Types of insurance

Risks that can be quantified potentially become insured persons. Certain types of risks that can cause complaints are known as "danger". The insurance contract includes the insurance premium of the insurance covered by the insurance contract. Below is a list of many different kinds of insurance that exists (non-exhaustive). A single policy may cover the risk of one or more of the following categories: For example, car insurance usually covers both property risk (covering car theft or damage risk) and liability risk (covering legal claims causing accidents). Insurance contracts of homeowners in the United States usually include damages to property of houses and owners, property insurance including specific legal claims to owners, small amounts to medical expenses of guests injured in owner's property Compensation range of.

Business insurance can be any type of insurance that protects companies from risk. Among the major business insurance subtypes are (a) various types of occupational liability insurance, also called professional insurance. (B) Employers who summarize much of the types of insurance premiums required by business owners into one policy in a manner similar to how insurance of homeowners need to bundle insurance premiums required by homeowners Policy (BOP)

Car insurance

Main article: Automobile insurance

Shuffle car

If you accident, car insurance will protect you from financial losses. It is a contract between you and the insurance company. You agree to pay the premium and the insurance company will agree to pay your losses as defined in your insurance. Auto insurance provides real estate, debt and medical insurance:

1. Property coverage makes payment for damage or theft of your car.
2. The scope of responsibility covers the legal liability for personal injury or property damage.
3. Medical expenses incur injuries, rehabilitation, sometimes costs of processing wages and loss of funeral expenses.

Car insurance consists of six types of coverage. In most countries, you need to purchase some of these coverage, but not all. If you are financing your car, your lender may have requirements as well. Most automobile policies are from 6 months to 1 year.

In the United States, insurance companies need to notify by post when it is time to renew insurance contracts and pay insurance premiums. [9]

Home insurance

Main article: Home insurance

Home insurance provides compensation for house damage and damage due to disasters. In some areas, standard insurance is applied except for specific disasters that require additional compensation such as floods and earthquakes. Maintenance related issues are the responsibility of the homeowner. This policy may contain inventory. In particular, if you are renting a house you can purchase it as a different policy. In some countries, insurance companies provide packages that include liability and liability for injury and property damage caused by household members including pets [10]

Health

Main article: Health insurance and dental insurance

NHS facility
Health insurance policies with Health programs that provide UK (NHS) National Health Services or other public funds cover medical expenses. Dental insurance such as medical insurance is the insurance range for individuals to protect their dental expenses. In the United States, dental insurance is often part of an employer's benefits package along with medical insurance.

Failure

• Disability insurance provides financial support in case insurance policyholders can not work because of illness or injury. We provide monthly support to pay obligations such as mortgages and credit cards.
• Disability Overhead Insurance allows business owners to cover the overhead of business.
• Totally permanent disability insurance brings benefit when a person has a permanent disability and becomes unable to work in the profession. In many cases it is attached to life insurance.
• Workers' property and casualty insurance replaces all or part of the wages and associated medical costs of workers lost due to employment-related injuries.

casualties

Life insurance is not necessarily tied to a specific property but insurance against accidents.

Main article: General insurance

• Criminal insurance is a form of damage insurance covering contractors against losses arising from criminal acts of third parties. For example, a company can acquire criminal insurance to cover losses due to theft or embezzlement.
• Political risk insurance is a form of damage insurance that can be borrowed by business operators in countries where the revolution or other political conditions are at risk of being lost.

Life

Main article: Life insurance
Life insurance can provide monetary benefits to dependent family members or designated beneficiaries and can provide insured family income, burials, funeral services and other final expenses. In life insurance contracts, you can often make an option to pay revenue to a recipient as a cash payment or a pension in one-time payments.

An annuity is generally classified as insurance because it provides a series of payments, issued by insurance companies, regulated as insurance and requires expertise in actuarial and investment management necessary for life insurance. Pensions and pensions that benefit life can be considered insurance against the possibility that retirees may live longer than their own financial resources. In that sense, they are supplements to life insurance, from the perspective of insurance underwriting, is the mirror image of life insurance.

