Insurance

By:    Updated: December 14,2016

Insurance is a form of risk management that individuals procure to protect any investment they have made on an item of monetary or personal value, or on a person. Insurance allows individuals to guarantee themselves or their possessions from potential risks and possible losses through the process of identifying the value of the insured item or life. The value of loss will be reimbursed with cash or replaced by the insurance company. If you wish to insure yourself or your belongings, you have to pay premiums on a monthly or yearly basis.

Life Insurance

Life insurance is the process of insuring the life of an individual, so that in case of a mishap to the insurer, the family will receive a sufficient amount of money. Although life insurance is not expected to replace the sole provider of a family, it does allow enough time for the family to get their affairs in order and obtain an alternate source of income. Some life insurance policies will continue to pay a certain amount to the family every year, especially if the insured person dies at work.

Home Insurance

Home insurance is a form of insurance that insures the dwelling place of an individual or family. In the event of fire, theft, flooding, earthquake, or any other damage, the insurance company will reimburse the expenses. The company will survey the damage and pay the approved amount to help the individual or family either fix the repairs or replace the house itself. Different insurance companies offer different types of home insurance.

Car Insurance

An insurance that covers a vehicle and its belongings is car insurance. It is also known as auto insurance. Car insurance provides protection against losses arising due to traffic accidents, theft, and vandalism. It also pays for the injuries resulting to others while driving or riding in your vehicle. Car insurance also protects you if you are injured while riding or driving any other vehicle.

Health Insurance

Health insurance covers most of the expenses caused due to hospitalization and other medical costs. They provide assistance in paying your medical bills. Medical facilities are often very expensive, and most individuals would go bankrupt if they attempted to pay for medical bills on their own without insurance.

Dental Insurance

Dental insurance is a type of health insurance. Dental care and treatment are very expensive, so many people opt for dental insurance. Many insurance companies offer this specialized insurance. Dental insurance makes dental care more affordable and encourages you to be proactive to go for preventative care.

Travel Insurance

Travel insurance helps to insure people against accidents and theft while traveling. You can purchase travel insurance before you undertake a trip. Based on the destination and the duration of the trip, you can decide how much insurance you require. Travel agents or tourist agents offer many travel insurance options that you can choose from.

Pet Insurance

Pet insurance is a specialized insurance that covers all your pet animals. It pays the veterinary costs if your pet falls ill or is injured. There are policies that cover loss, theft and death of the pet. Some insurance companies also cover the expenses of the routine medical checkup of your pets.

Jewelry Insurance

Jewelry insurance is a special kind of insurance that covers the cost of repair, theft, or loss of one jewel or even your entire jewelry collection. Insuring a valuable piece of jewelry makes replacing it or repairing it very easy. Most home insurances also cover jewelry. You have to get the jewel appraised by a jeweler to choose the right insurance policy.

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Sources
  • https://en.wikipedia.org/wiki/Insurance
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