Insurance is that the concept of paying a particular amount monthly in anticipation of a future difficulty like illness, personal injury, accident or death. Insurance has become an absolute necessity lately . With numerous insurance companies providing numerous different sorts of Insurance Policies and plans, policies are getting cheaper for all types of individuals . Some sorts of insurance are mandatory, while others are optional.
This write-up is about classification of insurance as indemnity and non-indemnity insurance. Indemnity insurance is that the one which give security or protection against possible hurt, damage, loss or liability. Here, an agreed payment (as stated inside the policy) is paid as compensation against any incurred loss or damage. In non-indemnity insurance, the logic of compensation, regardless of how large it's going to be, is to present the monetary payment to the insured as a sort of "consolation" or "benefit" payment. Here, all the sub-classes that falls under the 2 categories are listed.
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