Insurance is a contract between two parties' insurer and insured in which one party (the insurer, in return for a certain and agreed amount of money, called the premium), assures the other party (the insured) to make good any financial loss. The insured may suffer as a result of the occurrence of the specified, insured, and unforeseen events (perils) that take place within the period described in the contract.

There are two types of insurance in the market, namely Life Insurance and Non-Life or General Insurance. Life Insurance provides cover for human and human related things. We at United Insurance only issue Non-Life Insurance.

Non-Life or General Insurance provides cover for all the rest (house, warehouse, industry, vehicle etc.) apart from that covers in Life Insurance. However, Personal Accidents, Personal Medical, Third Party Liability, Production Liability, Travel Trip are also covered in Non-Life Insurance. The nature of Non-Life insurance cover is normally short term, such as one year.

Underwriting is the process of determining whether the risk is acceptable to the insured, and if so, what percentage is acceptable to the insured. Insurers cannot accept all applicants. The insurer is responsible to the current policyholder to ensure that all contractual obligations under the existing insurance contract are met. An insurer's ability to meet its contractual obligations is impaired if the insurer issues a policy against the claimant that presents a risk that is uninsurable or a risk that requires premiums higher than the insurer can afford. Commercial insurers, on the other hand, want to make money and increase the number of insurers. No insurance company wants to unnecessarily turn down applicants. All these factors should be considered during the acquisition process. Insurance companies are also regulated by the states in which they do business. The state expects insurers to set reasonable and non-discriminatory standards to accommodate insured persons. Regulation is another important factor in the acquisition process. Most risks are regulated by tariffs.

The purpose of the form is to obtain information from the insured to issue an insurance policy. The information is as follows:  Name and address of the applicant; Details of proposed assets, people, responsibilities, etc. ;  Location, shipping route, etc. proposed project; Ownership, age, etc. of the proponents, the nature of the activity for the responsibilities, etc. ; Recommended Value, Limit of Liability, Amount Insured, etc. to make sure; Compulsory risk; · Duration of insurance; Past insurance records and claims etc.

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