For certain life insurance contracts, the cash value to be borne by the insurer when the insurance payment surrenders or borrows is cumulative. Some policies such as pension and old-age policy are financial products to accumulate or liquidate wealth when necessary.

In the tax law, in many countries such as the United States and the UK, we stipulate interest on this cash value is not taxable under certain circumstances. This leads to widespread use of life insurance as a tax-efficient way for savings and protection in case of early death.

In the US, taxes on interest income on life insurance policies and pensions are generally deferred. However, in some cases, benefits derived from deferred taxes may be offset by lower revenues. This depends on the insurance company, the type of insurance and other variables (mortality, market rate of return, etc.). In addition, other income tax imposed cars such as IRA, 401 (k) plan, Roth IRA may be a better option for accumulating value.

Property

Main article: Property insurance

The damage of this tornado to a family in Illinois is considered "act of God" for insurance purposes
Property insurance protects risks against property such as fire, theft, weather. This includes special insurance such as fire insurance, flood insurance, earthquake insurance, housing insurance, inland sea insurance, boiler insurance etc.

• Car insurance, also known as car insurance in the UK, is probably the most common form of insurance and may cover both legal liability complaints against drivers and loss or damage of insured persons themselves there is. To legally drive a car on public roads throughout the United States, you need car insurance. In some countries, disability compensation for car accident victims has been changed to a free system. This will reduce or eliminate the ability of compensation litigation, but will provide automatic eligibility for benefits. The credit card company insures against the damages of the rented car.

Driving School Insurance Insurance, unlike other motor policies, provides a cover for drivers who are certified during the lesson and covers the responsibilities of the instructor where both students and driving instructors are equally responsible in case of claim To do.

• Air insurance insures against hulls, spares, deductions, hull wear and responsible risks.
• Boiler insurance (also known as boiler and machine insurance or equipment failure insurance) guarantees accidental physical damage to equipment or machinery.
• Builder's risk insurance guarantees the risk of property damage and property damage during construction. Builder's risk insurance is usually written on "all risks" basis, including damage due to any cause (including the insured's negligence) that is not explicitly excluded.
• Crop Insurance "Farmers use crop insurance to reduce or control various risks associated with the cultivation of crops, such as weather, hail, drought, frost damage, insects,
• Earthquake insurance is a form of real estate insurance payment to policyholders in the case of earthquakes that damage property. Most ordinary homeowner insurance contracts do not cover earthquake damage. Most earthquake insurance features high deductions. Rates vary depending on places, the probability of earthquake occurrence, and the construction situation of the house.
• A bond with fidelity is a form of damage insurance prepared in case the damage to the policyholder is caused as a result of misconduct by a designated individual. Normally, we will guarantee the company losses due to illegal conduct of employees.
• Flood insurance protects against loss of wealth due to floods. Many US insurance companies do not provide flood insurance in some countries. Correspondingly, the federal government has created a national flood insurance program that functions as an insurance company for the last resort.
• Home Insurance or Home Insurance: See "Property Insurance".
• Landlord insurance is specially designed for the owner of the property. If real estate is being rented, most household property insurance in the UK will not be effective if the landlord has to undertake home insurance in the form of this expert.
• Marine insurance and maritime cargo insurance cover the loss or damage of vessels at sea or inland waterways and the cargo that may be aboard them. If cargo owner and freight forwarder are separate companies, maritime cargo insurance usually compensates the cargo owner for losses from fire, shipwreck, etc. but can be withdrawn from carrier or carrier insurance Loss is not included. Many maritime insurance underwriters include coverage of the "prescription element" in such insurance contracts and are covered by indemnity to compensate for losses on profits and other costs associated with delays caused by damage.
• Guaranteed bond insurance is triparty insurance that guarantees the performance of principals.
• Terrorism insurance provides protection against any loss or damage resulting from terrorist activity.
• Volcanic insurance is insurance covering Hawaiian volcanic damage.
• Storm insurance is an insurance covering the damage caused by hurricanes and tropical cyclones.

