Frequently Asked Question

Why is insurance important?
Insurance is important because it protects a person or entity from extreme financial loss or responsibility due to an unfortunate emergency, accident or negative unforeseen event. There are many different kinds of insurance, some of which cover a person and some of which cover businesses and other entities. There are many different types of insurance, but Investopedia says the most important types of personal insurance people should consider having in place include: long-term disability insurance, life insurance, health insurance, homeowner's insurance and auto insurance. Businesses should consider carrying property, general liability and professional liability insurance. Insurance can protect people from financial devastation should the worst-case scenario happen. In the case of a car accident, for example, the insurance company will usually cover medical expenses and the cost to repair the car or purchase a new one. Health insurance helps to cover the day-to-day costs of doctors and prescription medications, but most importantly, it picks up the bulk of the cost should someone be diagnosed with a chronic or major medical condition, such as cancer. Business insurance can save a company from financial ruin in cases like medical malpractice, slip-and-fall injuries on the business property or injuries that may happen to an employee on the job.hide


What is auto insurance?
Auto insurance provides coverage against financial loss in the event of an accident. An auto insurance policy is a contract between the vehicle owner and an insurance company, whereby the owner pays a premium to receive coverage for damages, repairs and other costs stipulated in the contract.In most states, vehicle owners are required to purchase automobile insurance to mitigate costs associated with car accidents. An auto insurance policy consists of a premium and a deductible. The premium refers to the amount of money the insured driver must pay for a specific policy, while the deductible refers to the out-of-pocket payment required for damages before the policy can start contributing. The premium associated with auto insurance policies varies depending on the policy holder’s age, driving history, accident history, years of driving experience, location and type of coverage. State laws mandate a minimum level of coverage; however, vehicle owners can choose to purchase additional forms of coverage. The six categories of coverage include bodily injury liability, personal injury protection, collision, comprehensive, property damage liability and uninsured motorist coverage. Collision coverage is the most standard auto insurance policy and pays for damage to the insured individual’s vehicle in the event it overturns or hurts another car or object. Comprehensive coverage provides protection in the event the vehicle is stolen, vandalized or damaged from weather, fire or any other cause other than a collision.hide


What does GAP insurance cover?
Guaranteed asset protection (GAP) insurance covers the amount owed on a car in the event that an accident occurs. Typically, insurance companies that declare a vehicle to be a write off only pay their clients the value of a car, and not any additional costs associated with its financing, as outlined by Allstate Insurance.When a car leaves the dealer's lot, it immediately loses some of its value. In the event of an accident that totals a car, an insurance company will pay the current market value of the car and not any difference between that amount and the amount owed on a loan, as explained by Fox Business. With basic car insurance, this can lead to a situation where the money received from an insurance claim is less than the money owed on a loan. If a driver owes $18,000 on a vehicle loan and the insurance company determines that the current value is $16,000, that leaves a gap of $2,000 that needs to be paid on the loan. GAP insurance covers the costs of paying back the loan after the claim money is received by the financial company. GAP insurance doesn't cover interest being charged on a loan, late payments or failure to pay back money because of financial difficulties.hide


What is Life Insurance?
A life insurance policy is a contract with an insurance company. In exchange for premium payments, the insurance company provides a lump-sum payment, known as a death benefit, to beneficiaries upon the insured's death. Typically, life insurance is chosen based on the needs and goals of the owner.hide


What life insurance products does JK Insurance Marketing Pvt Ltd. offer?
JK Insurance Marketing Pvt Ltd. insurance company offers life insurance products that people can tailor to their individual needs, such as marriage, home buying and starting a family, as its official website explains. As people's lives change over time, they can change the their policies to accommodate those changes. Life insurance is necessary for family members to pay a number of different bills and costs if something happens to another member of their family, according to JK Insurance Marketing Pvt Ltd.. Things such as paying final expenses, funeral costs and medical bills as well as paying of debts, car loans and credit cards, can be accomplished with the proceeds from life insurance. Life insurance proceeds may also be used to provide for the lost income that family members depended on for everyday living expenses and help to pay future expenses, such as college tuition for surviving children. JK Insurance Marketing Pvt Ltd. also has a number of other insurance products. The company offers accident insurance products, hospital confinement indemnity insurance, specified disease for cancer insurance and specified disease for critical illness insurance. Disability insurance is also available through JK Insurance Marketing Pvt Ltd., and it pays for things such as mortgage or rent, groceries, travel expenses and credit card bills when people become disabled, as the company's website explains. hide


What is Mutual Fund?
A mutual fund is a pool of money from numerous investors who wish to save or make money just like you. Investing in a mutual fund can be a lot easier than buying and selling individual stocks and bonds on your own. Investors can sell their shares when they want. Professional Management.hide


What is General Insurance?
General insurance or non-life insurance policies, including automobile and homeowners policies, provide payments depending on the loss from a particular financial event. General insurance is typically defined as any insurance that is not determined to be life insurance.hide


What is Accident Insurance ?
Accident Insurance helps you handle the medical and out-of-pocket costs that add up after an accidental injury. This includes emergency treatment, hospital stays and medical exams, and other expenses you may face, such as transportation and lodging needs.hide


what is free look period ?
A free look period often lasts for 10 or more days (depending on the insurer), allowing the contract holder to decide whether or not to keep it; if he or she is not satisfied, the contract purchaser can receive a full refund for it.hide


what is sum assured in insurance ?
The sum assured is the amount of money an insurance policy guarantees to pay up before any bonuses are added. In other words, sum assured is the guaranteed amount the policyholder will receive. This is also known as the cover or the coverage amount and is the total amount for which an individual is insured.hide


what is premium in insurance?
ANSWER: An insurance premium is the amount of money that an individual or business must pay for an insurance policy. The insurance premium is considered income by the insurance company once it is earned, and also represents a liability in that the insurer must provide coverage for claims being made against the policyhide


what is loan ?
ANSWER: In a loan, the borrower initially receives or borrows an amount of money, called the principal, from the lender, and is obligated to pay back or repay an equal amount of money to the lender at a later time.hide


what is Graduatiy ?
ANSWER: Gratuity is a sum of money paid by an employer to an employee for services rendered in the company. However, gratuity is paid only to employees who complete 5 or more years with the company. It can be understood as a form of tip paid by employer to the employee for services offered in the company.hide


what is child education ?
ANSWER: Education is the road that children follow to reach their full potential in life. ... To advance learning, Save the Children supports education programs for children in the classroom and at home.hide


what is term insurance ?
ANSWER: An arrangement by which a company or the state undertakes to provide a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a specified premium.hide


what is health insurance ?
ANSWER: Health insurance is a type of insurance coverage that covers the cost of an insured individual's medical and surgical expenses. Depending on the type of health insurance coverage, either the insured pays costs out-of-pocket and is then reimbursed, or the insurer makes payments directly to the provider.hide