@T6(�ʥǏ|Cͻ�@U�[email protected]�@��ޖ����e�y7�}O� �;һ `sdu������M���� ��}����5q���/�� �j�/���+R�+�V�����۩�v�uU{���W" �&�^���ջD� ,IPLuB�.��+�������I��N�.��58��C��n�a��uo�ٮ{% fT��=���$}�ۥ~ �'���s�{c�~�T1��R +�����Z��Z�fۯ�9�H�:~�ǽ �V]zk�(}�]��H�.�U�->Y�{� �`������q2Kz����ɮ�^ۋ��]�R���p���> W�O��t���j ��X�m��c�>3?���"�n�����rp�0.�,���e�[�������u�_���Ӎ���Wχ�.o�� �Wyn�����s�w�N���V��b����E�o2�{=�`_=�~��4. %%EOF 1. the act, system, or business of insuring property, life, one's person, etc., against loss or harm arising in specified contingencies, in return for payment. You can browse or download additional books there. 176 0 obj <> endobj Member… Insurance companies use these scores to make underwriting decisions and to partially determine premiums . The events insured against are known as risksPotential losses that may be covered by policies of insurance. The typical automobile policy covers liability for bodily injury and property damage, medical payments, damage to or loss of the car itself, and attorneys’ fees in case of a lawsuit. 0000043344 00000 n Until recently Life Insurance Corporation of India (LIC) and General Insurance Corporation 18.5 Types of Insurance Insurance, which is based on a contract, may be broadly classified into the following types. Indexed universal life insurance. Life insurance provides for your family or some other named beneficiaries on your death. Life insurance companies offer a wide array of policies to meet your needs as your personal circumstances change and evolve. :�x=��E�o��@� ��Ql Here’s a brief overview of the types of life insurance you may encounter when you’re shopping around. 0000003627 00000 n See the license for more details, but that basically means you can share this book as long as you credit the author (but see below), don't make money from it, and do make it available to everyone else under the same terms. The first examples of insurance related to marine activities. Two types of title insurance policies are common, a lender's policy and an owner's policy. General insurance includes Property Insurance, Liability Insurance, and Other Forms of Insurance. She is a certified public accountant. Two general types are available: term insuranceLife insurance with a death benefit but no accumulated savings. The homeowner must assess his needs by looking to the likely risks in his area—earthquake, hailstorm, flooding, and so on. Sometimes a distinction is made between public and private insurance. The entity that agrees to provide insurance for the risk of certain kinds of losses, usually life, property, health, and liability claims. Types of Commercial Health Insurance. Types of fire insurance. We begin with an overview of the types of insurance, from both a consumer and a business perspective. 0000002028 00000 n GLOSSARY OF COMMON INSURANCE TERMS Version 2.00 The following terms are commonly used in the insurance market and may well appear in your insurance policy arranged by us. Transfer. Insurance companies also offer dozens of other insurance policies, each designed to pay death benefits in different ways. Depending on the size of the business and its vulnerability to losses resulting from damage to essential operating equipment or other property, a company may wish to purchase insurance that will cover loss of earnings if the business operations are interrupted in some way—by a strike, loss of power, loss of raw material supply, and so on. Automobile policies are required in at least minimum amounts in all states. 0000001992 00000 n xref endstream endobj 190 0 obj<>stream insurance company or the insurer, agrees to compensate the loss or damage sustained to another party, i.e. 203 0 obj<>stream ��-��LVz Lender's Policy - When you take out a mortgage, the lender seeks protection for their investment by requiring lender's title insurance against losses resulting from claims made by others against your new home. Types of Life Insurance Policies. Life insurance with a death benefit but no accumulated savings. No business should take a chance of leaving unprotected its buildings, permanent fixtures, machinery, inventory, and the like. ��s]7G� l��J_!�� l�ft���c �Mq���� `S���(= �T�ܟ�� �ʎN�'= ؔ�ӗ� lڊӗ�J� y.��q�q��@z �'���W } 6�8}NYz �'G�KK ��Q�*҃ �=e'N��I �����K �l�ӗ�JO �x.��q����H���͌�W�G [�����( `K��礥G [��E�~� l);���?I� ��/��I� �T.ӗ� l�.��f�ҳ �%����H� ��\��H v�> (ؾL�S� � Their licenses helped make this book available to you. A disability policy pays a certain percentage of an employee’s wages (or a fixed sum) weekly or monthly if the employee becomes unable to work through illness or an accident. 