Any risk that can be quantified can potentially be insured.. Below are exhaustive lists of the many different types of insurance that exist. A single policy may cover risks in one or more of the categories set out below. For example, vehicle insurance would typically cover both the property risk (theft or damage to the vehicle) and the liability risk (legal claims arising from an accident). A home insurance policy in the U.S. typically includes coverage for damage to the home and the owners belongings, certain legal claims against the owner,
1. Life Insurance• Life insurance provides a monetary benefit to a descendants family or other designated beneficiary, and may specifically provide for income to an insured persons family, burial, funeral and other final expenses. Life insurance policies often allow the option of having the proceeds paid to the beneficiary either in a lump sum cash payment or an annuity.
Certain life insurance contracts accumulate cash values, which may be taken by the insured if the policy is surrendered or which may be borrowed against. Some policies, such as annuities and endowment policies, are financial instruments to accumulate or liquidate wealth when it is needed.• In many countries, such as the U.S. and the UK, the tax law provides that the interest on this cash value is not taxable under certain circumstances. This leads to widespread use of life insurance as a tax-efficient method of saving.
2 Home Insurance: Home insurance provides coverage for damage or destruction of the policy holders home. In some geographical areas, the policy may exclude certain types of risks, such as flood or earthquake, that require additional coverage. Maintenance-related issues are typically the homeowners responsibility. The policy may include inventory, or this can be bought as a separate policy, especially for people who rent housing. In some countries, insurers offer a package which may include liability and legal responsibility for injuries and property damage
3. Accident/Sickness Insurance: Under this category there are four type of insurance are there
a. Health insurance
b. Disability insurance: long term disability/Short term disability/Total Permanent disability
c. Disability overhead insurance
d. Workers compensation insurance
a. 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.
b.Disability insurance: Disability insurance policies provide financial support in the event of the policyholder becoming unable to work because of disabling illness or injury. It provides monthly support to help pay such obligations as mortgage loans and credit cards. Short-term and long-term disability policies are available to individuals, but considering the expense, long-term policies are generally obtained only by those with at least six-figure incomes, such as doctors, lawyers, etc
Long-term disability insurance covers an individuals expenses for the long term, up until such time as they are considered permanently disabled and thereafter. Insurance companies will often try to encourage the person back into employment in preference to and before declaring them unable to work at all and therefore totally disabled Total permanent disability insurance provides benefits when a person is permanently disabled
c.Disability Overhead Insurance allows business owners to cover the overhead expenses of their business while they are unable to work
4. Property Insurance:Property insurance provides protection against risks to property, such as fire, theft or weather damage. This may include specialized forms of insurance such as fire insurance, flood insurance, earthquake insurance, home insurance, inland marine insurance or boiler insurance., be used as a broad category of various subtypes of insurance, some of which are listed below:
1. Fire insurance Fire insurance is a insurance that cover property, such as home shop or other fixed asset protection against fire,burn Etc..It also cover destruction of property due to fire
2. Aviation insurance Aviation insurance protects aircraft hulls and spares, and associated liability risks, such as passenger and third-party liability. Airports may also appear under this subcategory, including air traffic control and refueling operations for international airports through to smaller
3. Boiler insurance Boiler insurance (also known as boiler and machinery insurance, or equipment breakdown insurance) insures against accidental physical damage to boilers, equipment or machinery.
4. Builder’s Risk insurance Builders risk insurance insures against the risk of physical loss or damage to property during construction.Builders risk insurance is typically written on an "all risk" basis covering damage arising from any not otherwise expressly excluded. Builders risk insurance is coverage that protects a persons or organizations insurable interest in
5. Crop insurance Crop insurance may be purchased by farmers to reduce or manage various risks associated with growing crops. Such risks include crop loss or damage caused by weather, hail, drought, frost damage,insects, or disease.
6. Earthquake insurance Earthquake insurance is a form of property insurance that pays the policy holder in the event of an earthquake that causes damage to the property. Most ordinary home insurance policies do not cover earthquake damage.
7. Flood insurance• Flood insurance protects against property loss due to flooding. Many insurers in the U.S. do not provide flood insurance in some parts of the country.
8. Marine insurance Marine insurance and marine cargo insurance cover the loss or damage of vessels at sea or on inland waterways, and of cargo in transit, regardless of the method of transit.When the owner of the cargo and the carrier are separate corporations, marine cargo insurance typically compensates the owner of cargo for losses sustained from fire, shipwreck,etc., but excludes losses that can be recovered from the carrier or the carriers insurance.
