Jennifer L.

Baytion
Enna Marie M. Lagasca
FINM53 – B

Types of Insurance

1. Health Insurance: covers the costs of medical treatments for various types of
diseases that threaten human life. Disability insurance is considered as a different type
of insurance that aims at providing financial support to the physically disabled individuals
in society. Casualty insurance policies cover accidents.

2. Life Insurance: provides monetary benefit to the descendants of the deceased

individual. They also aim at providing the insured person’s family with burial and funeral
expenses.

3. Property Insurance: covers things like homes, machinery, crops, valuable goods,
shipped cargo, rented property (homes or apartments), and more. It can cover damages
as a result of various activities including acts of God (earthquakes, floods, storms,
hurricanes, etc), vandalism, terrorism, fraud, and more.

4. Credit insurance: is taken by lenders who need coverage against the people that
have credit with them (borrow money). In the event of their inability to pay it back
(usually due to unemployment, disability, or death), this insurance protects the lender.

5. Accidental death and dismemberment insurance: covers death and injury that
results from accidents. Death that results from illness, suicide or natural reasons is not
covered under this type of insurance.

6. Automobile Insurance: Vehicle insurance as it is also called is an insurance that

covers the risk borne in traffic accidents and liabilities that can result from accidents.

7. Disability Insurance: covers the insured individual’s earnings against the risk that a
disability can make working impossible for him/her. Disability insurance policies are
arrangements to secure one’s future in case the individual is unable to work and earn.

8. Liability insurance: covers negligent acts of an insured party with reference to a

vehicle or a home. It protects the insured against legal claims and indemnification. There
are various types of liability insurance such as professional indemnity insurance
Environmental liability insurance and Prize indemnity insurance .Professional indemnity
insurance protects employees from malpractice suits (as in the medical profession),
errors and omissions (by appraisers, home inspectors, realtors, insurance agents,
notaries, and others), and other acts of unintentional workplace negligence.

9. Travel insurance: covers financial losses caused by trips abroad. Depending on the
policy in question, it may cover lost luggage, theft of personal possessions, medical
costs and delayed flights.

http://www.buzzle.com/articles/types-of-insurance.html

http://www.economywatch.com/insurance/