|
ACCIDENTAL DEATH AND DISMEMBERMENT INSURANCE
This insurance covers death and injury that results from accidents. Death that results from illness, suicide or natural reasons is not covered under this type of insurance.
AUTOMOBILE INSURANCE
Vehicle insurance as it is also called, is an insurance that covers the risk borne in traffic accidents and liabilities that can result from accidents.
BOILER INSURANCE
Boiler insurance indemnifies the insured against the expenses that may have to be borne for the repair or replacement of home boilers as well as the plumbing, heating and electric systems of the household.
BOND INSURANCE
In this insurance service, the bond issuers can pay the premiums to a third party in case of failure on part of the issuer. In such cases, the third party provides the interest and capital repayments prescribed by the bond.
BUSINESS OVERHEAD EXPENSE DISABILITY INSURANCE
The person who is insured by business overhead expense (BOE) manages the risk of his/her disability by arranging the insurance authority to bear the business overhead expenses in case of the business entrepreneur’s disability. Business insurance is an excellent way to insure a business.
CASUALTY INSURANCE
It covers the loss that results from an accident. It may bear the expenses of the vehicle loss or the costs incurred in restoring the damages resulting from accident. Casualty insurance policies do not cover life, health and property losses.
CATASTROPHE BOND
These bonds are meant to transfer the responsibility of a certain set of risks from the shoulders of the sponsors to the investors.
CHARGEBACK INSURANCE
This insurance is meant for the business merchants who accept credit cards. When accepting credit cards for purchases involving large money transactions, merchants risk their business. Fraudulent behavior on part of the credit cardholder or the use of unauthorized or invalid credit cards puts the merchant’s money at stake. Chargeback insurance policies protect the merchants from these risks.
CONTENTS INSURANCE
It covers the loss or damage to the personal possessions of an individual while they are located in one’s home. The insurance might also cover the possessions kept in the exterior of one’s household, such as things kept in one’s garden area. These insurance policies find utility for people renting houses. It is generally purchased in collaboration with a home insurance policy.
CORPORATE-OWNED LIFE INSURANCE
The employing companies hold corporate-owned life insurance (COLI) for covering the sudden losses of their employees. Originally, these insurances were held by companies to cover the risk of the death of their key employees. This insurance insures the cost incurred on the recruitment and training arrangements that have to be made in case of an unexpected death of any of the company employees.
CRIME INSURANCE
Employee thefts and offenses causing financial losses to a business are covered under crime insurance policies. Crime insurance can be used to cover the damage caused by crimes such as murders and rapes.
CRITICAL ILLNESS INSURANCE
Critical illness insurance policies prescribe a list of diseases to be grouped under the class of critical ones. The policyholders are insured in case of being afflicted by any of the diseases enlisted as critical in the policy. The policy may be structured to provide the insured individual with regular payments or a lump sum amount on being diagnosed for one of the critical illnesses.
CROP INSURANCE
Agricultural producers purchase crop insurance to protect themselves against a loss or damage to their crops on account of natural disasters or revenue losses.
DENTAL INSURANCE
It is categorized under the class of health insurances and is meant to pay the costs incurred on dental care. Considering the increasingly expensive dental treatments, dental insurance policies form an important section of health insurances today.
DEPOSIT INSURANCE
These insurances protect the deposits in event of bank runs. A bank run is said to occur when a large number of customers of a bank withdraw their deposits from a bank. Deposit insurance aims at covering the risk of running into this kind of financial crisis.
DISABILITY INSURANCE
Disability insurance covers the insured individual’s earnings against the risk that a disability can make working impossible for him/her. Disability insurance policies are arrangements to secure one’s future in case the individual is unable to work and earn.
EARTHQUAKE INSURANCE
Earthquake insurance it is a type of property insurance, which covers the risks borne by houses on account of frequently occurring earthquakes. It insures the damage caused to property as a result of earthquakes. It is widely used in Japan and California.
EXPATRIATE INSURANCE
Expatriate insurance covers the losses that one may have to suffer from, while residing and working in a non-native country. An expatriate insurance policy has to be purchased before one relocates to another country. It covers the period of stay in the non-native country.
FIDELITY BOND
Fidelity bonds serve as a protection for businesses from the fraudulent behaviors of their employees.
FLOOD INSURANCE
Flood insurance covers the damages to property that result from floods. Around 20% of the households in the United States are insured for flood, as they are susceptible to them.
HOME INSURANCE
It insures the losses incurred on restoring the damages resulting from hazards to households. Home insurance policies cover the losses of the personal possessions of the homeowners.
- Perpetual insurance is a form of home insurance in which the coverage is valid for perpetuity and that the policy does not have a designated date of expiry.
INJURY COVER
Injury cover includes the compensations for work-related injuries. It can be used along with health insurance, workers’ compensation or personal injury services.
KEYMAN INSURANCE
Keyman insurance policy is the one purchased by a businessman to secure the potential losses of his resources and cover the incapacity or death of a key employee. Keyman insurance protects you from the greatest of business risks.
LANDLORDS INSURANCE
It is designed to cover the property owners from threats like fire, earthquake, and floods as also thefts that are potential dangers to their property.
LENDERS MORTGAGE INSURANCE
Lenders mortgage insurance (LMI) compensates for the losses incurred by the lender when the mortgager is unable to repay the loan or when the lender in unable to compensate for the lent amount even after sale of the mortgaged property. Know all about private mortgage insurance.
LIABILITY INSURANCE
Liability insurance it can be called a part of the general insurance system that deals with risk financing. It typically involves the payment to the third party suffering from a loss and not to the insured party.
