Insurance is a financial management product that aims to protect customers or participants from greater financial losses. The agreement in insurance involves two parties, namely the insurance company as the insurer and the customer as the insured.
The insured is obliged to pay a certain amount of insurance premium to get coverage from the insurer in accordance with the product or policy chosen. After knowing what insurance is, here are 9 Types of Insurance Products That You Must Know:
1. General Insurance
General insurance is a type of insurance that is useful for protection against the risk of loss or loss of benefits and legal liability to third parties. This general insurance guarantee is short term (usually about one year). There are at least two types of general insurance, namely Social Insurance and Voluntary Insurance.
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2. Health Insurance
Health insurance is a type of insurance that provides coverage for health problems caused by accidents or illness. This health insurance will cover the health or care costs of the insurance policy owner. With health insurance, the insurer will help cover the usual process of medical treatment and provide death benefits to the insurance policy owner.
3. Life Insurance
Life insurance is a type of insurance that provides protection for a person’s life. Life insurance products will provide compensation benefits if something happens that causes the death of the insurance policy owner. Life insurance benefits will also be provided when a person can no longer earn a living or is too old to work.
4. Vehicle Insurance
Vehicle insurance is a type of insurance that provides coverage for vehicles in the event of risks such as accidental damage, loss, and others. Vehicle insurance can cover the cost of repairs, loss, or damage. This vehicle insurance includes car insurance and motorcycle insurance.
5. Accident Insurance
Accident insurance is a type of insurance that provides compensation benefits if someone has an accident. If in general life insurance only provides death benefits, accident insurance will provide benefits for disability or medical treatment caused by an accident. Accident insurance is usually used by companies to protect their employees. Accident insurance can also be taken individually. Protect yourself from possible accidents anytime and anywhere.
6. Education Insurance
Education Insurance is a type of insurance that provides education guarantees to the insured. A person usually chooses education insurance to prepare for the cost of children’s education in the future. Education insurance is different from education savings. Unlike savings, the premium paid every month will go in the form of investments such as mutual funds or stocks. It is suitable for those of you who have plans to take higher education levels.
7. Business Insurance
Business insurance is a type of insurance that provides guarantees to companies in the event of a risk that causes losses, such as loss, damage, and others. Business insurance can provide protection for business owners ranging from small companies, large companies, to multinational companies.
8. Property Insurance
Property insurance is a type of insurance that offers protection against any risk of loss from property such as houses, shop houses, offices, and other valuable assets. Property insurance provides coverage to the owner of the house or property in the event of damage to the property. This risk is for example damage due to fire, natural disasters, or other losses.
9. Travel Insurance
Travel insurance is a type of insurance that guarantees protection to policyholders while traveling, such as protection for loss of goods in baggage, protection for medical expenses, protection for loss of travel documents, and others. Travel insurance is widely used by travelers to ensure their safety.
