Dick Law Firm, PLLC

Call Today!

Call Today! 833-7RIGHTS
  • Home
  • Attorney Profile
  • Insurance Claims
  • FAQ
  • Testimonials
  • Buy A Shirt
  • Contact Us
  • Blog
  • Call Today
  • Email Us
  • Our Map
  • Menu

Property & Casualty Insurance Basics

Blog 2020 November Property & Casualty Insurance Basics
Previous Post  |  Next Post

Property & Casualty Insurance Basics

Posted By Dick Law Firm || 6-Nov-2020

Insurance scheme

The insurance definition is quite remedial. Insurance is a way of distributing the risk of financial loss among many individuals. By spreading the chance, we reduce a loss' economic impact. And how are we doing that? Along with millions of others, you buy an insurance policy from an insurance company — although not necessarily simultaneously. In return, this passes the risk of loss to the insurance provider, minimizing the amount you are financially responsible for in case of a covered loss.

Insurance aim

As you can guess, insurance has grown considerably since its early days. While it is a complicated topic that can be confusing, the primary insurance aim has remained the same throughout history: distributing risk to make risks more manageable.

Insurance company (Insurer)

Insurance is the company that offers to indemnify (remake financially whole) insured against protected damages. The insurance firm writes the contract wording, which provides firm rights under the insurance statute rules (laws). The organization uses actuarial rates to charge policyholders before making policies available for distribution.

Insurance lines

Immovable property

Land insurance provides different forms of insurance for financial liability insurance. The usual categories of insured property products will be your home, car, furniture, jewelry, business property, or physical property. The hazards protected will depend on the type of property you buy; however, the common hazards usually covered include fire, hail, windstorm, etc.

The following insurance forms are commonly called property insurance:

1. Homeowners

2. Dwelling

3. Commercial

4 Inland Marine

5. Crime

6. Ocean Marine

A property insurance policy requires two parties:

(1) insured and

(2) insurer.

For home insurance, all insurance benefit premiums will be made directly to the insured or other explicitly named interests.

Casualty (Liability)

Casualty insurance primarily protects you from civil responsibility for bodily harm (BI) and property damage (PD) to others. In other words, it will compensate for unintended harm you do to another person or their property. A liability insurance policy has three parties: 1) the insured (you), 2) the insurer (insurance), and 3) the injured party.

Casualty Insurance covers different unrelated items such as:

1. Aviation

2. Automobile

3. Liability

4. Compensation for Workers

5. Surety Bonds

Personal insurance

Personal lines apply to an individual's property and casualty insurance, unlike a company. To name a couple, coverages would include homeowners, landlords, car, and personal umbrella. These plans protect both property and casualty. For example, coverage is available in auto policies to cover car damage (property) and unintended damage to another person's car (loss or liability).

Commercial insurance

Commercial lines apply to property and casualty insurance to cover a company, unlike personal lines covering personal risks. Examples include general commercial liability, workers ' compensation, and property insurance.

keywords: home insurance claim questions and answers, property damage lawyer texas, commercial insurance attorney, hire lawyer insurance, delayed law, eric dick city council, commercial vehicle insurance houston, automobile property damage, commercial auto insurance policy houston tx, how to appeal home insurance claim denial,

Share Post

Insurance Claims

How Can We Help You?

  • Insurance Bad Faith
  • Homeowner's Insurance
  • Business Insurance
  • Delayed Claims
  • Denied Claims
  • Underpaid Claims
  • Life Insurance Claims

Need A Lawyer, Hire Dick!

Send My Information
  • Home
  • Site Map
  • Privacy Policy
  • Contact Us
Dick Law Firm, PLLC

Call Today 833-7RIGHTS

Dick Law Firm, PLLC - Insurance Claims
3701 Brookwoods, Houston, TX 77092 View Map
Main: 833-7RIGHTS
(832) 207-2007
Website: http://www.dicklawfirm.com/
© 2021 All Rights Reserved.
Internet Marketing Experts