whether insurance policy is a product or service?

Answer 1

Insurance policy is a service only. But it is also to gain profit. They estimate the average life time of the citizens and then only fixing their premium for life insurance. But there is also risk in it. There is a popular investment principle "Largest expected returns are associtated with riskiest ventures"

Answer 2

From Business perspective Insurance is a Service. But to bring in more clarification, it is a contract between two parties i.e. the insured and the insurance company.
There are a few characteristics that classify Insurance as a Service - like it is intangible, perishable, most important is involvement of service provider (insurance company in this case) is there till the contract is void. In contrast Product is Tangible and the ownership is with the customer as soon as product is purchased and the company involvement is over

Answer 3

Insurance policy is a product giving security to the dependants of the insured. After taking a plicy what the insured or his dependants get is a service

Answer 4

I would venture to say that insurance is a PRODUCT that we buy for protection from something, be it LIFE insurance in case of our death to help a family with expenses, or AUTO insurance in case of an accident to help recover our losses in that situation, or PROPERTY insurance in case of losses incurred say for example storm damage. When we file a claim for any of the forementioned types of insurance then it becomes a SERVICE. The insurance policies we purchase as a PRODUCT are to help us recover our losses and return life to normal as possible based on our policy agreements and financial limits in our insurance policies. That is the SERVICE part. Make any sense to you? That's the way I've experienced what insurance is. If you never file any claims, its always a PRODUCT.

Answer 5

Service.

Answer 6

i don't need to answer any more of ur question becoz everybody said it right.
i m also an insurance advisor.basically in our company we use the term product but to the customer it is a service given by a company or u can say intagible product.
basically,insurance and banking are service sector market

Answer 7

Insurance policy is non tangible product and Insuance Industry is service sector.

Answer 8

Technically, neither.

An insurance policy is a legal contract that contains a promise that if a specified event occurs, the company that underwrites the promise will pay the designated party up to the limitations stated in the contract, barring fraud or deception.

Answer 9

insurance policy is a service not a product
insurance companies provide protection against risk of loss
they provide protection against loss
insurance is an agreement between two persons by which one of them undertakes to indemnify by the other against a loss"

Answer 10

i say both its a product base on service
why i feel this until unless u wont by u will not get service and once u buyed u r totaly depend on sevice.

but why u want to know this

i feel u want to know smething else