurance and supplement it.
Fire insurance Category:
1. Valuable Insurance: A fire insurance letter that is accepted without determining the value of the insured content at the time of executing the contract is called the assessed insurer. Such an insurer will then record the terms of the valuation of the property.
2. Uninsured Insured: A fire insurance letter that is accepted without determining the value of the insured's contents at the time of executing the insurance contract is called uninsured insurance. Such an insurer will then record the terms of the valuation of the property.
3. Specific Insurance: The contract is executed at a fixed price on the specified property of such fire insurance. If the loss occurs, the insurer pays a fixed price. Suppose one of the five lakh rupees kept in a warehouse receives a lump sum product of Rs. Although insured, the insurer compensates for three lakh rupees.
4. Overall Insurance: In addition to such insurances fire insurance is guaranteed to cover the loss of certain assets due to the damage done by the theft load workers.
5. Fire Extinguisher Disposal Insurance: A fire extinguisher is called a fire extinguisher insured, to cover the loss of assets and property insured by the fire extinguisher.
If any damage to the vehicle is done or any third party has been damaged by the vehicle, the insurance company is liable to pay the loss to the owner of the vehicle or the third party through the financial assistance which is lawfully known as motor insurance.
All new and old cars are insured. If you want to cover insurance with older cars, the premium is higher. Companywise premiums are less and less.
Of the nearly 2.5 million cars in Bangladesh, four and a half lakhs are jeeps, microbes and private cars. Most owners do not insure the entire car. If you have a first-party or contingency insurance policy, you can get compensation for any accident you may have. But the third party (third party) is more interested in the insurance policy. The insurance company will compensate the owner of the affected vehicle if a car is damaged by another vehicle while the third party is on the road. The premium for this policy is small.
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Driving without car insurance is a criminal offense punishable by law! Therefore, after buying a car, it is mandatory to ensure each vehicle. If the car is insured, the owner or even the owner of the vehicle, even a third person, gets compensated for the loss. Therefore, after buying a car, every car owner has to insure the car.
Motor insurance is the liability of the car owner / third party for any loss caused by any damage to the vehicle or to any third party by the insurance company. Third-party or third party motor insurance is a must for all car owners. Because, if using a car in a public place causes harm to a third party person, then the owner of the vehicle is responsible. Therefore, driving a motor vehicle without motor insurance in a public place is a punishable offense.
Types of vehicle insurance policies. Generally, there are two types of motor insurance policies covered in Bangladesh. First Party or Comprehensive Insurance Policy,
Third-Party Insurance Policy.
The insurance company pays the owner of the vehicle for the first party or insurance policy. Under this policy, if a car is covered by an accident, then the insurance companies are compensated for any damage to the vehicle or the owner of the vehicle. In addition to any natural disasters, the vehicle is damaged, but if the first-party vehicle is damaged, the car owner is compensated for the loss of the vehicle. This policy has a higher premium rate.
If a car is only covered by a third party insurance policy, then the owner of the vehicle is not compensated for the loss of the vehicle if it is damaged for any reason or accident. The insurance company will only take responsibility for the loss of any third person through the vehicle.
Insurance companies cover vehicle compensation when the following accidents occur.
Fire, lightning, explosion.
Theft / Robbery.
What kind of riots is mischief?
Earthquake.
Storms, tides, floods, hail floods.
Terrorist activity.
Hateful acts.
Accident on a train, road, inland waterway, elevator or elevator.
Landslide.
Things that do not fall under the motor insurance cover
Unlawful act.
No harm to the effects of intoxicants.
Con accidents beyond geographical boundaries.
Do not have a valid driving license.
No catastrophic electrical or mechanical.
Things to keep in mind before buying a motor insurance policy
Injury or death penalty
Before buying a motor insurance policy, be sure to provide a compensation insurance company with responsibility for the death or injury of your car.
Medical expenses. If someone in your car or an outsider has been injured in a road accident, check to see if the insurance company is compensating against it.
Property Compensation. If your car is harming another person's life and property in the event of an accident, know before you insure that it is provided by the insurance company.
Non-accident damage. Be sure to ensure that the insurance company is offering an insurance policy in case of any damage to the vehicle due to various reasons such as car theft, vandalism, fire, storm surge or natural disaster outside the road accident.
After purchasing a car, motor insurance is very important to avoid the loss of car owners, passengers, and car accidents. So after buying a car, insure the car and ensure the safety of yourself and the car.
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