4 Types Of Insurances

Insurance is a fair and impartial transfer of money from one party to another in a case where one party is at a higher risk of losing property or money. In the same time it is a risk management technique carried out by investing a certain amount of money on a property which is at danger or uncertain loss. The party that lends the money is called the insurer, while the policy holder is the person who buys the cover. The practice of insurance has a history which runs back to the second millennia BC in China and Babylonia. The Babylonian merchants who used to lend ships for their trade, usually pays an extra sum of money which could cancel the loan in case the ship faced an accident during sailing. This ancient aspect of insurance had gone a long way ever since where it has taken a new turn in the past decades. Given below are some such diverse types of policies in the business world today.
Vehicle insurances
Vehicle insurance or motor insurance in Dubai is purchased for the insuring purposes of road vehicles such as cars, vans, bicycles and trucks. The insurance money can be claimed in a case the vehicle faced a traffic collision and against any legal liability due to the collision. The terms and conditions of the policy change from region to region, some insurance policies may offer additional financial protection against vehicle theft or non-traffic related accidents.
Health insurances
Health insurances covers the cost of medical treatments. A separate dental policy is one of the common types of medical insurances. Many companies provide a free medical insurance to their employees as a benefit.
Life insurances
Life insurances or life assurance is a sum of money paid by the insurer to the insured, upon the later party’s death. Usually during times of terminal illness, the insured can claim for a beneficiary.
Income protection insurances
Income protection cover provides a monthly amount of money in any case the policy holder is unable to work for an income. The inability has to be due to a medical condition or disability and can be either long term or short term. Short term insurances are somewhat common in the market while long term policies are only given to professionals who earn more than six figures. Somehow none of the two are as common as the motor insurance policies.
Insuring your property and life will always be important at least at one point of your life. Therefore it is better to insure according to your capacity and drive safe rather than regretting later.

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