Any risk that can be quantified can potentially be insured, so allowing many a different type of insurance coverage. Certain types of risk that may give rise to claims are known as hazards. An insurance policy will explain in detail the risks covered by the policy.

N.B.: A single policy may cover risks in one or more of the insurance coverage categories listed below
Common Insurance Coverage types

Home Insurance: This is the most popular type and it provides for compensation for damage that occurs to your home. Coverage is provided in accordance with policy and the premium paid by the homeowner. There are a variety of insurance plans on the house that you can choose according to your needs.

Health Insurance: In this type of health insurance coverage, medical expenses covered. If the insured person needs medical treatment of illness or accident, the insurance agent provides coverage of his expenses such as medical fees, hospital expenses, medical expenses and other related presentations.

Car Insurance: In accordance with the policies of automobile insurance coverage is provided for damage caused by accidents. The insured must pay a monthly sum to the insurance company, which in turn provides an indemnity to the insured in case of accidents and mishaps. There are three types of auto insurance coverage – liability insurance, coverage for physical damage and uninsured motorist coverage or underinsured.

access america Types of Insurance Coverage

Life Assurance: Life insurance is a plan that protects the insured and his family with financial protection in case of mishaps. To enjoy the benefits of insurance, the insured must pay a monthly premium of the insurer for a period of time.

Disability Insurance: Disability insurance is type of insurance coverage where a financial bid of the individual insured, when it loses its ability to cause illness or injury. There are two types of disability policies: short-term disability and long-term disability. In the short term disability, the compensation is carried out over a maximum of 2 years. On the other hand, if used for long-term disability plan, you can get benefit for the rest of your life.

Business Insurance: If you have a business, organization, whether large or small, you should always opt for business insurance policies to protect against accidents. For business insurance, you can use strategies that provide coverage for business property and liability. The policy of the insurance is the most popular used by various business concerns are business-owners policy. BOP is a package that provides coverage for property insurance, insurance, business interruption and liability protection.

Funeral Insurance: Insurance coverage is not a current affair, but it’s some sort of long-standing tradition when it comes to preservation. Burial insurance is a very old type of life insurance that is paid to cover the final expenses of death such as funeral expenses. The Greeks and Romans introduced the insurance buried around 600 AD when they organized guilds called “benevolent societies” which took care of surviving family and paid the funeral expenses of members of death. Corporations in the Middle Ages had a similar purpose during the Friendly Societies, Victoria times.

Responsibility (liability) Insurance: Liability insurance is a very wide range, covering legal claims against the insured. Many types of insurance include an aspect of liability coverage. For example, an owner’s insurance usually includes liability insurance which protects the insured in the event of a claim brought by a person who slips and falls on the property, automobile insurance also includes an aspect of insurance responsibility, which exempts from the harm that a crashing car can cause to others’ lives, health or property. The protection offered by a liability insurance policy is twofold: a legal defense if a suit against the insured or reimbursement (payment on behalf of the insured) with respect to a settlement or verdict a court. Liability policies typically cover only the negligence of the insured, and shall not apply to the results of deliberate or intentional acts of the insured.

Credit Insurance: This type of insurance coverage pays all or part of a loan when certain circumstances occur to the borrower such as unemployment, disability or death
Last Word on Types of Insurance Coverage

As you can see, there are plenty of types to go around, from very common auto-insurance, to not-so-common burial insurance. Currently, you will find even bizarre insurance covers, people insuring some type of clothing, sort of unique to them, or some part of their body they regard as being “highly-effective” for some reason. Suffice to say, whatever the case, and whatever the cause, get yourself and insurance coverage that addresses your particular needs.

Types of Insurance Coverage