LOAN PROTECTION INSURANCE
It secures an individual in terms of his/her loan payments in case the individual has to go through a period of unemployment during the time of the payment of his dues.
LOCKED FUNDS INSURANCE
Banks and governments issue locked fund insurance policies in collaboration with each other. These policies protect public funds from being manipulated by unauthorized parties.
LONG-TERM CARE INSURANCE
Long-term care insurance (LTC or LTCI) aims at providing the insured individuals for a long-term care and covers the expenses, which are not covered by health insurance policies or Medicare.
MARINE INSURANCE
It covers the losses incurred in damage to ships, terminals and any property that is transported through cargo. Inland marine insurance, which is closely associated with marine insurance, secures the moving or movable property of an individual.
MEDIGAP
Medigap (medicare supplement coverage) comprises of private supplemental health insurance plans, which are purchased by people of the United States. It covers the expenses beyond those borne by Medicare.
MORTGAGE LIFE INSURANCE
Mortgage insurance covers repayment mortgage, referring to a mortgage in which monthly repayments imply the repayment of the capital along with the accumulated interest.
MUTUAL INSURANCE
The mutual insurance policyholders have a certain amount of ownership rights in the organization. Those protected by the insurance possess the rights to elect the organization management and take part in the distribution of net assets in case the organization stops doing business.
NO-FAULT INSURANCE
In no-fault insurance contract, the insurance covers the losses by the insurance company irrespective of the party responsible for the losses.
PARAMETRIC INSURANCE
Parametric insurance policies define a contract between the policyholder and the issuer according to which the issuer agrees to pay a certain amount of money to the insured in the event of a natural disaster.
PAYMENT PROTECTION INSURANCE
Payment protection insurance policies insure the repayment of debts in case the insured suffers from unemployment on account of an accident or illness and fails to repay his/her loan.
PET INSURANCE
Pet insurance policies cover the costs incurred in treating a pet’s illness. Some of the pet insurance policies also cover the losses borne by the pet owner in event of the death or the theft of the pet.
POLITICAL RISK INSURANCE
Political risk insurance policies cover the political risks to businesses. Political violence like riots, terrorism and war and governmental arrogation are classified as political risks to business.
PRE-PAID LEGAL SERVICES
It refers to a scheme wherein a person pays a monthly fee and is entitled to access a number of legal services on call. Individuals are charged for certain services like monthly legal advice and consultation. As the insurance commission looks after the pre-paid legal services, they are classified under the different types of insurance.
PROFESSIONAL INDEMNITY INSURANCE
It secures the policyholder against losses incurred as a result of a negligent act in the policyholder’s business. Professional indemnity insurance also covers the loss that can result from claims for the policyholder’s breach of duty and also indemnifies the policyholder against the policyholder’s civil liability. It is also known as professional liability insurance.
PROTECTION AND INDEMNITY INSURANCE
Protection and indemnity insurance it is a marine insurance that protects the insured from third party liabilities arising from owning ships.
REINSURANCE
Reinsurance is not exactly a type of insurance but is rather a means by which insurance companies safeguard themselves from the risk of losses with other insurance companies. Reinsurers provide the insurance companies with insurance. Even insurances need to be insured.
RENT GUARANTEE
Landlord rent guarantee insurance and legal assistance insurance together cover the costs incurred by the landlords in recovering their rent or in taking legal action against the tenants failing to pay their rents.
SELF-INSURANCE
It is a way of risk management wherein a certain amount of money is set aside to safeguard one’s future. Self-insurance involves setting aside an amount that can cover for the unexpected losses in future.
- Self-funded Health Care refers to a self-insurance that is provided by an employer to his/her employees in assumption of a risk in paying their claims for benefits.
TERRORISM INSURANCE
The potential looses that can be caused as a result of terrorist activities are covered under terrorism insurance. Terrorist attacks are almost unpredictable and perilous. This has led the people in some parts of the world to secure themselves against terrorism.
TITLE INSURANCE
It indemnifies a person against financial losses that may result from defects in title to real property. The losses incurred from invalid mortgages are also covered under title insurance policies. Title insurance is a type of insurance that protects the owner or lender. Commonly associated with closing costs on the settlement of a house or piece of property, real estate title insurance consists of two distinct phases. During the first phase, the title company works to define the boundaries of the real estate being purchased and also conducts a search that determines the status of the property in terms of unpaid real estate taxes and other claims. In the second phase, during the term of the mortgage, the title company protects both the owner and the lender from financial loss resulting from problems with the title that may arise due to unexpected property claims that are not excluded by the policy.
TRAVEL INSURANCE
Long journeys are accompanied by a certain amount of risk. The insurance purchased to compensate for the losses during a travel is known as travel insurance. It covers medical expenses and financial losses and applies to journeys within one’s country and abroad.
VISION INSURANCE
On lines similar to dental insurance, vision insurance covers the expenses one may have to bear in eye treatments and services given by ophthalmologists.
WAGE INSURANCE
This is a proposed form of insurance, which is intended to provide workers with compensation in case they are compelled to move to jobs with lower salaries.
WAR RISK INSURANCE
War risk insurance policies cover the losses one may have to incur in the event of war. The war risks include invasion, rebellion, hijacking and may also include the threats from weapons that cause massive destruction of life and property.
WORKERS’ COMPENSATION
It is intended to provide the company employees with monetary compensations in case they are injured at the workplace. Workers’ compensation can be given in the form of reimbursement of medical bills, weekly wages or benefits to the employee’s dependents.
|
