sme insurance Singapore

Classification of insurance and insurance products

An insurance product is a package of services provided to the insured by the insurance undertaking for a specified fee, from the time of conclusion of the insurance contract until its termination. These products can be divided according to several criteria. The major separation is required and voluntary insurance. Compulsory insurance is the one that is required by law. There are the following types:  sme insurance Singapore universal compulsory insurance, such as third party liability insurance for motor vehicle owners, farmers or tax advisors, and compulsory specific liability insurance, e.g., statutory auditors or court bailiffs.

The most popular types of insurance

Single of the nearly everyone well-liked types of insurance products is compulsory third party liability insurance for motor vehicle owners. A little further is the type of group life insurance, which in most cases, is organized by workplaces  sme insurance Singapore, guaranteeing fairly favorable conditions due to the number of insured, which is why it is one of the more willingly concluded contracts. An issue that may discourage people from taking out insurance is the fear of losing the money paid into the policy or problems with paying the benefit. However, a number of institutions have been created that act for the benefit of clients and those that associate and support insurance companies. Supervisors are obliged to check the companies for solvency, the right to obtain information on the compliance of their activities with the law, and how they are carried out. In the event of negligence on the part of the plant, he may even be withdrawn from the business license.