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Insurance
Insurance is equitable transfer of the risk of a loss,
from one party to another in exchange for payment. It is a form of risk management primarily used to hedge against the risk of a contingent loss. A insurer, is a company selling the insurance; the
Types Of Insurance
Life Insurance
Life Insurance is a contract providing for payment of a sum of money to the person assured or, following him to the person entitled to receive the same, on the happening of a certain event. It is a good method to protect your family financially, in case of death, by providing funds for the loss of income.
Term life insurance is a policy that covers an insured for a set period of time such as 5, 10, or 20 years. The insurance coverage will terminate once the time period ends. Benefits Term life policies are inexpensive because the policy owner is only paying for insurance. This plan does not have any investment options or build cash value as permanent life policies do, such as whole life and universal life.
in contrast to term life insurance policies, which do not include a savings element. With a permanent whole life insurance policy, the premiums are higher than they would be for a term life insurance policy offering the same death benefit. This is because part of the premium pays for the death benefit while the other part is invested. Benefits Permanent whole life insurance policies offer many benefits. First, they force you to save because money is taken out of your premium. Second, these policies do not expire. As long as you pay your premium, the policy remains in effect. Second, the premium stays the same throughout the life of the policy. Third, the portion of the premium that is invested grows on a tax-deferred basis and the death benefit itself is tax-free, making these policies a good estateplanning tool
specified term (on its 'maturity') or on death. Typical maturities are ten, fifteen or twenty years up to a certain age limit. Some policies also pay out in the case of critical illness. Policies are typically traditional with-profits or unit-linked (including those with unitised with-profits funds). Endowments can be cashed in early (or surrendered) and the holder then receives the surrender value which is determined by the insurance company depending on how long the policy has been running and how much has been paid into it.
Business insurance
Theft Insurance
Fire Insurance
Insurance that is used to cover damage to a property caused by fire. Fire insurance is a specialized form of insurance beyond property insurance, and is designed to cover the cost of replacement, reconstruction or repair beyond what is covered by the property insurance policy. Policies cover damage to the building itself, and may also cover damage to nearby structures, personal property and expenses associated with not being able to live in or use the property if it is damaged.
Travel Insurance
Travel insurance is insurance that is intended to cover medical expenses, financial defaut
of travel suppliers, and other losses incurred while traveling, either within one's own country, or internationally. Temporary travel insurance can usually be arranged at the time of the booking of a trip to cover exactly the duration of that trip, or a "multi-trip" policy can cover an unlimited number of trips within a set time frame. Coverage varies, and can be purchased to include higher risk items such as "winter sports"
Accident Insurance
Insurance coverage against loss by accidental bodily injury. These insurance policies
pay out a sum of money when an accident occurs. The amount paid out depends on the injury, and policy documents will detail amounts paid for different injuries or death.
Health Insurance
A type of insurance coverage that pays for medical and surgical expenses that are
incurred by the insured. Health insurance can either reimburse the insured for expenses incurred from illness or injury or pay the care provider directly. Health insurance is often included in employer benefit packages as a means of enticing quality employees.
Business Insurance
Business insurance is a risk management tool that enables businesses to transfer the risk
of a loss to an insurance company. By paying a relatively small premium to the insurance company, the business can protect itself against the possibility of sustaining a much larger financial loss. All businesses need to insure against riskssuch as fire, theft, natural disaster, legal liability, automobile accidents, and the death or disability of key employeesbut it is especially important for small businesses. Oftentimes, the life savings of the small business owner are tied up in the company, so the owner must take steps to protect his or her family from the financial consequences of events that could disrupt operations, reduce profits, or even cause the business to go bankrupt.
insurance. Drivers are often required by their state to have adequate insurance coverage to ensure that damages resulting from an accident can be paid for. "Third-party" in the case of automotive insurance would be the driver of the other vehicle, since that person is not the first party (principal) in the insurance policy. This type of insurance covers damages caused by you (first party)to the others (third Party).
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