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2. What is Insurance?
• Insurance is a form of risk management
primarily used to hedge against the risk of a
contingent, uncertain loss.
• Insurance is defined as the equitable transfer
of the risk of a loss, from one entity to
another, in exchange for payment.
• An insurer, or insurance carrier, is a company
selling the insurance; the insured, or
policyholder, is the person or entity buying
the insurance policy.
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3. Types of Insurance
• Auto insurance
• Health insurance
• Accident, sickness and unemployment
insurance
• Life insurance
• Burial insurance
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4. Auto Insurance
• Auto insurance protects the policyholder
against financial loss in the event of an
incident involving a vehicle they own, such
as in a traffic collision.
• Coverage typically includes:
 Property coverage, for damage to or theft
of the car;
 Liability coverage,
 Medical coverage, for the cost of treating
injuries, rehabilitation and sometimes lost
wages and funeral expenses.
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5. Health Insurance
• Health insurance is insurance against
the risk of incurring medical expenses
among individuals.
• By estimating the overall risk of health
care expenses among a targeted
group, an insurer can develop a
routine finance structure, such as a
monthly premium or payroll tax, to
ensure that money is available to pay
for the health care benefits specified
in the insurance agreement.
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6. Accident Insurance
• In the event of an accidental death, this insurance will pay
benefits in addition to any life insurance but only up to a set
amount total regardless of any other insurance held by same
insurer, held by the client.
• Some of the covered accidents include traffic
accidents, exposure, homicide, falls, heavy equipment
accidents, and drowning.
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7. Trauma Insurance
• Critical illness insurance or critical illness
cover is an insurance product, where the
insurer is contracted to typically make a
lump sum cash payment if the policyholder
is diagnosed with one of the critical illnesses
listed in the insurance policy.
• The finances received could be used to:
o pay for the costs of the care and treatment
o pay for recuperation aids
o replace any lost income due to a decreasing
ability to earn or even
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8. Total disability insurance
• Total permanent disability insurance
provides benefits when a person is
permanently disabled and can no
longer work in their profession, often
taken as an adjunct to life insurance.
• Disability insurance policies provide
financial support in the event of the
policyholder becoming unable to work
because of disabling illness or injury.
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9. • This presentation has derived numerous citations from various
sources including http://en.wikipedia.org. The complete article can
be found here.
• LifeInsuranceDirect does not claim the ownership over the content
of this presentation.