Different forms of Insurance

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The Insurance Companies Dubai along with insurance authorities are working for the betterment of the people looking for several kind of insurance, in order to do so the insurance companies have introduces quite a few regulations and procedures that could prove to be helpful in providing detailed information about the requirements and detailed information which are necessary to be known to the insurers, brokers, re-insurers, advisers or the agents dealing with both parties that is the insurer and the insured, the insurance authorities enable both parties to make them understand the laws governing the various insurance policies.

Insurance which are being provided by the Insurance Companies Dubai are classified under two broad categories that is the General Insurance and the other one is the Life and Medical Insurance. Both these categories are further categorized under several other classes of insurance such as the General Insurance is divided into motor insurance, marine, fire insurance, liability and Engineering insurance, whereas, Life and Medical insurance is further categorized into life insurance under which numerous other things are also being covered.

The term life insurance can be defined as the coverage that is being provided for a certain period of time over a specific rate or fixed rate of payment. Once the duration of insurance is completed or is expired than the coverage is no longer effective and the insurer does not bear any sort of responsibility, in order to avail the benefits again the insured needs to renew the agreement which is again based on the fixed rate of payment and also is for particular interval of time. If some one does not wants to continue with the life insurance policy than after it is being expired the individual may forgo the agreement and does not go for the renewal. Most of the times term life insurance is given the credit of being the least expensive way of getting benefit after one’s death. It can further be differentiated into permanent life insurance such as variable universal life and whole life and universal life, all are based on the same method of fixed premium payment for certain interval of time or the life time as per the coverage of the policy.

Coming up to the other forms of insurance among which the most common one is the Car Insurance. There are numerous Vehicles Insurance Companies that are running their affairs in UAE; unlike any other location of the world car insurance have a great variation in the customer services and level of satisfaction. It is very much possible that you may find people complaining about the repair works that has been made and that is because of the reason that Vehicle Insurance Companies are usually interested in the amount of premium that they get than to repairs that have to be made after the damage has taken place. Another important thing that has to be brought under consideration is that the vehicle insurance can be enjoyed so easily, sometime the manufacturing of the vehicle becomes an issue for the insurance companies or at times the driver’s age creates hindrance in availing the insurance for the young drivers.

Author Bio
Andy Robert is a reputed Term life insurance agent, and has been working in the local Insurance companies Dubai and Car insurance business for the last three years. He has worked as a consultant with a number of reputed financial institutions, and is currently residing in Abu Dhabi.

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