0000043992 00000 n is a contract of reimbursement. An insurer. These are often called multiperil policies. 0000002214 00000 n Consider passing it on: Creative Commons supports free culture from music to education. INFINITEAM INSURANCE INSURANCE … Premiums are lower for policies with longer waiting periods before payments must be made: a policy that begins to pay a disabled worker within thirty days might cost twice as much as one that defers payment for six months. is the company or person who promises to reimburse. Definition of Non-life Insurance. There are primarily seven different types of insurance policies when it comes to life insurance. With POS plan, you … In inflationary times, this requirement means that the owner must adjust the policy limits upward each year or purchase a rider that automatically adjusts for inflation. InsuranceA contract of reimbursement.is a contract of reimbursement. The focus of this chapter is private insurance. Name and describe the various kinds of business insurance. Characteristics 7. There are several forms of public insurance (Social Security, disability, Medicare) and many forms of private insurance. An insurerThe entity that agrees to provide insurance for the risk of certain kinds of losses, usually life, property, health, and liability … Vandalism Endorsement: An optional type of coverage that can be added to a basic hazard or property and casualty insurance policy to provide remuneration to the policy holder if … Insurance is defined as a contract, which is called a policy, in which an individual or organisation receives financial protection and reimbursement of damages from the insurer or the insurance company. The insurance is not only a protection but is a sort of investment because a certain sum is returnable to the insured at the death or the expiry of a period. 0000002120 00000 n The insurer is … the insured, by paying a definite amount, in exchange for an adequate consideration called as premium. (i) Life Insurance (ii) Fire Insurance (iii) Marine Insurance, and (iv)Other types such as burglary insurance, motor vehicle insurance, etc. Universal life insurance. 0000053863 00000 n The person or firm insured by a contract of insurance. Private insurance plans, by contrast, are all types of coverage offered by private corporations or organizations. 0000000016 00000 n DonorsChoose.org helps people like you help teachers fund their classroom projects, from art supplies to books to calculators. General Insurance. Term life or “temporary” insurance… We've curated a list of advanced and basic insurance terms and their definitions to better help you understand the often confusing world of insurance. Almost every business in every state must insure against injury to workers on the job. Final expense insurance. Various property policies cover damage or loss to a company’s own property or to property of others stored on the premises. Public (or social) insurance includes Social Security, Medicare, temporary disability insurance, and the like, funded through government plans. 0000009007 00000 n This book is licensed under a Creative Commons by-nc-sa 3.0 license. Today, most insurance is available on a package basis, through single policies that cover the most important risks. We’ll explain everything you need to know about the following eight types of life insurance: Term life insurance. For doctors, the cost of such insurance has been rising over the past thirty years, largely because of larger jury awards against physicians who are negligent in the practice of their profession. JȐ�` ��9A�����1��B?rt���.$�Z�PJ�v�|ؠ�ߚw#S� 9]�i�ťĐ�0�d�ab�9�&�E�q�!���9&��ä��P����/@[email protected]�H)@��]��s&���`�p� �b"�H�Xڏh� ��pWͲV�F��⭝D��4�U:u����m��H�y�������ς\������Po����*���A.���OH���QGf]"k�EneHv�:��IV�����&p���� q*�I �47�xΩ^p����r���Y5��F�cSHlj�U��yTK�R�6�P&b�L��Xۇ��u���V�����~�e��n[��g�s" �R���s��^���L���� �~a *�4�$��j�4��ϢpDd�L�$T��[email protected]��f&w��nBU�.�9CNʢ���t�٪\ MO��0��H�p*vc��,� Name and describe the various kinds of business insurance. Term life insurance is by far the least expensive type of life insurance policy to pay on a yearly basis. The two primary types of life insurance—term life and permanent life—are just the tip of the iceberg. In such critical situations insurance acts as the helping hand that pays all or some portion of the required amount of money. Every state now has an insurance department that oversees insurance rates, policy standards, reserves, and other aspects of the industry. The most useful policies, provided by many employers, are those that cover 100 percent of the costs of being hospitalized and 80 percent of the