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Wednesday, 11 February 2015

Explanation of different types of insurances

There are many different types of insurance available, some you may find to be very important and necessary, while others you take out just to be safe. Here we have a few of the most used insurances:

1.   Health Insurance – this type if insurance pays for your medical expenses and can be included to cover disability or long-term nursing or custodial care needs.

2.     Motor Insurance – motor insurance is one of the most used types of personal insurance. It is a requirement that you purchase some kind of insurance coverage to drive legally in the country. Motor insurance can be divided into two basic coverage areas: liability and property damage.

3.    Life Insurance - Life insurance is protection against financial loss resulting from death. Your chosen insurance company will pay your beneficiary a specific amount of money when you die in exchange for timely payment of premiums.

4.  Travel Insurance – many travel insurance plans include Travel Medical Insurance, Medical Evacuation, Trip Cancellation/Interruption, Travel Delay, and Baggage coverage.

5.   Homeowners Insurance – there are different types of insurance for different types of home owner. Whether you are renters, owners of mobile homes, people seeking bare bones coverage or those living in homes that are very old, it is important to insure the roof over your head.

6.     Unemployment Insurance – Unemployment insurance is a temporary source of income. He/she will receive a weekly/monthly payments for a chosen period of time.

7.    Business Insurance – this insurance is simply spreading and managing the risk among many business owners. There are risks that, while they may never occur, are so destructive that it makes sense to plan ahead and manage the risk.

8.     Dental Insurance - although it’s not an insurance that everyone takes out, many those to have that as a backup. A few companies offer a form of dental benefits for individuals with two types of plans, referral plan and buyers' clubs. Individuals pays a monthly fee to a third party in return for access to a list of dentists who have agreed to a reduced fee schedule.

9.     Pet Insurance – this insurance helps you pay your veterinary bills for your pets. It covers accidents and illnesses, check-ups, vaccinations, and dental cleanings.

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