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2012-11-08 13:29:17
2012-11-08 13:29:17

there are two types of insurance

1. Life insurance

2. General insurance

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Since human needs vary, there is necessity for different types of insurance policies. While life insurance policies cater only policies related to individual life, general insurance has vast categories ranging from medical insurance, shopkeepers policy, householders policy, fire and burglary policy, marine policy, money transit policy and so on. Each policy cater to specific needs of the person or concern as the case may be.


There are two types of insurance: life and general. There are subcategories under these two categories.


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There are two types of insurance companies: life insurance companies and casualty and property insurance companies.


An insurance policy and a will are two separate things. The policy is a contract between the insured and the insurance company. The beneficiary of the insurance policy is spelled out in the contract. The insurance company will pay the insurance proceeds to whoever is listed to receive the proceeds. The proceeds from an insuranc policy can be paid into the estate of the deceased and disbursed according to the terms of the will. The issue is who is listed as being the beneficiary of the insurance policy.


The Contestability Period in a life insurance policy is usually two years. You can find this by looking at the "Incontestable Clause" in your life insurance policy The Incontestable Clause states that after the life insurance policy is in force for two years, the insurance company cannot void it because of misrepresentation or concealment by the insured in obtaining the policy.


Someone would get two different types of car insurance if their policies covered things the other didn't. For instance, If one policy covers physical damage but not bodily injury, the person may have a second policy specifically for bodily injury. Sometimes it is also cheaper for people to have two different policies.



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Borrow - No. You cannot borrow directly from your insurance policy. But, you can borrow with your insurance policy as "collateral". Only certain types of insurance policies where there will be a guaranteed payout at maturity will be eligible for loans. Simple pure term policies that pay nothing if you outlive the policy period will not be eligible for these type of loans.


Two people in separate households can have the same insurance policy. Usually, you can give the insurance company separate garaging addresses.


A level term insurance policy can be less expensive than other types of life insurance. However, the longer the term, the more expensive the premium will be.


The Incontestable Clause in a life insurance policy states that after the policy is In Force two years, the insurance company cannot void it because of misrepresentation or concealment by the insured in obtaining the policy.


This one is easy. If you have an automobile you need auto insurance. If you have a motorcycle you need motorcycle insurance. These are two different types of policies and one will not cover the other. Some insurance companies offer both types of policy so you can purchase both policies from the same company but if you own both you have to have both policies.


Yes, you can have more than one insurance policy.


Combining several insurance policies is a very fast way to lower your monthly bills. Many people have several different types of insurance, such as homeowner's insurance, life insurance, auto insurance, and health insurance. It's important to realize that some insurance companies offer all of these policy types and may provide special deals for individuals who purchase multiple types of insurance under the same policy. Contact your insurance company or look online for rates on various insurance types, then ask about putting a few different policies under the same provider in order to get a special discount.



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