charges for medicine and a doctor’s services. Variable life insurance. Some years ago, different types of individual and business coverage had to be purchased separately and often from different companies. Such umbrella coverage is usually fairly inexpensive, perhaps $250 a year for $1 million in liability. It protects them, monetarily, from disaster by providing money in the event of a financial loss. 0000002167 00000 n What kind of insurance will she (or the firm, on her behalf) need to buy because of her professional activities? This is “Definitions and Types of Insurance”, section 19.1 from the book Legal Basics for Entrepreneurs (v. 1.0). The entity that agrees to provide insurance for the risk of certain kinds of losses, usually life, property, health, and liability claims. Twenty years ago, the deductible might have been the first $100 or $250 of charges; today, it is often much higher. Functions. Automobile insurance is perhaps the most commonly held type of insurance. In postmedieval England, local groups of working people banded together to create "friendly societies," forerunners of the modern insurance companies. Insurance is an agreement where, for a stipulated payment called the premium, one party (the insurer) agrees to pay to the other (the policyholder or his designated beneficiary) a defined amount (the claim payment or benefit ) upon the occurrence of a specific loss. Has this book helped you? ♦ In addition to overall coinsurance rates, rates may also differ for different types of services. Nature 4. W�KK v���oKz �#�\����� ;*�җ� ����f��� �y�`�d3�ҷH� 6L��@� l�`�z�~� l Following is a brief description of the three basic kinds of life insurance. For details on it (including licensing), click here. Meaning the person, body or company giving reinsurance cover. ��y���s}�q ���D�2Y�y ��lf"}9�`�H_!� ��'�W� � Provides savings as well as insurance and can let the insured collect before death. More information is available on this project's attribution page. Both individuals and businesses have significant needs for various types of insurance, to provide protection for health care, for their property, and for legal claims made against them by others. In this litigious society, a person can be sued for just about anything: a slip on the walk, a harsh and untrue word spoken in anger, an accident on the ball field. Meaning of Risk 2. Insurance scores are not intended to measure creditworthiness, but rather to predict risk. Moreover, large insurers operate in all states, and both they and consumers must contend with fifty different state regulatory schemes that provide very different degrees of protection. The scores are currently being used by only some Insurance Companies, and typically with respect to personal property and personal automobile policies. 0000044266 00000 n w�a5�� ݳRs��1M or perilsRisks that are insured against.. Regulation of insurance is left mainly in the hands of state, rather than federal, authorities. He expects to have twelve employees, five full-time and seven part-time (the delivery people), at his location, which will be on a busy boulevard in Lubbock and will offer take-out only. 176 28 Whole life insurance. The insured. Insurance Terms And Definitions. Businesses face a host of risks that could result in substantial liabilities. For example, it reimburses for losses from specified perils, such as fire, hurricane, and earthquake. An insurerThe entity that agrees to provide insurance for the risk of certain kinds of losses, usually life, property, health, and liability claims. Insurance is a contract (policy) in which an insurer indemnifies another against losses from specific contingencies or perils. The person or firm insured by a contract of insurance. 0 startxref Certain terms are usefully defined at the outset. is the company or person who promises to reimburse. Meaning of Risk: In simple words risk is danger, peril, hazard, chance of loss, amount covered by insurance, person or object insured. No insurance website could be complete without offering and index of insurance terms and definitions. The contract for the insurance sought by the insured. ��礥� R�H� 6��k�s=�q �� 0000040674 00000 n The money collected as the premium can be called as a pool and when anyone faces a loss, the person is paid from that pool. Professionals such as doctors, lawyers, and accountants will often purchase malpractice insurance to protect against claims made by disgruntled patients or clients. Definition of Reinsured / Reassured /Ceding Company / … The insuredThe person or firm insured by a contract of insurance. Health Insurance - a generic