A Business of Caring
Insurance is that form of risk management, which is primarily used to a boundary which is formed against the risk of a subject to chance or uncertain loss. Insurance may be defined as the equitable transfer of the risk of a loss, from one being to another in the exchange of the payment.
Insurance is a contract where the insurer undertakes to make good the loss of another person which is known as the insured by payment of some money which happened on the specific event. There are many cheap auto insurance companies in Bryan, who provide better policies to the customer. There are few terminologies that are used in cheap auto insurance. They are-
- Subject matter
- Insurable interest
- Insurable risk
Below are some of the criteria that are determined, whether a risk can be insured or not:
- The risk can arise from the ordinary course of business and should not be artificially created by the parties.
- The risk that will be mentioned should be common enough which justifies a nominal cost.
- There must be an element of uncertainty which occurs the risk or the time of occurrence.
- The insured party must have a real interest in avoiding the risks.
Following are the fundamental principles of insurance:
- There should be essential elements of the valid contract. The contract must be between those two parties are the insurer and the insured person. The contract that is done should be in written. It should have a valid offer, acceptance and the consideration.
- There should be utmost good faith between both the parties.
- The term of the policy should be explained in serial manner and there should be no doubt between the parties which may suffer in the future.
- An insurance must cover these four requirements- offer and acceptance, consideration, capacity, legal purpose.
- Insurance can be made with the cash payment, repair, replacement, reinstalments.
Insurance can be classified into two main parts:
- Life Insurance: it can also be subdivided into two parts-
- Pure Life Insurance
- Term Life Insurance
- General (Non-Life Insurance): it can be divided into three subparts-
- Fire Insurance: a) Liability
- b) Aviation
- c) Agricultural
- Marine Insurance: a) Consequential fire
- b) Engineering
- Motor Insurance
Cheap Auto Insurance Bryan companies in Bryan provide the best policy at an affordable price and which is affordable by a common man.