Insurance is a relevant word of risk. If any risk has quantified quality of their potentiality its can be insured. Peril is specific kind of risk. An insurance policy has vast knowledge about which peril covered and which is not. There are many categories of insurance.
A single policy may covered one or more categories at the same time. Insurance policy has various sector of insurance based on type of risk.
The risk can be life, building, vehicle, certain accident, and business risk.
Based on risk the formality of insurance policy is varied. Such as in the process of life insurance policy is more sensitive and strong than others insurance policy.
To fulfill the term and policy need doctor certificate and personal detail but it’s not so necessary for other insurance policy.
At the same time in a vehicles policy show two type of policy such as certain accident and depreciation based policy.
In the united state of America, for a home insurance the insures judge about damage of home and legal claim of owner even a single cost of injured cost of guest with owners property. For business insurance the insurance company take different type of form alike professional liability insurance.
It also known as professional indemnity. The insurance company also analysis about how homeowners insurance package covered by that person.
They also collect legal papers of ownership of the business ship. After fulfill all type of document the company give permission for needed insurances policy. Insurance company always very strict about their rules and term.