- Life Insurance or Personal Insurance.
- Property Insurance.
- Marine Insurance.
- Fire Insurance.
- Liability Insurance.
- Guarantee Insurance.
- Social Insurance.
Types of Insurance for the Individual
Life Insurance
Life insurance covers your death for your family or some other designated beneficiary. There are two common types available: Term insurance only provides coverage during the policy term and pays only on the death of the insured. Lifetime insurance provides savings as well as insurance and allows the insured to deposit before death.
Health Insurance
Health insurance includes hospital admissions, doctor's office visits, and prescription medications. Many effective policies, provided by many employers, cover 100% of the cost of hospitalization and 80% of the cost of medicines and doctor's services. Generally, the policy will have a deduction amount. The insurance company will not pay until the deductible is paid. Twenty years ago, deductors could be the first 100 or 250 250 compensation. Today, this is often too much.
Disability Insurance
The disability policy pays a certain percentage of the employee's wages (or a fixed amount) weekly or monthly if the employee is unable to work due to illness or an accident. Premiums are lower for long-awaited pre-payment policies: a policy that starts paying a disabled worker within 30 days can cost twice as much as delaying payments by six months.
Homeowner’s Insurance
The homeowner's policy provides insurance for losses or damages from fire, theft, and other unknown hazards. No policy routinely covers all risks. Homeowners need to assess their needs by looking for earthquakes, landslides, floods, and similar hazards in their area. Homeowner policies provide less coverage if at least 80% of the cost of converting the property is not insured. In times of inflation, this requirement means that the owner has to adjust the policy limits every year or buy a rider that is automatically adjusted for inflation. Where property values have dropped significantly, a homeowner (or commercial building) owner can save by reducing the policy's sum insured.
Automobile Insurance
Automobile insurance is probably the most commonly held type of insurance. All states require a minimum amount of automobile policies. The general automobile policy covers attorneys' fees in the event of bodily injury and property damage, medical payments, auto damage or damage claims, and legal action.
Any business that uses motor vehicles must maintain a minimum of automobile insurance policy on the vehicle, including personal injury, property damage and general liability.
Other Liability Insurance
In this popular society, an individual can be prosecuted for just about anything: a slip while walking, a harsh and false word spoken angrily, an accident on the ball. A personal liability policy covers many types of risks and can provide more coverage than is provided by landlords and automobile insurance. Coverage of such an umbrella is usually quite affordable, perhaps 250 250 per year in liability of 1 1 million.
Types of Business Insurance
Workers’ Compensation
Almost every business in every state has to insure workers against injury to employees. Some people can do this through self-insurance - that is, by allocating certain reserves for this purpose. Most small businesses buy workers' compensation policies that are available through commercial insurance companies, trade associations or state funds.
Property Insurance
No business should take the opportunity to keep its buildings, permanent fixtures, machinery, inventory, etc. unsafe. Numerous property policies cover damage or loss to a company's own property or the property of other people protected on its premises.
Malpractice Insurance
Professionals such as doctors, lawyers, and accountants will often purchase misuse insurance to protect themselves from the claims of angry patients or clients. For doctors, the cost of such insurance has been rising over the last thirty years, largely due to the large jury awards against doctors who are negligent in practicing their profession.
Business Interruption Insurance
Depending on the size of the business and the losses that may result from damage to essential operating equipment or other property, a company may wish to purchase insurance to cover the loss in revenue. If business is interrupted in any way. Power deficit, loss of raw material supply, etc.
Liability Insurance
Businesses face many risks that can result in significant liabilities. There are many types of policies available, including policies for landlords, tenants and tenants (covering on-premises liability). For manufacturers and contractors (for obligations imposed on all premises); For a company's products and complete operations (for liability that results from product warranties or product-related injuries). For Owners and Contractors (Insurers engage in independent contractors' liability protection) And contract liability (for failure to comply with required performance through specific contracts).
A few years ago, different types of individual and business coverage had to be purchased separately and often from different companies. Today, most insurance is available on a package basis through a single policy that covers critical risks. These are often called multiparty policies.
Here some updates about insurance in 2020:
The 7 Best Life Insurance Companies of 2020
- Prudential: Best Overall.
- State Farm: Best Instant Issue.
- Transamerica: Best Value.
- Northwestern Mutual: Best Whole Life.
- New York Life: Best Term Policies.
- Mutual of Omaha: Best for No Medical Exams.
- USAA: Best for Military.
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