Life Insurance: is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money (the benefit) in exchange for a premium, upon the death of an insured person (often the policy holder)There are three major types of whole life or permanent life insurance — traditional whole life, universal life, and variable universal life
Personal Insurance: Insurance of human life values against the risks of death, injury, illness or against expenses incidental to the latter. Insurance purchased for personal or family protection purposes as contrasted with insurance of business property or interests. Understanding the Different Types of Personal Insurance Coverage Auto Insurance. Auto insurance protects you against financial loss if you have an automobile accident.
Property Insurance: provides protection against most risks to property, such as fire, theft and some weather damage. This includes specialized forms of insurance such as fire insurance, flood insurance, earthquake insurance, home insurance, or boiler insurance.
Marine Insurance: is a type of insurance that covers cargo losses or damage caused to ships, cargo vessels, terminals, and any transport in which goods are transferred or acquired between different points of origin and their final destination.
Fire Insurance: is a legal contract between an insurance company and the policyholder which guarantees that any loss or damages caused to the policyholder's property in a fire will be paid by the insurance company. Fire insurance provides coverage against incidents of accidental fire, lightning, explosion, etc
Public Liability Insurance covers any awards of damages given to a member of the public as a result of injury or damage to property caused by your business activities. It also covers any related legal liability to third parties, costs, expenses, and accidental death.
Guarantee Insurance: is used as security for the performance of a piece of work, which has been agreed upon in a contract. It is also used as security for advance payments or payments on account for services agreed upon in a contract.
Social Insurance: is a concept where the government intervenes in the insurance market to ensure that a group of individuals are insured or protected against the risk of any emergencies that lead to financial problems
Buildings Insurance: covers the cost of repairing damage to the structure of your property. Garages, sheds and fences are also covered, as well as the cost of replacing items such as pipes, cables and drains. Your insurance should cover the full cost of rebuilding your house
Indemnity insurance: is a type of insurance policy where the insurance company guarantees compensation for losses or damages sustained by a policyholder. Indemnity insurance is designed to protect professionals and business owners when found to be at fault for a specific event such as misjudgment.
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