Some Types of Insurance.
There are many different types of insurance. Some of them are life insurance, property insurance, disability insurance, and health insurance. Each one covers a different kind of risk that is faced by an individual upon death. Let’s take a closer look at each type to see what is covered and what is not covered under each umbrella.
Life Insurance: This is probably the most well-known of all insurance policies. This will pay a beneficiary a certain amount in the event of the insured financial loss. Usually, this is the beneficiary who picks up the tab for the funeral expenses.
Property Insurance: Property insurance protects a homeowner from losses on the real estate owned by the insured. It typically protects a homeowner from the loss of tenants, contents, or capital assets that are used as collateral on loans taken out by the homeowner. This includes but is not limited to, the cost of repairs to the real estate. A public liability policy is often included as well. Public liability policy coverage can help you protect yourself in the event that someone becomes injured on your premises.
Health Insurance: Health insurance is designed to provide the insured with medical care in the event that they become sick or become injured. Usually, it covers costs associated with medical care received in a hospital, doctor, or clinic. Most policies also include accidental death or dismemberment benefits. Accidental death and dismemberment benefits to cover costs associated with a patient who dies or is injured in a place of business. There is also a family member benefit, which provides coverage for dependents if a family member is injured or killed as the result of an accident. Typically, there is a deductible associated with each policy.
Public Liability Insurance: A public liability insurance policy may cover losses that are the result of negligence, property damage, or assault and battery. Depending on the coverage provided and your location, the cost of coverage can vary widely. Typically, most policies only cover personal possessions and personal liability.
Property Coverage: Property coverage pays for damage or loss that you suffer because of something happening to your property. This can include but is not limited to, fire, theft, vandalism, or flood. If you own something in California, you are required to have certain property coverage in place. For instance, if you had something damaged in an act of arson, then you would be required to buy a policy to compensate for that loss. Usually, the policy will pay you so much per item that you can sell the damaged items for and still be able to live off of your policy.