9. Terrorism insurance Terrorism insurance provides protection against any loss or damage caused by terrorist activities
5.Other types•
All-risk insurance• Bloodstock insurance• Business interruption insurance• Collateral protection insurance.• Legal expenses insurance• Locked funds insurance• Livestock• Nuclear incident insurance• Pet insurance.• Pollution insurance• Travel insurance
1. Life Insurance• Life insurance provides a monetary benefit to a descendants family or other designated beneficiary, and may specifically provide for income to an insured persons family, burial, funeral and other final expenses. Life insurance policies often allow the option of having the proceeds paid to the beneficiary either in a lump sum cash payment or an annuity.
Certain life insurance contracts accumulate cash values, which may be taken by the insured if the policy is surrendered or which may be borrowed against. Some policies, such as annuities and endowment policies, are financial instruments to accumulate or liquidate wealth when it is needed.• In many countries, such as the U.S. and the UK, the tax law provides that the interest on this cash value is not taxable under certain circumstances. This leads to widespread use of life insurance as a tax-efficient method of saving.
2 Home Insurance: Home insurance provides coverage for damage or destruction of the policy holders home. In some geographical areas, the policy may exclude certain types of risks, such as flood or earthquake, that require additional coverage. Maintenance-related issues are typically the homeowners responsibility. The policy may include inventory, or this can be bought as a separate policy, especially for people who rent housing. In some countries, insurers offer a package which may include liability and legal responsibility for injuries and property damage
3. Accident/Sickness Insurance: Under this category there are four type of insurance are there
a. Health insurance
b. Disability insurance: long term disability/Short term disability/Total Permanent disability
c. Disability overhead insurance
d. Workers compensation insurance
a. 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.
b.Disability insurance: Disability insurance policies provide financial support in the event of the policyholder becoming unable to work because of disabling illness or injury. It provides monthly support to help pay such obligations as mortgage loans and credit cards. Short-term and long-term disability policies are available to individuals, but considering the expense, long-term policies are generally obtained only by those with at least six-figure incomes, such as doctors, lawyers, etc
Long-term disability insurance covers an individuals expenses for the long term, up until such time as they are considered permanently disabled and thereafter. Insurance companies will often try to encourage the person back into employment in preference to and before declaring them unable to work at all and therefore totally disabled Total permanent disability insurance provides benefits when a person is permanently disabled
c.Disability Overhead Insurance allows business owners to cover the overhead expenses of their business while they are unable to work
4. Property Insurance:Property insurance provides protection against risks to property, such as fire, theft or weather damage. This may include specialized forms of insurance such as fire insurance, flood insurance, earthquake insurance, home insurance, inland marine insurance or boiler insurance., be used as a broad category of various subtypes of insurance, some of which are listed below:
1. Fire insurance Fire insurance is a insurance that cover property, such as home shop or other fixed asset protection against fire,burn Etc..It also cover destruction of property due to fire
2. Aviation insurance Aviation insurance protects aircraft hulls and spares, and associated liability risks, such as passenger and third-party liability. Airports may also appear under this subcategory, including air traffic control and refueling operations for international airports through to smaller
3. Boiler insurance Boiler insurance (also known as boiler and machinery insurance, or equipment breakdown insurance) insures against accidental physical damage to boilers, equipment or machinery.
4. Builder’s Risk insurance Builders risk insurance insures against the risk of physical loss or damage to property during construction.Builders risk insurance is typically written on an "all risk" basis covering damage arising from any not otherwise expressly excluded. Builders risk insurance is coverage that protects a persons or organizations insurable interest in
5. Crop insurance Crop insurance may be purchased by farmers to reduce or manage various risks associated with growing crops. Such risks include crop loss or damage caused by weather, hail, drought, frost damage,insects, or disease.
6. Earthquake insurance Earthquake insurance is a form of property insurance that pays the policy holder in the event of an earthquake that causes damage to the property. Most ordinary home insurance policies do not cover earthquake damage.
7. Flood insurance• Flood insurance protects against property loss due to flooding. Many insurers in the U.S. do not provide flood insurance in some parts of the country.
8. Marine insurance Marine insurance and marine cargo insurance cover the loss or damage of vessels at sea or on inland waterways, and of cargo in transit, regardless of the method of transit.When the owner of the cargo and the carrier are separate corporations, marine cargo insurance typically compensates the owner of cargo for losses sustained from fire, shipwreck,etc., but excludes losses that can be recovered from the carrier or the carriers insurance.
9. Terrorism insurance Terrorism insurance provides protection against any loss or damage caused by terrorist activities
5.Other types•
All-risk insurance• Bloodstock insurance• Business interruption insurance• Collateral protection insurance.• Legal expenses insurance• Locked funds insurance• Livestock• Nuclear incident insurance• Pet insurance.• Pollution insurance• Travel insurance
No comments:
Post a Comment