Accident insurance is a type of insurance where the policy holder is paid directly in the event of an accident resulting in injury of the insured. The insured can spend the benefit payment however they choose. Accident insurance is complementary to, not a replacement for, health insurance.
Origin Of Insurance
The creator created various obstacles along with the creation of the world. That is, as he has shown the way for people to walk, he has also created various obstacles on the said path. Just when people try to overcome one and move on, another obstacle appears. That is why the best creature of creation is timeless. People are not afraid of obstacles. He is always trying to figure out how to overcome these obstacles. At one time, diseases like diarrhea, tuberculosis etc. were considered as a death warrant for people, but now people have conquered the diseases by discovering medicines for these diseases. Now people don't think of it as a cause of fear. And if cancer or AIDS is considered a death warrant at present, maybe someday it will also be brought to people's hands. In this way, one after another will be won. In the case of insurance business, people first introduced marine insurance to cover various accidents or hazards on the river in trade and commerce. After marine insurance, people introduced fire insurance to protect themselves from the horrors of fire. Then people invented life insurance to get rid of the financial uncertainty of their personal life. But still people did not stop. He is constantly thinking and thinking. People are trying to protect themselves from danger.
And as a result of this, people have discovered many types of insurance systems.
Accident insurance, specific disease insurance, medical insurance etc. for the accident of these insurances. Again, for property accidents, automobile insurance, air insurance, crop insurance, cattle insurance, engineer insurance, theft insurance, plate-glass insurance, theft insurance, robbery insurance, war risk insurance, rain insurance, freezer insurance etc. Employer's Liability Insurance, Public Liability Insurance, Product Liability Insurance, Professional Indemnity Insurance etc. to cover the liabilities/debts of the people. Export credit insurance has been created to help businesses, especially exports. In short, wherever there is risk, people are trying to provide safety measures, to reduce human risk. As the days go by the people's thinking will increase and along with the safety measures which is the expansion of insurance.
A variety of natural and moral hazards surround some totally unexpected and sudden events or situations over which humans have no control and which result in one or more parties being affected. And because of these unimaginable and unthinkable reasons, any human preparation in this regard is called an accident. Accidents are caused by every moment of danger in the path of man. Accidents are not complete. Such accidents cause a lot of damage to human life and property. Accident insurance is a financial defense against loss of life and property due to accidents. In other words, accident insurance is an indemnity contract entered into between the insurer and the insured under which the insurer promises to indemnify the insured against personal and property damage caused by an accident. An accident is an unlooked for mishap or an untoward event which is not expected or designed. Again accident is described by some as a violence, but actually accident is any unexpected event that causes property or personal damage to people. Accidents cause great calamities immediately - but people do not even know or think about it. After the above discussion, we can say that the contract executed between the insurer and the insured to obtain financial relief from the loss of life and property caused by a sudden and unexpected event is called accident insurance. However, personal accident insurance is not based on the principle of indemnity. This is because personal injury cannot be covered if there is any physical damage to the person. However, efforts are made to compensate those who suffer financially.
Type Of Accident Insurance
It is unimaginable that some untoward incident will not happen on the way of people. Similarly, people cannot think about when, where and what kind of danger will happen. As the speed and complexity of life increases, accidents and uncertainties also increase continuously. Hence the coverage of accident insurance is wider. The scope and scope have been left wide open so as to adequately cover new casualty matters under life, marine and fire insurance. No they are mostly covered under accident insurance. Even engineering, navigation or aviation accidents are covered by insurance. Accident insurance can generally be of three types.
1. Personal accident insurance: Personal accident insurance is of different types. For example:
- Accidental death insurance;
- Accidental disability insurance;
- Certain Disease and Accident Insurance;
- Any form of sickness and accident insurance;
- Medical and hospital expenses insurance etc.
2. Assets accident insurance: Property accident insurance is when the insurer contracts with the insured promising to cover any loss of property due to an accident occurring unexpectedly. Insurances that are not properly covered under marine, fire, life insurance are now often covered accident insurance is included. That is why many types of insurance policies are issued from the accident branch. The following insurances are included in property casualty insurance:
- Motor vehicle insurance;
- Aviation insurance;
- Crop insurance;
- Theft or burglary or theft insurance;
- All contractual risk insurance;
- Engineering insurance;
- Collision insurance;
- Insurance of plates, glass etc.;
- Livestock insurance;
- War Risk Insurance etc.
- Cold storage insurance etc.
3. Liability insurance: If any person or property damage caused by another person or organization takes insurance, it is called liability insurance. If there is any fear of injury or death of workers of industrial establishments or office-courts or passengers while traveling by road, sea or air, then the employers or owners shall provide their workers, employees or passengers with partial peace of mind and comfort from the said risk. A type of group insurance is arranged in the name of workers or passengers which is called liability insurance. Through this insurance, the responsibility of paying compensation to the owner or employer due to the accidental loss of the workers in the relevant case falls on the insurance company. In return the owner or employer has to pay only a small amount of premium. As a result of this type of insurance system, it is possible to gather skilled workers or adventurers in many risky activities or expeditions. The following liability insurances are covered under accident insurance:
- employer's liability insurance;
- mass insurance;
- product liability insurance;
- Professional Indemnity Insurance etc.
Apart from the above insurances, accidental liability caused to third parties for motor vehicle, aviation is also covered under this type of insurance.