There are many types of insurance, we have explained Health insurance, Auto insurance, Life insurance, Pet insurance, Dental insurance, Travel insurance, Homeowners insurance, Business Insurance and Unemployment Insurance.

Health Insurance:

Insurance that reimbursements for medical expenditures. It is sometimes used more largely to include insurance covering long-term nursing or disability or protective care needs. It may be providing through a government-sponsored social insurance package, or from private insurance firms. It may be obtained on a group basis (e.g., by a company to cover its employees) or purchased by different consumers. In each situation, the covered groups or individuals pay premiums or taxes to help protect themselves from unexpected medical or healthcare expenditures. Similar benefits paying for medical expenses may also be providing through social welfare programs sponsored by the government. By assessing the overall risk of healthcare expenditures, a routine finance structure (such as a monthly premium or yearly tax) can be established, ensuring that money is available to pay for the healthcare benefits specified in the insurance agreement. The benefit is managed by a central organization such as a government agency, private business, or not-for-profit entity. 

Auto Insurance:

All insurance offers protection to customers by covering certain risks and promising to pay for financial losses triggered by these risks.
Auto insurance is the most used types of personal insurance. Most states want that you purchase some kind of insurance coverage to drive legally in the state or country. Auto insurance has two basic coverage areas: property damage and liability. 

Life Insurance:

Life insurance provides protection against financial loss resultant from death. It is an insurance firm's promise to pay your beneficiary a definite amount of money when you die in exchange for timely payment of premiums.

Pet Insurance:  

Pet insurance aids you pay your veterinary bills for your cat or dog. It can help make sure you never have to select between your pet's well-being and your personal finances.   
You can cover your pet for accidents and sicknesses. With ASPCA Pet Health Insurance, you can also select plans that cover wellness care like vaccinations, check-ups, and dental cleanings. 

Dental Insurance:  

Dental insurance plan coverage for people is not usually offered because dental needs are extremely predictable. For example, you would not pay premiums for your dental coverage if the premiums were expensive than the cost of the dental treatment you need. Since this is the situation, insurance corporations would stand to lose money (spend more on benefits than they receive in premiums) on every individual dental insurance plan they write.

Travel Insurance:

Travel Insurance is an insurance product that cover the expenses and losses, and decrease the risk linked with, unexpected events you might incur while traveling. It's often pitched as the superlative shield for those traveling domestically or abroad. Several online companies selling travel packages or airplane tickets allow customers to purchase travel insurance (traveler’s insurance) as an additional service. Some travel insurance plans cover damage to personal property; rented equipment, such as a rental car; or even the cost of paying a money in the case of a kidnapping.

Homeowners Insurance:  

Diverse policies exist for residents, proprietors of mobile homes, people seeking bare bones coverage and those living in homes that are very old, but most landowners will purchase what is called an HO-3 policy. This insurance policy covers your home and its contents against damage and robbery, as well as you, the owner, against personal liability if someone is injured while on your property. This coverage also includes damage caused by pets and most major disasters, though earthquakes and floods require separate policies. Homeowners insurance does not cover problems that result from poor maintenance or general wear and tear. Basic homeowners’ insurance policy should also cover other structures on your property and should provide for living expenditures in case you are not able to live at home after a fire or other insured disaster. The amount of coverage provided for each of these items varies depending on the insurer and the type of policy. 

Business Insurance:  

Most people are aware with insurance for their personal home and automobile. This coverage guards you financially in case of an accident or disaster to your car or home. We are aware with these types of insurance because it is ordinary for most people to realize that they would be incapable to replace their home tomorrow if there was a fire or to change their automobile if there was an accident.

Similar principle applies to business insurance. The principle is one of risk. There are risks that, while they might never happen, are so unhelpful that it makes sense to plan ahead and manage the risk. In our personal lives these risks are often more easily predictable.  

Business insurance is a broad description that includes these different types of policies. Because there are several different types of coverage it is confusing. But, at the very basic level, the idea is the same – the management of risk.   

Unemployment Insurance:  

Unemployment insurance is a temporary source of income. If qualified person loses his job, he will be able to receive weekly payments thanks to money that was paid to his unemployment fund by his company, via payroll taxes, while he was still gainfully employed. If qualified, a person can receive unemployment insurance once all of the proper paperwork is filed. Unemployment insurance is not retroactive, so it would not be in one's best interest to procrastinate. You're compensated only from the day you file.

In most cases, employee is eligible for unemployment insurance immediately upon being terminated from his place of employment. The termination has to be the decision of the boss, however. If an employee resigns or quits of his own accord, he is unqualified for unemployment unless there were extenuating conditions. These conditions will have to be recognized before unemployment insurance can be paid. In addition, an individual who had been employed for less than 3 months before being terminated is also ineligible. If an employee was fired because of misconduct or damage to company property, he might also be considered ineligible.

risk management

March 16, 2017