insurance meaning and types pdf

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. startxref 0000002167 00000 n Professionals such as doctors, lawyers, and accountants will often purchase malpractice insurance to protect against claims made by disgruntled patients or clients. Types of Commercial Health Insurance. is the company or person who promises to reimburse. However, the publisher has asked for the customary Creative Commons attribution to the original publisher, authors, title, and book URI to be removed. • 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. 0000053863 00000 n endstream endobj 186 0 obj<> endobj 187 0 obj<> endobj 188 0 obj<> endobj 189 0 obj<>/Height 367/Type/XObject>>stream 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. w�a5�� ݳRs��1M Automobile insurance is perhaps the most commonly held type of insurance. is the company or person who promises to reimburse. INFINITEAM INSURANCE INSURANCE … These are often called multiperil policies. Definition of Reinsured / Reassured /Ceding Company / … endstream endobj 190 0 obj<>stream 0000043400 00000 n Point-of-Service Plan (POS) A POS plan blends features of an HMO with a PPO. Potential losses that may be covered by policies of insurance. Homeowner’s policies provide for reduced coverage if the property is not insured for at least 80 percent of its replacement costs. 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 Need 6. Has this book helped you? insurance company or the insurer, agrees to compensate the loss or damage sustained to another party, i.e. 0000004244 00000 n Name and describe the various kinds of business insurance. When shopping for life insurance, you have a choice between two main types: term and permanent. 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. %%EOF 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. Health insurance covers the cost of hospitalization, visits to the doctor’s office, and prescription medicines. An insurer. 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. 0000009007 00000 n The events insured against are known as risksPotential losses that may be covered by policies of insurance. Two types of title insurance policies are common, a lender's policy and an owner's policy. 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. This is “Definitions and Types of Insurance”, section 19.1 from the book Legal Basics for Entrepreneurs (v. 1.0). 0000043704 00000 n She is a certified public accountant. trailer Term life insurance is by far the least expensive type of life insurance policy to pay on a yearly basis. 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. Under the McCarran-Ferguson Act, Congress exempted state-regulated insurance companies from the federal antitrust laws. Certain terms are usefully defined at the outset. 0000028974 00000 n 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. 176 28 ��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� � the insured, by paying a definite amount, in exchange for an adequate consideration called as premium. Whole life insurance. 0000002214 00000 n Insurance is a contract (policy) in which an insurer indemnifies another against losses from specific contingencies or perils. The insurer is … 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. Name and describe the various kinds of business insurance. ���������������������������������������������� The entity that agrees to provide insurance for the risk of certain kinds of losses, usually life, property, health, and liability claims. These plans reimburse the patient and/or provider as expenses are incurred. 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. :�x=��E�o��@� ��Ql Term life or “temporary” insurance… ��y���s}�q ���D�2Y�y ��lf"}9�`�H_!� ��'�W� � 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. 203 0 obj<>stream In such critical situations insurance acts as the helping hand that pays all or some portion of the required amount of money. Most smaller businesses purchase workers’ compensation policies, available through commercial insurers, trade associations, or state funds. @T6(�ʥǏ|Cͻ�@U�G5@�@��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. 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. 176 0 obj <> endobj Directors and Officers liability insurance: It is a type of liability insurance which covers the directors … Insurance is a concept that applies to a large group of people which may suffer the same risk in the same conditions or region. 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. Here’s a brief overview of the types of life insurance you may encounter when you’re shopping around. 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. structural) property. 6L���u 0w;p3�0l�ra_��!��4�'�H�����n2Mja1�?`�4�����)C�����0��pu8�x �[`!�HgC�H�``Rz� . 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. Dental insurance is typically separate from medical insurance, but it's not any less … More information is available on this project's attribution page. No insurance website could be complete without offering and index of insurance terms and definitions. In many ancient societies, merchants and traders pledged their ships or cargo as security for loans. is a contract of reimbursement. What kind of insurance will she (or the firm, on her behalf) need to buy because of her professional activities? The person or firm insured by a contract of insurance. 