According to Wikipedia, insurance is:
"Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of a contingent loss." "Insurance is defined as the fair transfer of the risk of a loss, from one entity to another, in exchange for a premium, and can be thought of as a small loss to prevent a large, possibly devastating loss guaranteed"
Insurance can be Personal or business one, but the main goal of insurance is to insure you or your business against a possible loss. Term insurance can be described as:
-A small loss that prevents a large, possibly devastating loss.
Insurance protects you against financial loss in a future if you have an accident. Insurance is a contract between you – a policyholder (person or entity the insurance buying), and the insurance company. Policyholder's payments are called premium.
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There are a lot of types of insurance, but let's stick with the main ones:
Auto Insurance
Auto insurance also known as
-vehicle insurance
-car insurance
-motor insurance
It is purchased for cars, trucks, motorcycles and other vehicles. The primary use of car insurance is to provide protection against losses incurred as a result traffic accidents.
There were more than 180 million motor in USA in 2006. About 175 million were covered by auto insurance companies. It's the largest auto insurance market in the world. There are more than 35 million motor in Russia. About 34 million are insured as well. China - 10 million insured automobile.
Auto insurance provides:
(a) Property coverage - it country for thief or damage of your car
(b) Medical coverage - it country for your responsibility to others for bodily injury or property damage
(c) Liability coverage - it countries for the cost of treating injuries, lost wages or even funeral costs.
Insurance premium varied for males and females, teenagers and adults. According to the statistics male drive more miles than females and consequently have a proportionally higher accident involvement at all ages. Teenagers who have no driving record will have higher because insurance premium as well.
Owners of sports cars, motorcycles would have higher insurance premium as opposed to compact cars, mid-sized cars and electric cars.
Your auto insurance policy is a contract, most fonts are issued from six months to one year period. In USA, Russia, Brazil, Japan auto insurance company should notify you by mail, phone or any other method to renew your policy.
Home Insurance
As car insurance, home insurance provides compensation or insure you against damage of a home from disasters. Sometimes it's called hazard insurance or homeowners insurance as well. In the real estate industry it is abbreviated as HOI.
This is the type of insurance that covers private homes. It can include:
-losses occurring to one's home
-loss of home use
-happy home
-loss of other personal possessions of the homeowner
In some geographical areas, it is necessary to buy additional insurance plan for certain types of disasters, for example:
-flood insurance
-earthquakes
-war
They excluded from original policy plan and require additional coverage. Home insurance policy is a lengthy contract. It names what will and what will not be paid in the case of various events. It can be seasonal or long term.
Home insurance company should notify you by mail, phone or any other method to renew your policy.
Health Insurance
Health insurance is the type of insurance that country for medical expenses. It also known as:
health coverage
health care coverage
health benefits
Policy can be purchased by individual or company is group basis to cover its employees. Health insurance policy is a lengthy contract. Policyholders should pay premium to help protect themselves from unexpected healthcare expenses. Insurance contract can be renewable annually or monthly.
In 2008 approximately 84% of us citizens have health insurance:
About 9% purchase health insurance directly
About 60% obtain it through an employ
About 20% of Americans obtain health insurance from various government agencies.
In 2006, there were 16% of Americans (47 million people) who were without health insurance. Average spending is higher in the individual market. Many medical expense plans include coverage for dental expenses. Stand-alone dental insurance is also available.
Health care system is mainly in private hands in USA. Hospitals and doctors generally funded by payments from patients and insurance.
Hospitals provide some outpatient care in their emergency rooms and specialty clinics, but primarily exist to provide inpatient care.
In 2008 a report by the Commonwealth Fund ranked the USA last in the quality of health care among the 19 countries compared. According to the Institute of Medicine of the National Academy of Sciences, the United States is the "only wealthy, industrialized nation that does not ensure that all citizens have coverage".
Life Insurance
Life insurance is also known as life insurance. Insurer (or Life Insurance Company) agrees to pay sum of money upon the occurrence of the policyholder's death, illness, critical illness, terminal illness or other event. Policyholder country has fee at regular intervals or lump sums. This fee is called a premium.
Life insurance can be:
Temporary.
It's life insurance coverage for a specified term of time for a specified fee (premium). Usually premium buys protection in the event of death and nothing else.
Permanent
Type of insurance that remains in force until the policy mature (in other words out country), unless the policyholder fails to pay the specified fee when due.
As with most insurance policies, life insurance is a contract between the insurer and the policyholder whereby a benefit is paid to the designated beneficiaries if an insured event occurs which is covered by the policy.
Insured events that may be covered include:
Protection policies
Investment policies
Illness
Each contract may include limitations of the insured events. Usually they had written to limit the liability of the policyholder: for example claims relating to war, suicide or fraud. Any misrepresentations by the insured on the application will cause the nullification of the contract.
Upon the insured's death or illness insurance company requires the acceptable proof before it country the claim. For example list of necessary documents that required upon the policyholder's death:
Death certificate
Completed, signed and notarized claim form
If insured's death looks suspicious, it can be investigated by insurance company before deciding whether it has an obligation to pay the claim. Proceeds from the policy may be paid as a lump sum or as an annuity.
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