Categories
Global Insurance Liability Insurance

7 Types of Risk in Insurance Industry That You Must Know

Insurance is a business of taking risksRisk Risk is a loss that occurs to the insured individual or object. Various bad possibilities could happen to someone. from the customer to the insurance company to feel comfortable joining the insurance program. Insurance must be smart in controlling risks so that the business is profitable and that customers also feel comfortable joining the programs offered. Before getting to know more about the types of risks that exist in the insurance industry, customers need to first understand the benefits of insurance itself. Here is the full review.

Categories
Liability Insurance

All About Liability Insurance: Definition, Examples, and Benefits

The definition of third-party liability insurance is insurance that provides financial protection from the riskRisk Risk is a loss that occurs to the insured individual or object. Various bad possibilities could happen to someone. of legal liability. So, this insurance will provide compensation money if the customer gets a lawsuit from a third party.

For example, we accidentally hit someone else’s car and they demand compensation for damage to the car. In this case, the insurance will replace the money.

This insurance will guaranteeWarranty Statement A statement issued by a potential customer regarding the condition of the person or thing insured. legal liability to third parties in the form of bodily injury and/or property damage in connection with work or business activities carried out by the insuredInsured A person who is legally listed in the insurance policy to receive benefits from the policy. A person whose life/health is covered in accordance with an insurance agreement or contract..

Liability Insurance

But keep in mind, the compensation money paid by insurance is not based on an agreement between us and the third party. There must be a court decision. So, you can’t just shoot nominal

Now maybe you are still wondering if you are among those who need this insurance. To understand better, let’s see the next discussion in deep on this article!