Buy General Insurance for free, 9apps download Insurance

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Welcome to the 9App play store for selection of apps and videos and all other downloads –

The 9Apps site is a store which has apps for different usages and offers free download. It is a safe and secure site and offers many informative and leisure apps.

What is insurance?

Insurance is the process of safeguarding any expected threat to the asset or the person in the form of a fixed payment which gives the coverage to the value of the asset or the life. It is an unexpected event which may or may not arise but still steps have to be taken to protect the self. If any feared loss to the assets does not thankfully happen, the premium amount is the cost that one has to bear. It is just like buying an umbrella while anticipating rains. If the rain does not come, then cost of the umbrella is the investment that has been incurred.

Understanding some facts about risks –

  • Primary burden of risk – It is the direct losses suffered by any person, business or household It can be estimated and measured. To take an example, if a fire destroys the factory of a business, the losses suffered is equal to the cost of the value of goods in the factory, the machinery cost , the building cost, the furniture cost etc.
  • Secondary burden of risk – This is not directly measurable but it is calculated through the supposed cost that would accrue out of any eventuality that can happen. It also includes the mental burden, stress and anxiety that come as part of the overall insecurity.
  • It becomes necessary to protect the primary and eliminate the secondary.
  • Risk retention – In this type of risk, the burden is on the owner of the risk itself. So any loss or eventuality that happens due to the risk will have to be carried by the owner.
  • Risk reduction – In this type of risk, the owner transfer the risk to others says like an insurance company so that his assets or life is covered from losses. It is also known as loss prevention.

The main aspects covering Insurance:

  • The Asset – The asset can be described as something which has an inherent value to it. This includes immovable assets like land, house, furniture, vehicle, goods. It can also include the human life. This is because they have a capacity to earn and they have the ability to earn for a long time. Suppose a person earns Rs 100 every month and he is planning to work for next 20 years. Hence his asset cost will be = 100*12*20 = Rs 24000
  • The risk insured against – The specific risk against which the asset has to be protected. The risk to each asset is different. In the human being the death is the biggest risk and the second biggest risk is any form of body inability.  If it is a vehicle then theft or damage to the vehicle is the main risks.
  • Contract – This is an agreement between the 2 parties. They are the insurer which covers the risk and pays the amount and the policy holder who gets the coverage amount against which they have to pay a fixed lump sum known as premium.