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Insurance

1. National Life Insurance Co. Ltd.

2. Popular Life Insurance Co. Ltd.

3. Al Arafah Islamic Insurance Co-operative Ltd.

4. Al Baraka Life Insurance Ltd.

5. Islami Bank Insurance Branch.

. Pragati Life Insurance Ltd.

All these insurance companies are conducting their activities through offices, agents and booths in Titas Upazila.
Insurance


Insurance is the transfer of equitable and specific risk of possible loss of life, property or property in exchange for money. This allows the individual or insurance company to take partial or all possible risks from the client in exchange for money (premium). This is part of risk management to avoid unforeseen losses.
Principles

By paying premiums to the insurance companies, the insured person or organization is free from all possible losses and the insurance companies increase their capital by collecting premiums from a large number of insured persons or organizations. In addition to the co-operation of the insuring company, one can save money privately and be free from the worries of potential risks. [1]
Insurance eligibility

In order to be insured by a private company, seven insolvency principles have to be followed:

1 Existence of many factors that may cause similar losses: Since an insurance company pays compensation for losses, in reality there must be a large number of factors that can cause such losses. For example, Lloyds of London is famous for insuring the lives of popular artists and players and their vital organs. The material that Lloyds of London insures here exists in large quantities in real life, and although these elements may not be the same, they can be categorized.

2 Specific Losses: This means that the insurance company will be contracted to compensate for only one or more specific losses. For example, if a car has only fire insurance, the insurance company will not be obliged to pay any compensation if the car is lost.

3 Accidental damage: That is, the amount of damage must be out of control. If any damage is caused due to negligence, it may not be compensated.

4 Large loss: The amount of loss must be reasonable relative to the insured person.

5 Premium must be affordable: No matter how large the potential loss, the insurance premium must be within the reach of the insured.

পরিমাণ The amount of loss must be quantifiable: Since all losses cannot be compensated and the insurance company can only compensate in money, the potential loss must be measured in money.

পরিমাণ In case of natural disasters, the amount of compensation will be limited: For example, the extensive damage caused by floods or earthquakes, insurance companies refrain from paying this amount because such a large amount of compensation is not possible for a single insurance company.
Life insurance
Main article: Life insurance

Life insurance is a strategy for transferring or avoiding the risk, loss, or danger of death. In modern times, life insurance serves as an effective means of relieving the insured or his family members of financial loss in the event of death or old age of the insured. [2] [3]

Life insurance is a contractual arrangement in which the insured or the insurance company promises to pay a pre-determined amount after a certain period of time or after his death in return for the premium paid by the insured. Life insurance is thus a modern contract executed between the insured and the insurer in return for a fixed premium payment which the insurer promises to pay to the insured or his heirs or his nominee after his death or at the end of a certain term.