Professional Insurance

Insurance

Over the past few years, the need of insurance has increased and lots of insurance companies have come forward to lent their supporting hand or offer their services to combat losses. Indemnity Insurance is commonly known as the exchange of the transfer of the loss from one party to another in exchange of a premium. The insured party is known as "insured" and the risk bearer is known as "insurer." Normally, premium calculation is done keeping in mind prevailing rate of insurance in the market.

Usually, insurance companies are of two types, life and non-life. In life insurance, insurance companies provide security against the life of the insured, taken in the form of endowment or whole life scheme. However, in non-life, companies provide cover against loss non-life things including motor insurance, fire insurance, marine insurance and others. The basic point of difference in life and non-life insurance is their duration. Non-life insurance policies are given for a short period of time while life insurance policies can be taken for a whole life of a person.

Profesional Insurance market is one of the fastest growing markets of the world. Several companies are offering their service beyond the boundaries, making it high in demand.