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Automobile Insurance

An auto insurance is a policy purchased by vehicle owners to mitigate costs associated with getting into an auto accident. Instead of paying out of pocket for auto accidents, people pay annual premiums to an auto insurance company; the company then pays all or most of the costs associated with an auto accident or other vehicle damage.

Auto insurance premiums, or the amount policyholders pay to be insured, vary depending on: age, gender, years of driving experience, accident and moving violation history, and other factors. Most states mandate that all vehicle owners purchase a minimum amount of auto insurance, but many people purchase additional insurance to further protect themselves. A poor driving record or the desire for more complete coverage will lead to higher premiums.

Health Insurance

Health insurance is a type of insurance coverage that pays for medical and surgical expenses incurred by the insured. Health insurance can reimburse the insured for expenses incurred from illness or injury, or pay the care provider directly. It is often included in employer benefit packages as a means of enticing quality employees. The cost of health insurance premiums is deductible to the payer, and benefits received are tax-free.

Managed care insurance plans require policy holders to receive care from a network of designated health care providers for the highest level of coverage. If patients seek care outside the network, they must pay a higher percentage of the cost. In some cases, the insurance company may even refuse payment outright for services obtained out of network.

Many managed care plans require patients to choose a primary care physician who oversees the patient's care and makes recommendations about treatment. Insurance companies may also deny coverage for services that were obtained without preauthorization. In addition, insurers may refuse payment for name brand drugs if a generic version or comparable medication is available at a lower cost.

Insurance plans with higher out-of-pocket costs generally have smaller monthly premiums than plans with low deductibles. When shopping for plans, individuals must weigh the benefits of lower monthly costs against the potential risk of large out-of-pocket expenses in the case of a major illness or accident. Health insurance has many cousins, such as disability insurance, critical (catastrophic) illness insurance and long-term care (LTC) insurance.

Home Insurance

Homeowner's insurance is a form of property insurance that covers losses and damages to an individual's house and to assets in the home. Homeowner’s insurance also provides liability coverage against accidents in the home or on the property.

When a mortgage is requested on a home, the homeowner is required to provide proof of insurance on the property, before the lending bank can issue him or her a mortgage. The property insurance can be acquired separately or by the lending bank. Homeowners who prefer to get their own insurance policy can compare multiple offers and pick the plan

that works best for their needs. If the homeowner does not have his property covered from loss or damages, the bank may obtain one for him or her, at an extra cost. Payments made towards a homeowner’s insurance policy are usually included in the monthly payments of the homeowner’s mortgage. The lending bank that receives the payment, allocates the portion for insurance coverage to an escrow account. Once the insurance bill comes due, the amount owed is settled from this escrow account.

A homeowner’s insurance policy usually covers four incidents on the insured property – interior damage, exterior damage, loss or damage of personal assets/belongings, and injury that arises while on the property. When a claim is made on any of these incidents, the homeowner will be required to pay a deductible, which in effect, is the out-of-pocket costs for the insured. For example, a claim is made to an insurer on an interior water damage that occurred in a home. The cost to bring the property back to livable conditions is estimated by a claims adjuster to be $10,000. If the claim is approved, the homeowner is informed of the amount of his or her deductible, say $4,000, according to the policy agreement entered into. The insurance company will issue a payment of the excess cost, in this case $6,000. The higher the deductible on an insurance contract, the lower the monthly or annual premium on a homeowner’s insurance policy.

Liability Insurance

Liability insurance is any insurance policy that protects an individual or business from the risk that they may be sued and held legally liable for something such as malpractice, injury or negligence.

Liability insurance policies cover both legal costs and any legal payouts for which the insured would be responsible if found legally liable. Intentional damage and contractual liabilities are typically not covered in these types of policies. Liability insurance is critical for those who may be held legally liable for the injuries of others, especially medical practitioners and business owners.

A product manufacturer may purchase product liability insurance to cover them if a product is faulty and causes damage to the purchasers or any other third party. Business owners may purchase liability insurance that covers them if an employee is injured during business operations.

Accident Insurance

Personal Accident insurance or PA insurance is an annual policy which provides compensation in the event of injuries, disability or death caused solely by violent, accidental, external and visible events. It is different from life insurance and medical & health insurance.

You can either take a PA policy for yourself or a group policy for your family, protecting you and them anywhere in the world, anytime of the day. PA insurance provides 24-hour worldwide insurance protection.

Travel Insurance

An insurance product designed to cover the costs and losses, and reduce the risk associated with, unexpected events you might incur while traveling. It's often pitched as the best protection for those traveling domestically or abroad. Many online companies selling airplane tickets or travel packages allow consumers to purchase travel insurance (also known as travelers insurance) as an added service. Some travel insurance policies cover damage to personal property; rented equipment, such as a rental cars; or even the cost of paying a ransom in the case of a kidnapping.

Travel insurance is frequently purchased as a package that includes several different types of coverage. Many travel insurance plans sold in the U.S. also include 24/7 emergency travel services, such as replacing lost passports, cash wire assistance and re-booking canceled flights.

As its name implies, trip cancelation insurance (sometimes known as trip interruption insurance or trip delay insurance) reimburses you for prepaid, nonrefundable travel expenses if you have to cancel the trip due to an illness, a death in the family or another mishap listed in the policy, or if you or one of your immediate-family traveling companions is forced to return home earlier than planned. This type of policy also kicks in if your vendor (airline, cruise line or tour operator) goes out of business. The insurance pays the difference between the refund you get from the vendor and the amount you originally paid for the trip.

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