HOW INSURANCE WORKS - So Risk Transfer to Other Side

Insurance is an agreement where, for a stipulated payment called the premium, one party (the insurer) agrees to pay to the other (the policyholder or his designated beneficiary) a defined amount (the claim payment or benefit) upon the occurrence of a specific loss. This defined claim payment amount can be a fixed amount or can reimburse all or a part of the loss that occurred.

                                                             

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The insurer considers the losses expected for the insurance pool and the potential for variation in order to charge premiums that, in total, will be sufficient to cover all of the projected claim payments for the insurance pool. The premium charged to each of the pool participants is that participant’s share of the total premium for the pool. Each premium may be adjusted to reflect any special characteristics of the particular policy. As will be seen in the next section, the larger the policy pool, the more predictable its results.

Normally, only a small percentage of policyholders suffer losses. Their losses are paid out of the premiums collected from the pool of policyholders. Thus, the entire pool compensates the unfortunate few. Each policyholder exchanges an unknown loss for the payment of a known premium.

Under the formal arrangement, the party agreeing to make the claim payments is the insurance company or the insurer. The pool participant is the policyholder. The payments that the policyholder makes to the insurer are premiums. The insurance contract is the policy. The risk of any unanticipated losses is transferred from the policyholder to the insurer who has the right to specify the rules and conditions for participating in the insurance pool.

The insurer may restrict the particular kinds of losses covered. For example, a peril is a potential cause of a loss. Perils may include fires, hurricanes, theft, and heart attack. The insurance policy may define specific perils that are covered, or it may cover all perils with certain named exclusions (for example, loss as a result of war or loss of life due to suicide).

Secure You, Your Family and Your Assets- But How ....

General Insurance, also known as Non-Life Insurance. It comprises of an extent of insurances that provide specific covers to the insured against specific forms of eventualities.

The disparity between life insurance and non-life insurance is that while the prior protects the insured against risks of death, the second protects him/her against risks associated with life such as Health, Motor, Fire, Burglary, Theft, Illnesses, accident, etc. By its very definition, it can be estimated how wide a category.

General Insurance is. Motor Insurance, Health Insurance, Travel Insurance, Home Insurance, Business Solution, Project Solution, Liability Solution, Export Solution, Rural Solution.

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Life Insurance Plays an Important Role in Our Life

It is essential to ensure the safety of you and your loved ones, where Elite Wealth may assist you to choose a best insurance policy. Elite Wealth advice you for full network of insurance as per your requirement - , i.e. Life & General.

Traditionally, Life insurance used to provide financial protection to your family and dependents in the event of any unforeseen event or your untimely death. But nowadays, life insurance has become synonymous with savings, wealth generation and protection. Life insurance companies provide plans through which you can not only secure the financial future of your dependents in the event of death but also build wealth for them and be financially secure from eventualities such as disease and disability.

Ensuring your family’s well – being by securing their future with a Life insurance policy. No financial planning is complete without Life insurance. Life Insurance Policy provides you assurance that your family will get financial security and support even when you are not around. Elite Wealth advice you different life insurance products:

TERM PLAN :
As the primary earning member, make sure that your family is never lacking in anything even if you are not around. Explore our Protection Plans that guarantee maximum protection at a low cost.

CHILD PLAN :
As parents you would never let money come in the way of fulfillment of your children's true potential. These Child Plans allow your children to dream big and soar high.

GROWTH PLAN :
Luxury car, foreign holiday or dream house, create your own wish list and make it come true. These Growth Plans will let you live the life you deserve.

RETIREMENT PLAN :
Let your golden years be the most precious of your life, full of freedom and choice.  These Retirement Plans will let you live the life you deserve.

SAVINGS & INVESTMENTs PLAN :
Insurance acts as a secure tool to maximize your savings and offer that much-needed protection. Savings plan takes care of market conditions and secures your investments. It is a systematic and sure way of fulfilling dreams.

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