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.
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