>> Wednesday, September 8, 2010
Insurance has been around since time immemorial. It seemed to have appeared simultaneously with the appearance of human society. It is so ancient and manifested in the form of people helping people. Today, insurance is so widespread that almost any risk that can be quantified can be insured.
There are various types of insurance existing today and one or more types can be covered in a policy. For example, a business insurance policy can cover both professional liability insurance and the company group health insurance.
Auto or Vehicle Insurance
It protects the vehicle owner against financial loss in case of accidents. The insured agrees to pay the premium and the insurance company will in turn agree to pay the losses as stated in the policy.
In most countries, health insurance is mandatory and mostly covers the cost for medical treatment. It can sometimes be coupled with dental insurance and is often part of an employer's benefit package for its employees. If you are startine a business with a number of employees, it would be best to get a group health insurance quote as it helps you save some money.
This insurance provides compensation for damage or destruction of a house in case of disasters, i.e. fire, theft, flood or earthquakes. Some providers include in the package liability and legal responsibility for injuries and property damage caused by a household member or pets.
It 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, burial, funeral and other final expenses. 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.
It covers the damage caused by you or your family to other persons or objects not belonging to you. Many insurance types include an aspect of liability coverage so you may ask your insurance provider about it.
Accident, Sickness and Unemployment Insurance
This type of insurance protects the insured in cases of accidents, inability to work due to sickness, job-related injury and disability, and unemployment.
There are other insurance types that cover other specific risks. We never know what will happen tomorrow so that it pays to get ourselves covered. Getting insured gives a sense of comfort and assurance that should something bad happen to us, the people affected won't need to suffer.