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Various types of Insurance | Health Insurance | auto Insurance | Life Insurance |


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Health insurance is insurance that pays for medical expenses . It is sometimes used more broadly to include insurance covering disability or long-term nursing or custodial care needs.

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Various types of Insurance | Health Insurance | auto Insurance | Life Insurance |

  1. 1. Various types of insurance
  2. 2. Health Insurance Health insurance is insurance that pays for medical expenses . It is sometimes used more broadly to include insurance covering disability or long-term nursing or custodial care needs. It may be provided through a government-sponsored social insurance program, or from private insurance companies. It may be purchased on a group basis (e.g., by a firm to cover its employees) or purchased by individual consumers. In each case, the covered groups or individuals pay premiums or taxes to help protect themselves from high or unexpected healthcare expenses. Similar benefits paying for medical expenses may also be provided through social welfare programs funded by the government. By estimating the overall risk of healthcare expenses, a routine finance structure (such as a monthly premium or annual tax) can be developed, ensuring that money is available to pay for the healthcare benefits specified in the insurance agreement. The benefit is administered by a central organization such as a government agency, private business, or not-for-profit entity.
  3. 3. Auto Insurance All insurance provides protection to consumers by covering certain risks and promising to pay for financial losses caused by these risks. Auto insurance is one of the most used types of personal insurance. Most states require that you purchase some kind of insurance coverage to drive legally in the state. Auto insurance can be divided into two basic coverage areas: liability and property damage. Liability Most auto insurance policies contain three major parts: liability insurance for bodily injury, liability insurance for property damage and uninsured/under-insured motorists coverage. Bodily injury liability insurance protects you against the claims of other people who are injured in an accident for which you were at fault. Their claims for bodily injury may include medical expenses, lost wages, and pain and suffering. Property damage liability insurance pays for any damage you cause to the property of others. This includes not only damages to other vehicles, but also other property such as walls, fences and equipment. Uninsured motorists coverage protects the policy holder directly. This coverage pays if you are injured by a hit- and-run driver or a driver who does not have auto insurance.
  4. 4. Property Damage Property damage coverage may include both collision coverage and comprehensive coverage. Collision coverage pays for physical damage to your car as the result of your auto colliding with an object, such as a tree or another car. This coverage is optional and not required by law. However, collision insurance may be required by your lending institution or lessor. In the case of an accident involving an older car, the cost of repairing the car can quickly exceed the worth of the car. In this case, insurers will “total” the car and pay you what the car was worth rather than fixing it. Comprehensive coverage pays for damage to your auto from almost all other causes, including fire, severe weather, vandalism, floods and theft. Comprehensive coverage also will cover broken glass, such as windshield damage. You are not required by law to carry comprehensive coverage.
  5. 5. Life Insurance Life insurance is protection against financial loss resulting from death. It is an insurance company's promise to pay your beneficiary a specific amount of money when you die in exchange for timely payment of premiums. Why do I need life insurance? Although you may not think about it, your ability to earn income is a significant asset and life insurance helps replace lost income in the event of your premature death. Here are some reasons people buy life insurance. The death benefit may be used: To replace income the family would need to maintain their standard of living after the death of a wage earner. To pay off a mortgage loan and other personal and business debts or to create a rent fund. To create a fund for children's education. To pay final expenses, such as funeral costs and taxes. To create a family emergency fund or a fund for a family member with special needs.
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