Insurance and Types of Insurance
- Topic in Article covered
- Insurance
- Types of insurance.
- Principles of insurance.
- Difference between life insurance and general insurance
What is the meaning of insurance:
Insurance is an prearrangement by which
a corporation or the state undertakes to provide a assurance of compensation
for speech weight loss damage illness or death in return for payment of a
specified premium?
Types of insurance are
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| Insurance and Types of Insurance |
- Life Insurance or Personal Insurance.
- Property Insurance.
- Marine Insurance.
- Fire Insurance.
- Liability Insurance.
- Guarantee Insurance.
- Social Insurance.
There are seven main ones and three bonus ones that are no
less equally important but definitely start with the seven main ones. Now just as a reminder it is impossible to
eliminate all risk from your financial plan but layering different protections
like insurance really help the first type of insurance that you should have is:
Personal Insurance
The personal insurance for example the insurance of human life
that may suffer a loss due to death, accident, and disease this kind cover the personal
insurance policy.
Health insurance
This is insurance that covers you if you are sick or in some
kind of accident have some kind of injury.
if you are self-employed or unemployed you have to get this
out on the open market on your own now.
Disability insurance two flavors short-term disability and long-term
disability short term. Disability is for shorter-term medical emergencies that
keep you out of work so for example: having a baby so short term disability
policies are great options if you are thinking about having a baby and you do
not have paid maternity leave. Short-term disability coverage to replace a
certain percentage of your income now long-term disability coverage is for like
catastrophic illness or accident that will keep you out of work for months.
Property Insurance
The property insurance means that an single and of the society is insured in
contradiction of loss of the property in
fire and marine perils, the crop is covered
against an unforeseen decay in deduction. Other words we can say that losses property
due to loss of damage.
Liability Insurance.
Car insurance so this covers you in three different
scenarios one if you hit someone - if someone hits you and they do not have
enough to pay for your bills and three if anything else randomly happens. To
hit your card and that that would be comprehensive so the law in every single
state will require that you have coverage called liability.
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