Comparison between different types of Insurance Policies

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Comparison between different types of Insurance Policies:

Life Insurance:

This insurance provides a monetary benefit to a decedent's family or other designated beneficiary, and may specifically provide for income to an insured person's family, burial, funeral and other final expenses. These policies pay the proceeds to the beneficiary either in lump or in an annuity form. Generally, a person cannot purchase a policy on another person without their knowledge.

Property Insurance:

As the name suggests, the property insurance provides protection against the risks to property such as the fire, theft or weather damage. The special types of Property Insurance are flood insurance, earthquake insurance, home insurance, inland marine insurance or boiler insurance. In societies there are many types of property insurance, among which some are:

Builder's risk InsuranceCrop InsuranceEarthquake InsuranceFlood InsuranceHome Insurance

Etc.

Health Insurance:

These insurance policies cover the cost of medical treatments. Often, these are the most common type of insurance policies among the employees. Also, in most of the developed countries, almost all citizens receive some health coverage from their respective governments; these are paid from the taxations received by the government.

Personal Accident Insurance:

These insurance allows a full compensation to the individual suffering from a danger injuries, accidents or loss of life. The policy also includes the compensation cost of the treatments, along with the use of hospital facilities at the time of treatments.

 Accident, Sickness, and Unemployment Insurance:

These insurance if for the disable one’s or for the one’s who have faced accidents with a major body part loss.

The insurance policies related to Accident, Sickness, and Unemployment is:

Disability InsuranceLong-term Disability InsuranceDisability Overhead InsuranceTotal Permanent Disability InsuranceWorkers' Compensation

Travel Insurance:

The policy covers the insured against the various misfortunes which happen during the traveling. The travel insurance covers the insured loss regarding the medical losses, traveling accidents, luggage and baggage losses, etc.

Liability Insurance: 

This type of insurance is a broad superset, which covers the legal claims against the insured. Liability policies typically cover only the negligence of the insured, and will not apply to results of willful or intentional acts by the insured. The subtypes of such Liability insurances are:

Public LiabilityDirectors and Officers Liability Insurance (D&O)Environmental Liability InsuranceErrors and Omissions Insurance (E&O)Prize Indemnity InsuranceProfessional liability Insurance or Professional Indemnity Insurance (PI)

Motor Insurance:

The motors or vehicles running on roads have to be insured, so that at the time of any accidents or problem these motors can get their penny back from the claimed insurance. Generally, there are two types of motor insurances: the one which covers the act of liability and the other covers all the liabilities and damages covered by vehicles.

Credit Insurance:

This insurance repays some or all of a loan when certain circumstances arise to the borrower such as unemployment, disability, or death. Some types of Credit insurances are:

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