Types of insurance
Any risk which can be quantified probably has a type of
insurance to protect it. If the coverage is unique, the insured
will pay a correspondingly more expensive premium. Lloyd's
typically accepts special coverages. (e.g. the insuring of Tina
Turner's legs).
Among the different Insurance Types are:
Vehicle Insurence In the GB named motor insurance, is
probably the Very common form of insurance and may contain both
legal liability claims against the driver and damage to the
vehicle itself. Over Virtually all of the United States
purchasing a vehicle insurance policy is mandatory to legally
operate a motor vehicle on the roads. Injury insurance insures
against car accidents, not necessarily attached to any specific
property.
Credit insurance pays Some or all of a loan back when
specific circumstances happen to the borrower like unemployment,
disability, or death.
Financial loss insurance covers people and firms against
different financial risks. For example, a business can buy
contain to secure it from loss of sales in case a fire in a
factory prevented it from carrying out its business for a while.
Insurance can as well cover default of a creditor to pay money
they owes to the insured. Fidelity bonds and surety bonds could
be included in this category.
Health insurance covers medical bills incurred due to
sickness or car accidents. Health insurance, which is coverage
for people to protect them against medical fees, is a very
emotional and political issue in the United States, which
doesn't have socialized health coverage. In theory, the market
for health insurance stipulation must function in a manner same
as other insurance coverages, but the skyrocketing cost of
health coverage has dismantled markets around the globe, but
perhaps Most noticeable in the United States.
Dental insurance, same as health insurance, is coverage
for people to secure them against dental costs. Dental insurance
typically goes hand-in-hand with health insurance, with Many
people in the United States getting it included in their health
insurance plan given by their employer. Together with getting
dental insurance given by your boss, there are ways to receive
dental insurance through resellers and companies for individuals
and families; although this way tends to be too costly for The
majority of indeviduals.
Liability insurance protects legal claims against the
insured. For example, a homeowner's insurance policy provides
the insured with protection in the event of an insurance claim
brought by someone that slips and falls on the property, and
brings a lawsuit for her injuries. Similarly, a doctor may
purchase liability insurance to cover any legal claims against
him in case his negligence (carelessness) in dealing with a
patient caused the patient injury and/or for short time harm.
The protection offered by a liability insurance policy is two
fold: a legal defense in the event of a lawsuit commenced
against the policyholder, + compensation (payment in the name of
the insured) with respect to a personal injury settlement or
court ruling.
Life insurance provides a cash profit to a decedent's
family or other designated beneficiary, and can specifically
provide for burial and additional final expenses. Annuities give
a stream of payments and are usually defined as insurance
because it is issued by insurance companies and supervised as
insurance.Pensions and Annuities which pay a gain for life are
occasionally perceived as cover against the possibility that a
retiree might outlive his or her financial resources. In that
sense, they are the offset of life insurance.
Disability insurance provides advantages whenever an
indevidual is permanently disabled and may not work in their
occupation, often taken as an add-on to life insurance.
Marine Insurance covers the loss or damage of goods at
sea. Marine insurance typically cover the owner of merchandise
for damges sustained from fire, shipwreck, etc., but excludes
losses that might be recovered from the ship.
Professional Indemnity Insurance is ordinarily a
mandatory requirement for professional practitioners like
Architects, Lawyers, Doctors and Accountants to provide
insurance cover against potential negligence claims. Non
licensed professionals may also buy negligence insurance, it's
commonly called Errors and Omissions Cover and covers a service
provider for claims made against them that arise out of the
performance of specified professional services. For instance, a
web site designer could obtain E&O insurance to cover them for
certain insurance claims made by surfers that arise out of
negligent performance of web site development services.
Property insurance provides protection against risks to
property, like fire, theft or weather loss. This includes
specialized forms of insurance such as fire insurance, flood
insurance, earthquake insurance, residence insurance or boiler
insurance.
Terrorism insurance is insurance purchased by home
owners to cover their expected damges and liabilities that can
occur as a result of terrorist strike. It's considered to be a
complex product for insurance companies, as the odds of
terrorist attacks are very risky to predict and the expected
liability enormous. For example the September 11, 2001 strikes
out come is an estimated $31.7 billion loss. (Source:
http://en.wikipedia.org/wiki/Insurance).