What is insurance police? Types of Insurance Policy.

What is insurance police?

A person or entity who buys insurance is known as an insured or policyholder. … The insured receives a contract, called the insurance policy, which details the conditions and circumstances under which the insured will be financially compensated.

It is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. An entity which provides insurance is known as an insurer, insurance company, or insurance carrier. A person or entity who buys insurance is known as an insured or policyholder.

Type of Insurance Policy

1 Term Life Insurance
2 Whole Life Policy
3 Endowment Plans
4 Unit Linked Insurance Plans

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