Health insurance is a type of insurance coverage that covers the cost of an insured individual's medical and surgical expenses. Depending on the type of health insurance coverage, either the insured pays costs out-of-pocket and is then reimbursed, or the insurer makes payments directly to the provider.
In health insurance terminology, the "provider" is a clinic, hospital, doctor, laboratory, health care practitioner, or pharmacy. The "insured" is the owner of the health insurance policy; the person with the health insurance coverage.
In countries without universal health care coverage, such as the USA, health insurance is commonly included in employer benefit packages and seen as an employment perk.
In case of a medical problem that necessitates surgery/hospitalization, the insured is reimbursed by the health insurance company either directly in cash or indirectly through payment to the hospital / clinic.
Taking health insurance is one of those things an individual cannot ignore given the rising costs of treating health problems. Inflation in medicare or medical treatment is a lot higher than general inflation or inflation in other categories like food and clothing. While inflation in most categories is in single digits, inflation in medicare is often higher.
Car insurance (also known as auto or motor insurance) is done to protect your vehicle from unforeseen risks. It basically provides protection against the losses incurred as a result of unavoidable instances. It helps cover against theft, financial loss caused by accidents and any subsequent liabilities. The cover level of Car insurance can be the insured party, the insured vehicle and third parties (car and people). The premium of the insurance is dependent on certain parameters like value of the car, type of coverage, vehicle classification; voluntary excess etc. Car insurance gives confidence to drive peacefully. In emergencies it acts like a boon to the insurance holder.
With so many car insurance companies for customer base in the market, it is quite difficult to make a decision like choosing the right policy and insurer. Figuring out the right insurance policy, fulfilling the requirement and being cost effective can be time consuming. Many a times car insurance may seem complex but having it saves you spending a fortune later.
As with all insurance, before signing the insurance contract you should carefully read the policy document and product disclosure statement and make sure you ask your insurer about any aspects of the policy that you don’t understand.
An insurance product designed to cover the costs and losses, and reduce the risk associated with, unexpected events you might incur while traveling. It's often pitched as the best protection for those traveling domestically or abroad. Many online companies selling airplane tickets or travel packages allow consumers to purchase travel insurance (also known as travelers insurance) as an added service. Some travel insurance policies cover damage to personal property; rented equipment, such as a rental cars; or even the cost of paying a ransom in the case of a kidnapping.
Be it business or pleasure travel, having a trouble free trip is what everyone looks forward to. Illness is uncertain, it can spoil the planned trip. But with insurance in hand, medical bills are taken care of. Other difficult situations like loss of passport or baggage while traveling can also add on financial difficulties. These are all covered by travel insurance. Travel insurance usually covers medical expenses, financial or any other looses incurred while traveling. Travel insurance is arranged at the booking of a trip to cover exactly the duration of that trip. Travel insurance offers coverage for Student travel, business travel, leisure travel, adventure travel, cruise travel, and international travel. Irrespective of the nature of uncertainties, a suitable travel insurance fulfilling the requirements can offer the coverage needed while away from home.
Travel insurance is frequently purchased as a package that includes several different types of coverage. Many travel insurance plans sold in the U.S. also include 24/7 emergency travel services, such as replacing lost passports, cash wire assistance and re-booking canceled flights.
Home insurance, also commonly called hazard insurance or homeowner's insurance (often abbreviated in the real estate industry as HOI), is the type of property insurance that covers private homes. It is an insurance policy that combines various personal insurance protections, which can include losses occurring to one's home, its contents, loss of its use (additional living expenses), or loss of other personal possessions of the homeowner, as well as liability insurance for accidents that may happen at the home or at the hands of the homeowner within the policy territory. It requires that at least one of the named insureds occupies the home. The dwelling policy (DP) is similar, but used for residences which don't qualify for various reasons, such as vacancy/non-occupancy, seasonal/secondary residence, or age.
The home insurance policy is usually a term contract-a contract that is in effect for a fixed period of time. The payment the insured makes to the insurer is called the premium. The insured must pay the insurer the premium each term. Most insurers charge a lower premium if it appears less likely the home will be damaged or destroyed: for example, if the house is situated next to a fire station; if the house is equipped with fire sprinklers and fire alarms; or if the house exhibits wind mitigation measures, such as hurricane shutters. Perpetual insurance, which is a type of home insurance without a fixed term, can also be obtained in certain areas.
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Corporate insurance is a form of insurance coverage extended to large organizations to help cover certain operational risks such as accidents, financial losses, employee health benefits and theft. Some types of insurance policies may protect individuals indirectly involved with the corporation.
Corporate insurance consists of complex programs including a variety of insurance types: property insurance, liability insurance, as well as life and medical insurance of employees. Corporate insurance is aimed at covering losses of a client in case of loss or damage of the property, damage of the equipment, etc. as well in the cases of non-compliance with the terms of contracts, inability of loan repayment or failure of company to make profit.