INSURANCE

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INSURANCE

What is insurance?

Insurance is a generally acknowledged phenomenon that there are enormous risks in every sphere of life. In other words, our life and property are not safe and
there is always a risk of losing it. A simple way to cover this risk of loss money-wise is to get life and property insured.

OR

Insurance is a term in law and economics. It is something people buy to protect themselves from losing money. People who buy insurance pay a “premium” (often
paid every month) and promise to be careful (a duty of care).

What are the four main types of insurance?

There are four main types of Insurance.
1.Life Insurance. Life insurance is important if you have people who are dependent on you financially. …
2.Health Insurance. Health insurance is another one of the four main types of insurance that experts recommend. …
3.Disability Insurance. …
4.Auto Insurance.

 

1.Life Insurance:

Life policies are legal contracts and the terms of the contract describe the limitations of the insured events. Specific exclusions are often written into the
contract to limit the liability of the insurer; common examples are claims relating to suicide, fraud, war, riot, and civil commotion.
Modern life insurance bears some similarity to the asset management industry and life insurers have diversified their products into retirement products such as
annuities.

Life Insurance on magazine with magnifying glass. ++All text written by photographer++

Q:What is the best life insurance?

The 4 Best Life Insurance Companies
State Farm. Best Term Life Insurance.
Northwestern Mutual. Best Whole Life Insurance.
New York Life. Best Life Insurance for Seniors.
TIAA Life. Best Cheap Life Insurance.

2.Health Insurance:

Insurance coverage that covers the cost of an insured individual’s medical and surgical expenses is called Health Insurance. Depending on the type of health
insurance coverage, either the insured pays costs out of pocket and receives reimbursement, or the insurer makes payments directly to the provider.

Q:Which is best for health insurance?

Basically, a best health insurance policy is the one that offers maximum insurance coverage in exchange for an affordable insurance premium. Usually, people
confuse the best insurance plans with the cheapest ones. Star Family Health Optima. Max Bupa Health Companion Individual.

3.Disability Insurance.

Insurance that will provide income in the event a worker is unable to perform their work and earn money due to a disability is called Disability Insurance.

Q:What Medical Conditions Qualify for Social Security Disability?

1.Musculoskeletal problems, such as back injuries.
2.Cardiovascular conditions, such as heart failure or coronary artery disease.
3.Senses and speech issues, such as vision and hearing loss.
4.Respiratory illnesses, such as COPD or asthma etc etc.

4.Auto Insurance:

A contract between you and the insurance company that protects you against financial loss in the event of an accident or theft. In exchange for your paying a
premium, the insurance company agrees to pay your losses as outlined in your policy. Property such as damage to or theft of your car.

Q:Who offers the best car insurance?

The Simple Dollar’s Top Auto Insurance Companies for 2019 are,
1.Amica: Best Overall.
2.State Farm: Best for Customer Service and Interaction.
3.The Hartford: Best for Policy Options.
4.Geico: Best for Tech-Savvy Consumers.
5.USAA: Best for Members of the Military.

Importance of insurance:

Insurance provides protection in case customers or passersby experience harm at the hands of your company, or if your company is harmed by an incident such
as a fire. In addition to protecting yourself, it’s also important to have business insurance so you can protect others.

Benefits of insurance:

The most important benefit of insurance is the payment of losses. An insurance policy is a contract used to indemnify individuals and organizations for covered
losses. The second benefit of insurance is managing cash flow uncertainty. Insurance provides payment for covered losses when they occur.

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