Types of Insurance

Types of Insurance:-

Insurance is classified into four main categories according to what it covers:

1.       Property and Casualty Insurance

2.       Life Insurance

3.       Health and Disability Insurance and

4.       Old Age and Unemployment Insurance

Property and Casualty Insurance:-

Property and casualty insurance policies protect things. It also includes houses and valuable items such as applications or jewels. Casualty insurance protects people in contradiction of having their property taken to compensate others in settlements of legal disputes. Property and casualty insurance commonly go together.

Common types of property and casualty insurances are:-

a.       Homeowner’s Insurance

b.      Tenant’s Insurance

c.       Automobile Insurance

d.      Marine Insurance and

e.      Commercial Insurance

Life Insurance:-

Most people must earn a living to provide for themselves and their families. Individuals can purchase life insurance coverage individually from insurance companies. 

Health and Disability Insurance:-

Health insurance protects people against the costs and consequences of illness and injury. Disability insurance provides money for ordinary living expenses if an accident or illness prevents a policyholder from working. These coverage’s, when added to general health insurance, lead to higher premium costs. 

Old Age and Unemployment Insurance:-

Social insurance is the most important government insurance programs. Old age insurance policies pay out funds after a person withdraws. Free market economies have some level of unemployment.