Insurance is a contract between the policyholder and the insurance company wherein the insurance company is bound to compensate the policyholder on occurrence of certain pre-specified ‘event(s)’. The events that are covered and the extent of coverage for each event are defined in the contract.
Thus, there are three parties to any insurance contract – the policyholder, the insured, and the insurance company. In most cases, the insured and the policyholder are the same. The event(s) covered by the insurance contract will largely define what kind of insurance it is. Thus there is
om/life" target="_blank" title="life insurance">life insurance , health insurance, accidental death and disability insurance, home insurance (which may or may not include flood insurance, earthquake insurance, and mobile home insurance), auto insurance (which includes car insurance) and renters insurance. There would be several other products in the commercial lines of insurance.
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