About Professional Mortgage - Company History

Here are some of he frequently asked questions about insurance.

What are the kinds of insurance? There are two major types of insurance. The life and the non-life insurance. The life insurance, as the name suggests, protects the family of the person in case something happens to him. When a person who is insured dies, the money that he insured will be given to the beneficiary that he has chosen.

The non-life insurance is an insurance that protects properties. Under this category, there are several different types. There car insurances, which protect automobiles from wreckage in case of accidents; property insurance, which protects properties especially houses from fire and other forms of destruction; deposit insurance, which most banks have in order to protect their depositors from losing their money in case the bank suffers financial setbacks; and health insurance, which helps in covering for medical and hospital costs. Among the various non-life insurance, the most popular is the health and car insurance.

Some insurance also provide for the future. Some of the insurances are retirement plans and death plans, which covers for burial costs.

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What is the difference between a premium and a face amount? Premium refers to the amount that you have to pay every year for the insurance. Some insurance companies also offer to divide the premium into monthly installments to help their clients. The face amount on the other hand is the amount that you have insured yourself into. For example, if the face amount in your policy is set at £500,000, then your beneficiary will receive £500,000 when you die.

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What do you mean by double indemnity 

Some insurance policy offer an accidental clause that would double the face amount in case death has been established as accidental. This is done to protect the insured family in case of an untimely death. Double indemnity means that the face amount will be doubled when death is accidental.

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