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Insurance could be a legal agreement between 2 parties i.e. the insurance company (insurer) and therefore the individual (insured). In this, the insurance company guarantees to create smart the losses of the insured on happening of the insured contingency.
The contingency is that the event that causes a loss. It is the death of the customer or damage/destruction of the property. It’s known as a contingency as a result of there’s associate degreeuncertainty concerning happening of the event. The insured pays a premium reciprocally for the promise created by the insurance firm.
2. What are the kinds of insurance out there in India?
Insurance in Bharat is generally divided into 3 categories:
Life insurance As the name suggests, insurance is insurance on your life. you purchase insurance to create positive your dependents are financially secured within the event of your untimely end. insurance is especially vital if you're the only wage earner for your family
Health insurance, Health insurance is bought to hide medical prices for overpriced treatments. differing kinds of insurance policies cowl associate degree array of diseases and ailments. you'll be able to purchase a generic insurance policy similarly as policies for specific diseases.
What is Mortgage?
A mortgage loan or direct access to a mortgage is done Either to raise real estate to buy real estate by real estate buyers or is used by existing property owners to raise funds for any purpose, while the property Is mortgaged. Loans are known as mortgage origins, through a process, "safe" on the borrower's property.
can be a mortgage holder,
or they may be business mortgage business property (for example, give their business premises, residential property tenants or an investment portfolio). The lender will usually be a financial institution, such as a bank, a credit union or a building society, depending on the country concerned, and debt arrangements can be made directly or indirectly through intermediaries. Features of mortgage loans such as investment size, the maturity of the loan, interest rate, method of payment of debt and other characteristics can vary considerably. The lender's rights on secured assets take preference over other borrowers of the borrower, which means that if the Receiver becomes bankrupt or insolvent, then the other creditors will be liable to pay the outstanding loan only to them by selling the secured property if the mortgage lender is the first to complete Repaid.