Introduction to Insurance

Paper Summary:

This paper defines the two main types of insurance, namely, life insurance and general insurance. It points out that the main aim of insurance is to minimize the risks involved in various aspects of life and to cover and compensate the owner if any loss is suffered by the owner. The paper explains that general insurance involves fire and miscellaneous insurance, which covers a host of things ranging from burglary, theft, fidelity guarantee, live stock and crops, employer's liability and lastly insurance of motor vehicles. To conclude, the paper holds that insurance plays a pivotal role in minimizing risk and in compensating against the damage suffered.

Outline:
Introduction
Types of Insurance
Home Insurance
Health Insurance
Travel Insurance
Auto Insurance
Conclusion

From the Paper:

"In life insurance the insurer agrees to pay compensation to the policy owner upon occurrence of an undesired event and the compensation is paid for the same, this undesired event can be death or accident or any other event which causes damage to the policy owner. In return the policy owner pays a premium, which can either be a stipulated amount or can be lump sum. There are many terms included in the most of the policies, one such common term is suicide, if the policy owner commits suicide the policy becomes null in other words the policy holder will be paid no compensation if he commits suicide. Another common term is the face amount; this is nothing but the initial amount which is paid by the insurer to the policy holder when the policy becomes mature."

Sample of Sources Used:

• Helplinelaw. (n.d.). (Retrieved May 30, 2008 from: http://www.helplinelaw.com/docs/main.php3?id=INSU1
• Insurance. (2008). In Loan Bazaar. Retrieved May 30, 2008 from: http://www.theloanbazaar.com/insurance/
• Insurance basics. (2008). In Investor Guide. Retrieved May 30, 2008 from: http://www.investorguide.com/igu-article-344-insurance-basics-introduction-to-insurance.html
• Life insurance. (2008). In Wikipedia. Retrieved May 30, 2008 from: http://en.wikipedia.org/wiki/Life_insurance#Contract_terms
• More about insurance. (2008). In Loan Bazaar. Retrieved May 30, 2008 from: http://www.theloanbazaar.com/insurance/more-about-insurance.html

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