Insurance Policies
Credit Insurance Policy
When a person applies for a loan, they are often given the option of purchasing a credit insurance policy. Credit insurance provides coverage to both the lender and the person taking out the loan. The insurance would pay off the balance of the loan in the event the borrower was killed, disabled or unemployed. Generally the cost is built in to the loan payment itself. Credit insurance is usually voluntary... [Read more]
Auto Insurance Policy
Most municipalities require that drivers have some sort of auto insurance policy in place. Different types of policies offer different types of coverage based on the needs of the driver and the legal requirements of the particular state. Insurance companies offer a variety of coverage and many car insurance policies are made up of a combination of these. Liability coverage compensates for bodily injury... [Read more]
What is an Insurance Policy
What is an insurance policy? Simply put, an insurance policy is a binding contract between an insurance company (the insurer) and the person purchasing the coverage (the policyholder). The insurance policy establishes in clear language the damages or claims caused by the included circumstances, that the insurer is legally required to pay the policyholder. The payment the policyholder provides to... [Read more]
Accident Insurance Policy
Generally a personal accident insurance policy is obtained to fill the gaps in coverage that may be left by life insurance, health insurance, disability insurance, or workman’s compensation. According to the National Safety Council, accidents are one of the leading causes of death among individuals under the age of 40, many of those accidents occur at or near the home. While these accidents are unpredictable,... [Read more]
Fire Insurance Policy
Insurance policies are legally binding contracts between an insurance company and a policyholder that establishes the details of coverage, specifying the conditions or perils and compensation provided should they occur. A fire insurance policy is a specific type of property insurance which covers the insured in the event their home is lost or damaged during a fire. It is a common investment and is... [Read more]
Group Insurance Policy
A group insurance policy is one that covers a group of people instead of just an individual. Generally the group is made up of members who share either an employer or some other type of common faction or society, such as a labor union or church service. A group health insurance plan is often more cost effective than that available to an individual. With a group insurance plan, many participants contribute... [Read more]
What is an Insurance Premium
What is an Insurance Premium? To answer this particular question, you must first understand what insurance is. An insurance policy is a legally binding contract, where one party (the insurer) agrees to compensate the other party (the insured) for a loss as a consequence of a specific risk. As part of this insurance policy the insured is usually required to pay a specified amount of money to the insurer,... [Read more]
The Benefits of An Insurance Policy
Insurance policies are enforceable contracts between an insurance company (or the insurer) and a policyholder (the insured). The insurance policy details the terms of the agreement between the two parties, to usually include the type of insurance being purchased, the deductible, and the premium. It specifies the risks being covered and the amount the insured would receive as compensation for losses... [Read more]
Types of Insurance Policy
There are many different types of insurance policy available to suit the need of the consumer. An insurance policy is the legally binding contract establishing that the insurer (the insurance company) will provide the insured (the policyholder) with compensation should certain events outlined within the document occur. A premium is paid by the policyholder to the insurance company in order to secure... [Read more]
What Is Insurance Policy Coverage
What is insurance policy coverage? An insurance policy is the legally binding document that establishes that the insurer (usually an insurance company) is obligated to pay the insured (the policyholder) in the event of specific losses determined by the contract. Coverage refers to the particular kinds and predetermined monetary quantities of risk that have been assigned to the insurance company. For... [Read more]
