Category Archives: Uncategorized

Insurance – A Detailed Guide to the Most Widely Used Types of Insurance

Learning the most important things about different types of insurance will help you immensely both as a buyer and as a policy holder. In general, the different types vary considerably in terms of the types of coverage they offer and the way in which they work. Knowing about insurance can only bring you benefits. You will be able to buy the most affordable and beneficial policy available in the market.

Auto or Car Insurance

In most countries around the world, including the US, drivers and vehicle owners are legally required to purchase certain types of auto insurance coverage. These include personal injury liability coverage and property damage liability coverage. With these types of coverage, the insurer agrees to pay out any medical and car repair bills, in case you are responsible for injuring other people and damaging their cars. You can also buy collision coverage and personal injury protection coverage as well as property coverage.

Home Insurance

With this type of insurance you can cover the building you live in and your personal belongings inside against different kinds of perils. Some of the most common perils you can insure your home against include fire, theft, windstorm and hale and civil riots. Most, if not all, policies do not cover your property and belongings against floods and earthquakes. You need to purchase such types of coverage as separate riders.

Landlords can also insure the property they rent to others with landlord insurance. If you rent a house or an apartment, you can cover your belongings with renter insurance.

Health Insurance

This is perhaps the most complex type of all. You need to buy such coverage so that you can have your medical bills covered in case you get sick or injured. You can buy individual coverage or a family coverage. You can have part of your insurance paid by your employer. You can choose from a variety of plans including private coverage, health maintenance organization coverage and point of service coverage. You can buy such coverage from a privately owned company or to participate in a state insurance program.

Life Insurance

This type of coverage is designed to provide financial benefits to the family of a deceased. It offers financial protection in case the main breadwinner in a family passes away. With the development of these products, some types of life insurance policies have become investment instruments that start paying a fraction of the benefit at certain point in time during the life of the insured.

Credit Insurance

With this type of coverage, you are financially protected in case you default on a loan. Usually, mortgage buyers are required to have such type of coverage. Many credit cards have such type of coverage automatically included.

Unemployment, Sickness and Accident Insurance

This type of coverage is designed to pay out financial benefits, in case the policy holder stops earning income due to the factors mentioned above. Such coverage can be extremely beneficial not only to individuals working in high-risk industries, such as mining, but to all given that the economy is still shaky.

Types of Insurance

The right insurance polices can give you the needed peace of mind. There are different types of insurance policies available to cover almost anything that you can think of. You may like to take at least 2 big vacations each year, or may need to travel quite frequently for work. If you have travel insurance, you can make a claim for reasons like, loss of baggage, or trip cancellation and the like. Yes, having insurance can help when you need it the most.

There are different types of insurance policies to protect the different things you value in life, like life insurance, auto insurance, health insurance, jewelry insurance, motorcycle insurance, travel insurance and so many more. You may have a business that you run and definitely you do not want any thing to harm your business. But who can predict an accident? If an accident does take place and your business has to stop temporarily who would pay for the losses? An insurance policy at times like this would be really helpful.

Business insurance in only one of the various types of insurance policies available. Chemists can insure their stock, earnings from accidental damage, destruction and any legal cost that may be associated with it. You may be the proud owner of a classic car and hence would definitely want to protect it from any scratch. But if any damage happens to your classic beauty you won’t obviously like it. Classic car insurance in such a situation might help.

All the types of insurance policies available have been designed keeping in mind the comfort of each individual. The beauty of it all lies in the fact that each of these types of insurance policies is available at different packages keeping in mind individual needs. Different insurance companies offer different packages. Not all insurance policies will have all kinds of coverage. There are exclusions in certain policies. But there are again other specialty types of insurance to provide coverage for these exclusions.

If you are the sole earning member of the family and you have an accident that renders you unable to go to work for a fairly long period of time and hence temporarily stops your income, what would you do? Disability insurance helps you prepare for a situation like this. Through disability insurance you can save up for a time like this. Similarly, there are insurance policies for several other situations.

It is very important that you determine your insurance needs before you think of buying a policy. While it is true that getting inadequate insurance is not worth the investment, it is also true that you must not be over insured. This way you will only waste your money without receiving benefits any greater than the others. It is hence advisable that you choose your policy carefully and not get confused with all the different types of insurance policies available.

Common Types of Insurance Fraud

The insurance industry is a major player in the world’s economy. It is a $3.3 trillion dollar industry globally, but this incredibly high number should come as no surprise considering our reliance on insurance. Not only do most states require drivers to carry car insurance, but many people also pay for homeowner’s insurance, health insurance, life insurance, and more. However, some people choose to commit insurance fraud.

For some people, holding policies is a very helpful part of their lives. It can lessen doctors’ bills as well as protect your financial investment in your home should a natural disaster occur. However, some people can become frustrated with paying their premiums. It can seem like all you do is pay premiums to the insurance company without seeing any financial returns. In times like this, it can be very tempting to commit insurance fraud as a way to regain your investment.

There are several different types of insurance fraud, and for each type, there are some common forms of fraud. These include:

Life – faking someone’s death, such as that of your spouse, so that together you can collect the life insurance
Home – studies show that arson is far and away the most common way that people destroy their homes to collect insurance
Auto – filing for injuries that are not related to car accidents or staging fake car accidents

Additionally, one of the most frequent forms of insurance fraud is healthcare. Doctors can perform a treatment on a patient, then charge the insurance company for a more expensive procedure. Conversely, some people with insurance can pretend to have health problems so that they can collect medication for those who do not have insurance.

Insurance is a tricky industry because so much of it relies on the word of the policy holder versus that the of the insurance company. For instance, a policy holder can claim injury, which the insurance company may or may not refuse to cover. In this confusing tangle, you can be mistakenly charged with insurance fraud. If you have been charged with insurance fraud, you should contact a Dallas criminal defense attorney from the Lassiter Law Office today.