"Insurance is a means of protection from financial loss."
The practice of protecting against financial loss or damage, such as through health insurance, car insurance, or homeowners insurance.
Types of Insurance: This topic covers the various types of insurance policies available, such as life insurance, health insurance, auto insurance, and more.
Insurance Terminology: This topic covers the common terminology used in the insurance industry such as premium, deductible, coverage, and more.
Risk Management: This topic covers the ways in which individuals can manage and minimize risks with insurance.
Underwriting: This topic covers the process that an insurance company uses to determine the risk of insuring a person or an asset.
Claims Management: This topic covers how the policyholder files a claim and how the insurance company manages it.
Insurance Fraud: This topic covers the various types of insurance fraud and how they can impact both the insurance company and the policyholder.
Liability Insurance: This topic covers how liability insurance works and how it helps protect individuals from legal liability.
Homeowners and Renters Insurance: This topic covers the coverage that homeowners or renters insurance policies provide for individuals and their residences.
Business Insurance: This topic covers the insurance coverage that businesses may need to protect themselves from different risks.
Disability Insurance: This topic covers the coverage provided by disability insurance policies, including the different types of coverage and their limitations.
Health Insurance: Covers medical costs incurred by the insured person.
Life Insurance: Provides financial assistance to the survivors in case of the death of the insured person.
Disability Insurance: Provides income replacement benefits to the insured person in case he/she is unable to work due to an injury or illness.
Long-Term Care Insurance: Provides coverage for extended medical and non-medical care services for people who are unable to take care of themselves.
Auto Insurance: Provides financial protection against auto-related accidents and damages caused to other people or property.
Homeowners/Renters Insurance: Protects the owner of a house/renter by providing coverage for damages or losses to the property.
Flood Insurance: Protects against financial losses due to flooding in the home.
Earthquake Insurance: Provides financial protection against losses caused by earthquakes.
Travel Insurance: Covers travel-related incidents such as trip cancellation or delay, lost baggage, medical emergencies, or accidents.
Pet Insurance: Provides coverage for medical expenses incurred by your pet.
Liability Insurance: Covers the insured person for costs associated with legal actions brought against them by third parties.
Business Insurance: Protects businesses from financial losses due to the disruption of normal business operations.
Wedding Insurance: Covers financial losses due to unforeseen events affecting the wedding ceremony.
Terrorism Insurance: Provides coverage for damages caused by terrorist attacks.
"An entity which provides insurance is known as an insurer, insurance company, insurance carrier, or underwriter."
"A person or entity who buys insurance is known as a policyholder."
"A person or entity covered under the policy is called an insured."
"The insurance transaction involves the policyholder assuming a guaranteed, known, and relatively small loss in the form of a payment to the insurer (a premium) in exchange for the insurer's promise to compensate the insured in the event of a covered loss."
"Furthermore, it usually involves something in which the insured has an insurable interest established by ownership, possession, or pre-existing relationship."
"The insured receives a contract, called the insurance policy, which details the conditions and circumstances under which the insurer will compensate the insured, or their designated beneficiary or assignee."
"The amount of money charged by the insurer to the policyholder for the coverage set forth in the insurance policy is called the premium."
"If the insured experiences a loss which is potentially covered by the insurance policy, the insured submits a claim to the insurer for processing by a claims adjuster."
"A mandatory out-of-pocket expense required by an insurance policy before an insurer will pay a claim is called a deductible (or if required by a health insurance policy, a copayment)."
"The insurer may hedge its own risk by taking out reinsurance, whereby another insurance company agrees to carry some of the risks, especially if the primary insurer deems the risk too large for it to carry."
"It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss."
"The loss may or may not be financial, but it must be reducible to financial terms."
"An entity which provides insurance is known as an insurer, insurance company, insurance carrier, or underwriter."
"An entity which provides insurance is known as an insurer, insurance company, insurance carrier, or underwriter."
"The amount of money charged by the insurer to the policyholder for the coverage set forth in the insurance policy is called the premium."
"The insured submits a claim to the insurer for processing by a claims adjuster."
"The insurer may hedge its own risk by taking out reinsurance, whereby another insurance company agrees to carry some of the risks."
"If the insured experiences a loss which is potentially covered by the insurance policy, the insured submits a claim to the insurer for processing by a claims adjuster."
"Furthermore, it usually involves something in which the insured has an insurable interest established by ownership, possession, or pre-existing relationship."