Liability

Main article: responsibility insurance

Responsibility insurance is a very broad superset covering legal claims against insured persons. Many types of insurance include aspects of responsibilities. For example, the insurance contract of a homeowner usually includes the responsibility of protecting the insured when claiming damages. Car insurance also includes aspects of responsibility insurance that compensates for the harm caused by colliding vehicles on the lives, health, and property of others. Protection provided by liability insurance has two legal defenses in case of litigation against insurance policyholder and compensation (payable on behalf of the insured) with regard to settlement or court judgment. Responsibility insurance usually covers only the insured's negligence and does not apply to the insured's willful or intentional behavior.

• Responsibility for directors and officers Insurance protects organizations (usually juridical persons) from expenses related to litigation arising from mistakes of directors and officers responsible. In the industry, it is usually called "D & O".
• Environmental liability insurance protects insured persons from physical damage, property damage and cleaning expenses as a result of pollutant diffusion, release or escape.
• Errors and Omission Insurance: Please refer to "Accident liability insurance" in "Liability insurance".
• The prize compensation insurance prevents the insured from paying a big prize at a specific event. An example is to provide prizes to athletes who can play half court in basketball games or players who can do a hole in one with a golf tournament.
• Professional liability insurance, also called professional compensation insurance, protects insured persons such as construction companies and medical practices against potential client / client potential fault claims. Occupational liability insurance may take different names depending on occupation. For example, professional responsibility insurance related to health care workers may be called medical malpractice insurance. The notary can take error and omission insurance (E & O). Other potential E & O policyholders include, for example, real estate brokers, insurance agents, domestic inspectors, appraisers, website developers.

Credit

Main article: Credit insurance

Certain credit insurance repay part or all of the loan when certain matters, such as unemployment, disability, or death, occur to the borrower.

• Mortgage insurance guarantees the lender against default by the borrower. Mortgage insurance is a kind of credit insurance, but in many cases the name credit insurance is used to refer to policies covering other kinds of obligations.

Other types

• Collateral protection insurance or CPI guarantees real estate (mainly vehicles) held as collateral for lending by lending institutions.
• Defense Bases Law Workers Disaster compensation and DBA insurance cover private workers employed by the government to contract in countries other than the US and Canada. DBA is required for all US citizens, US residents, US green card holders, all employees or subcontractors who are employed in foreign government contracts. Depending on the country, foreigners are also subject to DBA. This range usually includes costs related to loss of medical treatment and wages, and disability and death benefits.
• Overseas expatriate insurance provides protection of cars, property, health, liability and business protection to individuals and organizations working in countries other than their own country.
• Financial loss insurance protects individuals and companies from various financial risks. For example, there is a possibility to purchase insurance to prevent losing sales if a fire occurs at a factory. Insurance may also cover that creditors could not pay the amount paid to the insured. This type of insurance is often called "business disturbance insurance". If the insured (usually called "obligor") fails to fulfill its obligations to a third party (hereinafter referred to as "obligor"), it will benefit the third party ("creditors"), Fidelity and guaranteed bonds are included in this category. I contract with a creditor.
• Kinnap and ransom insurance
• Rock fund insurance is a policy of less-known hybrid insurance issued jointly by the government and banks. It is used to prevent unauthorized parties from tampering public funds. In special cases, the government can authorize its use in protecting quasi-private funds that may be tampered with. The conditions of this kind of insurance are usually very severe. Therefore it is used only in extreme cases where maximum safety of funds is required.
• Nuclear accident insurance covers damages caused by accidents including radioactive substances and is generally organized at national level. "Nuclear exclusion clause" and US "Price Anderson Nuclear Industry Compensation Act")
• Pet insurance is aimed at protecting pets against accidents and diseases. Some companies also cover daily health care and burial.
• Pollution insurance consists of first party's insurance coverage against contamination of insured property either outside or on site. The extent of responsibility to third parties due to air, water and land pollution due to sudden release of hazardous materials from affected areas. This policy usually covers the cost of purification and may cover emissions from underground storage tanks. Intentional acts are specifically excluded.
• Purchasing insurance is intended to protect products purchased by people. Purchasing insurance can cover individual purchase protection, warranty, warranty, care plan, and even cell phone insurance. Such insurance is usually very limited within the scope of the problem covered by insurance contracts.
• Ownership insurance ensures that real estate rights are granted to purchasers and / or mortgagees and that security or security interests are free and clear. It is usually issued in conjunction with a search for public records made at the time of real estate transactions.
• Travel insurance is the cover of overseas travelers' coverage covering certain losses such as medical expenses, loss of personal belongings, travel delay, personal debts.
• Media insurance covers professionals engaged in film, video and TV program production.

