INSURANCE

PLAN
Introduction Difinition of insurance The types of insurance
Auto insurance Home insurance Accident, sickness and unemployment insurance Life insurance Marine insurance

Conclusion

INTRODUCTION

In law and economics, insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss.

DEFINITION


Insurance means of protection: an act, or provision that gives protection against an undesirable event or risk.

Its a financial protection against loss or harm: an arrangement by which a company gives customers financial protection against loss or harm such as theft or illness in return for payment premium.

THE TYPES OF INSURANCE

Auto insurance:

Auto insurance protects the policyholder against financial loss in the event of an incident involving a vehicle they own, such as in a traffic collision.

Home insurance:

Home insurance provides coverage for damage or destruction of the policyholder's home. In some countries, insurers offer a package which may include liability and legal responsibility for injuries and property damage caused by members of the household, including pets.

Accident, sickness and unemployment insurance:

Workers' compensation, or employers' liability insurance, is compulsory in some countries.

Disability insurance policies provide financial support in the event of the policyholder becoming unable to work because of disabling illness or injury. Total permanent disability insurance provides benefits when a person is permanently disabled and can no longer work in their profession, often taken as an adjunct to life insurance. Workers' compensation insurance replaces all or part of a worker's wages lost and accompanying medical expenses incurred because of a job-related injury.

Life insurance :

Life insurance provides a monetary benefit to a decedent's family or other designated beneficiary, and may specifically provide for income to an insured person's family.

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.

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.

Marine insurance :

Fire aboard MV Hyundai Fortune

Marine insurance and marine cargo insurance cover the loss or damage of vessels at sea or on inland waterways, and of cargo in 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 carrier's insurance.