How do We Differentiate Three Kinds of Insurance?
We know three kinds of insurance that familiar to us. First is life insurance. It is a contract between the owner of policy (insurance company) and the insurers based on an agreement by paying sum money as assurance when they die or undergo another event like illness, accident, etc. life policy is a legal contract and the terms of the contract describe the limitations of the insured events. Second is auto insurance. It also knows as vehicle insurance, car insurance and motor insurance. Its primary use is to provide protection against losses incurred as a result of traffic accidents and against liability that could be incurred in an accident. So, it also makes some agreement with the owner of policy to pay sum money. This insurance is given both the vehicle and the driver.
