Insurance is a type of backup that is issued to a person or organization in several cases like death, accident or similar situations. The person or organization submits a certain amount monthly or annually to insurance broker/company for a set terms like 5 years, 10 years or life time insurance. The type of insurance issuance depends on what kind of insurance type and policy you have. So its very important to learn about insurance, insurance policy, going for a trusted insurance company and claiming insurance.
In Pakistan insurance is not that common as in European countries, United States or neighboring countries. The main reason is that people do not trust companies working here and they do not have knowledge as well specially how to claim insurance and get complete benefit from it.
Types Of Insurances:
Health insurance is the most common insurance policy worldwide. Issued to individual or family it protects the individual or family when they have health issues or need large amount for cure. If a person dies because of health issues then his beneficiary owners can claim the insurance.
Home insurance can protect your house from several problems like mortgage loan non payments, natural disaster, house damage and many other circumstances. This is not much common in Pakistan though.
Accident Insurance is most widely claimed insurance. It protects individual in case of accident. There are several restrictions over this just because of its nature that most of claims found to be bogus or fake at the end.
Whether you have a luxury car, modest one or a public transport vehicle getting motor insurance is quite beneficial. In case of any damage to vehicle you can claim its insurance.
Travel insurance is best for those people who are frequent travelers whether for business or personal needs. It provides safe journey protects against medical expenses, loss of documents, luggage or passport and in some cases provides hotel booking & private ride as well.
Commercial insurance is usually owned by large companies with investments in open market. It’s the most important part in progress of any company and fluctuates between company earning, loans, expansions and in case the company is going in loss commercial insurance can save.