Insurance is a protection against financial loss arising on the happening of an unexpected event. Insurance companies collect premiums to provide for this protection and losses are paid out of the premiums collected from the insuring public.
Insurance is a hedge against the occurrence of unforeseen incidents. Insurance products help you in not only mitigate risks but also help you by providing a financial cushion against adverse financial burdens suffered.
An insurance endorsement/rider is an amendment to an existing insurance contract that changes the terms of the original policy. An endorsement/rider can be issued at the time of purchase, mid-term or at renewal time. Insurance premiums may be affected and adjusted as a result.
Premium is the fixed amount of sum paid over the period by the insured to the insurance company to take the insurance policy and to complete the contract of insurance. The amount, which the insured has to bear in all cases and this amount is first, deducted from the total assessed payable claims amount before determining the insurance company's liability. How can I renew the policy?