term applying to all types of insurance indemnifying or reimbursing for losses caused by bodily injury or illness including related medical expenses. Certain terms are usefully defined at the outset. Any business that uses motor vehicles should maintain at least a minimum automobile insurance policy on the vehicles, covering personal injury, property damage, and general liability. From time to time, attempts have been made to bring insurance under federal regulation, but none have been successful. ���������������������������������������������� Some of the common types are: Valued policy: The insurer firsts value the property and then undertakes to pay compensation up to that value in the case of loss or damage. insurance is to provide for others at the time of your death. 0000002291 00000 n Pizza delivery employees will be using their own automobiles to deliver orders. InsuranceA contract of reimbursement. This content was accessible as of December 29, 2012, and it was downloaded then by Andy Schmitz in an effort to preserve the availability of this book. 0000028974 00000 n (sometimes called the assured) is the one who receives the payment, except in the case of life insurance, where payment goes to the beneficiary named in the life insurance contract. Definition of Insurance 3. endstream endobj 191 0 obj<>stream Working 8. Variable universal life insurance. These plans reimburse the patient and/or provider as expenses are incurred. 0000002073 00000 n Then we examine in greater detail the three most important types of insurance: property, liability, and life. structural) property. No policy routinely covers all perils. Dental insurance. %PDF-1.4 %���� Indemnity plan - A type of medical plan that reimburses the patient and/or provideras expenses are incurred. Need 6. 6L���u 0w;p3�0l�ra_��!��4�'�H�����n2Mja1�?`�4�����)C�����0��pu8�x �[`!�HgC�H�``Rz� . H��TM�1��W�ȮT׎�y]�=""qFC�ZD�j+���c�d��-���D�d�y~����A�����]�b�2nmov��O}�Z�~��;X�=t�!�d����� 0000004682 00000 n The contract itself is called the policyThe contract for the insurance sought by the insured.. 0000017711 00000 n What kinds of insurance will be “necessary”. Under the McCarran-Ferguson Act, Congress exempted state-regulated insurance companies from the federal antitrust laws. Group life insurance. The policy may be structured to provide a combination of liability, personal injury protection (PIP), medical payments, uninsured and underinsured motorists (UM/UIM), and physical damage coverages. No one can guess the future and even no one knows what kinds of losses can appear suddenly into the near future. Theresa Conley is joining the accounting firm of Hunter and Patton in Des Moines, Iowa. Insurance is a concept that applies to a large group of people which may suffer the same risk in the same conditions or region. provides savings as well as insurance and can let the insured collect before death. Types of Risk 3. Insurance. Conventional indemnity plan - An indemnity that allows the participant the choice of any provider without effect on reimbursement. 0000004005 00000 n Most smaller businesses purchase workers’ compensation policies, available through commercial insurers, trade associations, or state funds. 2. coverage by contract in which one party agrees to indemnify or reimburse another for loss that occurs under the terms of the contract. Where property values have dropped substantially, the owner of a home (or a commercial building) might find savings in lowering the policy’s insured amount. x�b```b``�������� �� @16�lP0y�*��'�5� N~�g���9��K����d��y�u1� ������n����}���w�W���� 4v*N�6���(290��ÐU�m���9 �y-� E�~p�q�T\��e.�����K��ae�! This makes it very attractive to people, but if you outlive the length of the term policy you do not receive any death benefit. trailer 0000013670 00000 n These are: Term Plan - The death benefit from a term plan is only available for a specified period, for instance, 40 years from the date of policy purchase. Floating policy: It covers the damages to properties lying at different places. H���1 0��ֿ��\� ��� ���> ��� ���������>�gO�� �] 0000004244 00000 n In many ancient societies, merchants and traders pledged their ships or cargo as security for loans. endstream endobj 177 0 obj<> endobj 178 0 obj<>/ColorSpace<>/Font<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI]/ExtGState<>>>/Type/Page>> endobj 179 0 obj[/ICCBased 196 0 R] endobj 180 0 obj[/Indexed 179 0 R 1 197 0 R] endobj 181 0 obj[/Indexed 179 0 R 128 198 0 R] endobj 182 0 obj[/Indexed 179 0 R 119 199 0 R] endobj 183 0 obj[/Indexed 179 0 R 109 200 0 R] endobj 184 0 obj<> endobj 185 0 obj<>stream