What are the essential features of life insurance what are its kinds explain?

The presence of a lawful consideration is essential for a legal contract. The insurer must have some consideration in return of his promise to pay a fixed sum at maturity or death whichever may be the case. The consideration need not be money only. It should be anything valuable or to which value may be assigned.

What is the importance of insurance?

Buying insurance is important as it ensures that you are financially secure to face any type of problem in life, and this is why insurance is a very important part of financial planning. A general insurance company offers insurance policies to secure health, travel, motor vehicle, and home.

What are features of life insurance?

Features of life insurance plans

• Issued in the name of the policyholder.
• Flexible premium payments.
• Customizable tenure.
• Customizable sum assured.
• Pay-out on death or on maturity.
• Ability to assign nominees.
• Features an investment component.

What are the most important things in life?

The 12 Most Important Things in Life

1. Health. Being healthy is the single, most important part of our existence – without good health, our lives can be cut short.
2. Family.
3. Friends.
4. Love.
5. Purpose.
6. Passion.
7. Wellness.
8. Education.

What is the importance of insurance to the libraries?

Independently governed libraries are responsible for protecting the public’s library assets. In addition to good management practices, insurance coverage is one way to protect assets, maintain service during emergency situations and be aware of risk management issues.

How important is or how important it is?

1 Answer. The normal way is How important is it? A good rule is: If you are asking about a quality, say How. (Another way to think of it is, if you could answer with very, use how.)

What are less important things in life?

What Is Not Important in Life

• Trying to make everyone else happy. I used to try to make everyone else happy.
• Listening to what other people say you should do with your life.
• Living in the past or future.
• Refusing to learn from mistakes.
• Holding on.
• Worrying.
• Acting on your thoughts and feelings.
• Following anyone.

What are 5 important things in life?

So, regardless of where you are in the world, the most important things on your list should include the following.

1. Health. Being healthy is the single, most important part of our existence – without good health, our lives can be cut short.
2. Family.
3. Friends.
4. Love.
5. Purpose.
6. Passion.
7. Wellness.
8. Education.