Insurance

There are various types of insurance. There is medical insurance, which covers you against illness. Under the terms of this insurance policy, the insurance company pays for your medication in hospital if you fall ill. There is also motor insurance, which is used to insure motor vehicles. Most cars are insured under Comprehensive Insurance Policy. If the car is stolen or gets totally damaged in an accident, the insurance company pays you money to buy another car.

Fire insurance is another type of insurance, which covers property against fire. If your factory catches fire and all equipment is damaged, you will be compensated by the insurance company. Another type of insurance is marine insurance. This is the insurance that is used to cover goods that are transported by sea. If you import goods from another country and the ship capsizes while at sea, the insurance company will pay for the loss.