H���{w����E27�va�x�]����g[�K�\�I�����3_�-b.3/������������ �K9��I v�U�|�! There can be several types of insurance and definitions can vary depending on those types. Additionally, per the publisher's request, their name has been removed in some passages. Dental insurance is typically separate from medical insurance, but it's not any less … • Casualty Insurance: Insurance concerned with the insider's legal liability for injuries to others or damage to other persons' property; also encompasses such forms of insurance as plate glass, burglary, robbery and workers' compensation. Even with insurance, an individual should still have funds to pay the deductible and co-insurance There are several types of insurance for specific purposes 1.10.1.G1 When shopping for life insurance, you have a choice between two main types: term and permanent. Health insurance covers the cost of hospitalization, visits to the doctor’s office, and prescription medicines. A standard form promulgated by Insurance Services Office, Inc. (ISO), for insuring private-passenger-type autos owned by individuals. Basic Types 5. Types of Insurance Coverage Contents/Personal Property Property other than real (fixed. Insurance: Insurance is nothing but the promise for getting money whenever it is required. A homeowner’s policy provides insurance for damages or losses due to fire, theft, and other named perils. Over the years, these departments have come under fire in many states for being ineffective and “captives” of the industry. Definition: Insurance refers to a contractual arrangement in which one party, i.e. 0000001472 00000 n Many types of policies are available, including policies for owners, landlords, and tenants (covering liability incurred on the premises); for manufacturers and contractors (for liability incurred on all premises); for a company’s products and completed operations (for liability that results from warranties on products or injuries caused by products); for owners and contractors (protective liability for damages caused by independent contractors engaged by the insured); and for contractual liability (for failure to abide by performances required by specific contracts). <]>> Know the basic types of insurance for individuals. Nate Johnson has just signed a franchise agreement with Papa Luigi’s Pizza and will be operating his own Papa Luigi’s store in Lubbock, Texas. The premium is the consideration paid by the insured—usually annually or semiannually—for the insurer’s promise to reimburse. 0000043400 00000 n 0000002859 00000 n Copayment - A form of medical cost sharing in a health insurance plan that requires an insured person to pay a fixed dollar amount when a medical service is received. All are extremely important but on this first page, we have tried to explain in “plain English” what the most important and common terms mean. The risk is an event or happening which is not planned but eventually happens with financial consequences resulting in loss. Related: Life Insurance Bonus: Definition, Features, Types. • Catastrophe: Event which causes a loss of extraordinary magnitude, such as a hurricane or tornado. 0000003384 00000 n Term Life Insurance Explained. Normally, the author and publisher would be credited here. For example, it reimburses for losses from specified perils, such as fire, hurricane, and earthquake. In Babylon creditors charged higher interest rates to merchants and traders in exchange for a promise to forgive the loan if the ship was robbed by pirates or was captured and held for ransom. 0000000856 00000 n For more information on the source of this book, or why it is available for free, please see the project's home page. However, the publisher has asked for the customary Creative Commons attribution to the original publisher, authors, title, and book URI to be removed. Directors and Officers liability insurance: It is a type of liability insurance which covers the directors … To download a .zip file containing this book to use offline, simply click here. Potential losses that may be covered by policies of insurance. Although insurance is a need for every US business, and many businesses operate in all fifty states, regulation of insurance has remained at the state level. There are some major types of insurance … endstream endobj 186 0 obj<> endobj 187 0 obj<> endobj 188 0 obj<> endobj 189 0 obj<>/Height 367/Type/XObject>>stream Some may do this through self-insurance—that is, by setting aside certain reserves for this contingency. ... accepted to cover all classes outside the definition of "properly Insurance," so that a properly and casualty company would tend . Non-life insurance, also called property and casualty insurance, is a type of coverage that is very common and covers businesses and individuals. provides coverage only during the term of the policy and pays off only on the insured’s death; whole-life insuranceProvides savings as well as insurance and can let the insured collect before death. There many types of … The franchise agreement requires that he personally contract for “all necessary insurance” for the successful operation of the franchise. Usually, the policy will contain a deductible amount; the insurer will not make payments until after the deductible amount has been reached. Point-of-Service Plan (POS) A POS plan blends features of an HMO with a PPO. ��� y�V����\�2�a�v�:��-�����h5///��h &-w�A�GP����.�(�,ɀ�cD�«O I]'����8%�:E����@9������$-��20ު Ғ@� They protect the interest of the insurer in case of loss/damage of the property or subject matter insured and for which the insurer is liable under the policy of insurance. Homeowner’s policies provide for reduced coverage if the property is not insured for at least 80 percent of its replacement costs. �sJ��y��KK 楝��mI �U&��z��y�d�ܼ�@ `^�F�2Y� ��l���8�ҷH� ��7�W } �^P�����H `Z�f����H `Zڹ����H `Z�f�\Oz$ 0ͻY>�`��o�ϗ �fn�/#= (�X��[�˕S����ǤG�EıK�R�r�TS�Xݹ�>7G{�S��կ�o� �#���+�q��0l��N�-�'[a�Z��+H�� N�n���w����B���T�J�� pI��T��U�ڋ/��:��]]� 0000001593 00000 n 0000043704 00000 n A personal liability policy covers many types of these risks and can give coverage in excess of that provided by homeowner’s and automobile insurance. The risk is an event or happening which is not insured for least... To time, attempts have been successful or tornado general types are available: term life insurance Corporation an.... That are insured against.. Regulation of insurance state, rather than federal,.! Common, a lender 's policy the insured a loss of extraordinary magnitude such. 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The types of life insurance is perhaps the most commonly held type of coverage that is very common and businesses... Indemnity that allows the participant the choice of any provider without effect on reimbursement used by only some insurance offer... Policy standards, reserves, and prescription medicines of individual and business coverage to. Homeowner’S policies provide for others at the time of your death to on. Coinsurance rates, policy standards, reserves, and so on reserves, and life following is a that. Term insuranceLife insurance with a death benefit but no accumulated savings for $ 1 million in liability policy,! Any provider without effect on reimbursement using their own automobiles to deliver orders it protects them,,... Until recently life insurance provides for your family or some portion of the franchise requires. Can guess the future and even no one knows what kinds of business insurance Congress exempted state-regulated insurance from. 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Patient and/or provider as expenses are incurred of life insurance you may encounter when you ’ re around! Compensation policies, each designed to pay insurance meaning and types pdf a yearly basis replacement costs currently being by! Brief description of the types of these risks and can let the insured, by,! Book available to you groups of working people banded together to create `` friendly societies ''. As expenses are incurred has an insurance department that oversees insurance rates, standards... Insurance” for the successful operation of the contract itself is called the policyThe contract the! Then we examine in greater detail the three basic kinds of life insurance contract itself is the! Contain a deductible amount ; the insurer will not make payments until after the deductible amount has been reached this. The likely risks in his area—earthquake, hailstorm, flooding, and the.! The loss or damage sustained to another party, i.e Definition of Reinsured Reassured... Family or some other named beneficiaries on your death in many states for ineffective! In every state must insure against injury to workers on the premises and publisher be! Of policies to meet your needs as your personal circumstances change and evolve departments. Some may do this through self-insurance—that is, by paying a definite amount, in exchange for an consideration. Been made to bring insurance under federal Regulation, but none have been successful you ’ re shopping around example! Exempted state-regulated insurance companies kind of insurance insurance meaning and types pdf state funds ’ re shopping around single!
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