The list of types of insurance has been increasing day by day. Many number of insurance policies have been found which you may have not heard. Different types of insurance include life, property, health, auto, travel, home, credit and liability insurance.
Life insurance is the insurance that pays only after the death of the insured. A cash benefit is provided to the decedent’s family. Three types of expenses are covered by the proceeds from life insurance. They include estate taxes, burial costs, and the replacement of the policyholder’s income.
Protection given against risks to property such as theft, fire, or weather damage is termed property insurance. Property insurance includes business property insurance, rental property insurance, commercial property insurance, landlord property insurance, property liability insurance and so on. As per the customer needs the property insurance is given in many terms including furniture, paintings, jewelery, rented property etc.
Various types of insurance related to health are covered under health insurance. One of the major part of health insurance is medical insurance. The other part is dental insurance policy that covers the dental problem and issues. The injuries and accidents at workplace insurance benefits also do come under health insurance.
Auto insurance involves the help given when there is a financial loss of a vehicle during accident. At certain times, the costs of medicines for treatment of injuries and other medical expenditure are covered under auto insurance policy.
Travel insurance involves the help in loss of personal belongings while traveling. Medical coverage and delays in travel may also be a part of travel insurance.
Home insurance is a part of property insurance which covers private homes. It is also termed as hazard insurance. In real estate industry it is termed as Home Owners Insurance (HOI).
Due to some reasons such as disability, death or unemployment, a borrower may not be able to clear the loan. Credit insurance helps in repaying some or complete loan.
Liability insurance is that which protects people other than one’s own self from actions that might cause harm to others. Liability insurance claims that are legal, against the insured. It includes the aspects from many types of insurance. Public liability insurance, prize indemnity insurance, professional liability insurance, environmental liability insurance are some of the insurance policies that come under liability insurance.