Insurance financial vehicle

• Brothers insurance is cooperatively provided by brothers and sisters and other social organizations [12]
• Defective insurance is a type of insurance contract (usually automobile insurance) that insurers are compensated by insurers, regardless of the default of the accident.
• Protected self-insurance keeps mathematically calculated risk costs within an organization within the organization and provides critical insurance risks for certain limits and total limit limits so that the maximum total cost of the program is known It is an alternative risk / finance mechanism to relocate. A properly designed and signed protection mandatory vehicle liability insurance policy program will reduce, stabilize, and provide valuable risk management information on insurance costs.
• Retrospectively assessed insurance is a way to set premiums for large commercial accounts. The final premium is based on the actual loss experience of the insured during the insurance contract period and in some cases the minimum premium and the highest premium are imposed and the final premium is determined by the calculation formula. In this plan, the insurance premium for the current fiscal year is based on a part (or the whole amount) of this year's loss, but adjustment of insurance premium may take several months or several years beyond this year's expiration date. Evaluation formulas are guaranteed with insurance contracts. Formula: Retrospective Premium = Conversion Loss + Basic Premium x Tax Rate. Many variants of this prescription have been developed and in use.
• Formal self-insurance is an intentional decision to pay losses that can not pay insurance money from your money. This can be done officially by establishing a separate fund where funds are regularly deposited, or simply refraining from purchasing available insurance and paying pockets. Self-insurance is usually used to pay high frequency, severe loss. Such loss means that if conventional insurance is applied it must pay our premiums including general expenses of the Company, payment of premiums to this book, acquisition costs, insurance premium taxes and contingencies . This applies to all insurance, but for small frequent losses, transaction costs may outweigh the benefits of reducing volatility that can be obtained besides insurance premiums.
• Reinsurance is a type of insurance purchased by insurance companies or private insurance companies to prevent unexpected losses. Financial reinsurance is a type of reinsurance that is mainly used for capital management, not transferring insurance risk.
• Social insurance can be many things for many people in many countries. However, the summary of its essence is that it is a collection of insurance coverage (including life insurance, disability income insurance, unemployment insurance, health insurance etc) plus retirement savings that requires the participation of all citizens. By ensuring that everyone in society is a policyholder and paying insurance premiums, it is guaranteed that everyone becomes a claimant when necessary. Along the way, this inevitably involves other concepts such as justice system and welfare state. This is a large and complex topic and can be discussed further in the next article (and other articles).

• National insurance
• Social safety net
• Social security 
• Discussion on social security (USA) 
• Social Security (USA) 
• Social welfare provision

• Stop loss insurance protects from catastrophic or unpredictable losses. It is purchased by an organization that does not want to bear 100% of the responsibility for losses resulting from the plan. Under the policy of damages, insurance companies are responsible for losses beyond certain limits subject to deduction.

Closed community self-insurance

Several communities prefer to create virtual insurance in ways other than contractual risk transfer and assign explicit numerical values ​​to risks. Numerous religious organizations, including Amish and some Muslim organizations, rely on support provided by the community in the event of a disaster. The risk presented by any person is assumed to be a community that will bear the cost of reconstruction of property that everyone lost and will support people with suddenly large needs after some kind of loss. This implicit form of insurance can work in a supportive community that you can trust others to follow community leaders. In this way, the community can eliminate the extreme differences that exist between members. By calling moral hazards of explicit insurance contracts, some additional justifications are also provided.

In the UK, the crown (meaning private service in a practical sense) did not guarantee the property such as government buildings. If government buildings were to be damaged, repair costs would be satisfied from public funds as it was cheaper than paying insurance premiums over the long term. Since many UK government buildings have been sold and rented to real estate companies, this arrangement has now become less common and may have completely disappeared.

Types of insurance

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