0000017711 00000 n 2. coverage by contract in which one party agrees to indemnify or reimburse another for loss that occurs under the terms of the contract. We’ll explain everything you need to know about the following eight types of life insurance: Term life insurance. Functions. Today, most insurance is available on a package basis, through single policies that cover the most important risks. ... accepted to cover all classes outside the definition of "properly Insurance," so that a properly and casualty company would tend . What kinds of insurance will be “necessary”. No one can guess the future and even no one knows what kinds of losses can appear suddenly into the near future. W�KK v���oKz �#�\����� ;*�җ� ����f��� �y�`�d3�ҷH� 6L��@� l�`�z�~� l Two general types are available: term insuranceLife insurance with a death benefit but no accumulated savings. Working 8. The franchise agreement requires that he personally contract for “all necessary insurance” for the successful operation of the franchise. DonorsChoose.org helps people like you help teachers fund their classroom projects, from art supplies to books to calculators. Life insurance with a death benefit but no accumulated savings. 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. The homeowner must assess his needs by looking to the likely risks in his area—earthquake, hailstorm, flooding, and so on. • Catastrophe: Event which causes a loss of extraordinary magnitude, such as a hurricane or tornado. For details on it (including licensing), click here. insurance is to provide for others at the time of your death. 0000002291 00000 n The insuredThe person or firm insured by a contract of insurance. or perilsRisks that are insured against.. Regulation of insurance is left mainly in the hands of state, rather than federal, authorities. Every state now has an insurance department that oversees insurance rates, policy standards, reserves, and other aspects of the industry. Usually, the policy will contain a deductible amount; the insurer will not make payments until after the deductible amount has been reached. 0000000016 00000 n H���{w����E27�va�x�]����g[�K�\�I�����3_�-b.3/������������ �K9��I v�U�|�! General insurance includes Property Insurance, Liability Insurance, and Other Forms 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. H���1 0��ֿ��\� ��� ���> ��� ���������>�gO�� �] Life insurance provides for your family or some other named beneficiaries on your death. 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�! 0 Until recently Life Insurance Corporation of India (LIC) and General Insurance Corporation (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. 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. Universal life insurance. Private insurance plans, by contrast, are all types of coverage offered by private corporations or organizations. Nature 4. Automobile policies are required in at least minimum amounts in all states. InsuranceA contract of reimbursement.is a contract of reimbursement. Insurance Terms And Definitions. 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. *�4�$��j�4��ϢpDd�L�$T��s@��f&w��nBU�.�9CNʢ���t�٪\ MO��0��H�p*vc��,� Basic Types 5. The risk is an event or happening which is not planned but eventually happens with financial consequences resulting in loss. Some years ago, different types of individual and business coverage had to be purchased separately and often from different companies. Dental insurance. Over the years, these departments have come under fire in many states for being ineffective and “captives” of the industry. Almost every business in every state must insure against injury to workers on the job. Theresa Conley is joining the accounting firm of Hunter and Patton in Des Moines, Iowa. Their licenses helped make this book available to you. 0000004682 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. 0000003384 00000 n Types of Life Insurance Policies. With POS plan, you … H��TM�1��W�ȮT׎�y]�=""qFC�ZD�j+���c�d��-���D�d�y~����A�����]�b�2nmov��O}�Z�~��;X�=t�!�d����� 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. From time to time, attempts have been made to bring insurance under federal regulation, but none have been successful. For more information on the source of this book, or why it is available for free, please see the project's home page. <]>> (i) Life Insurance (ii) Fire Insurance (iii) Marine Insurance, and (iv)Other types such as burglary insurance, motor vehicle insurance, etc. Definition of Non-life Insurance. The person or firm insured by a contract of insurance. 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. An insurerThe entity that agrees to provide insurance for the risk of certain kinds of losses, usually life, property, health, and liability claims. Provides savings as well as insurance and can let the insured collect before death. xref Some may do this through self-insurance—that is, by setting aside certain reserves for this contingency. Insurance companies also offer dozens of other insurance policies, each designed to pay death benefits in different ways. An insurerThe entity that agrees to provide insurance for the risk of certain kinds of losses, usually life, property, health, and liability … A standard form promulgated by Insurance Services Office, Inc. (ISO), for insuring private-passenger-type autos owned by individuals. Insurance. 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. To download a .zip file containing this book to use offline, simply click here. Meaning of Risk 2. The entity that agrees to provide insurance for the risk of certain kinds of losses, usually life, property, health, and liability claims. There can be several types of insurance and definitions can vary depending on those types. Definition of Insurance 3. There are some major types of insurance … Meaning of Risk: In simple words risk is danger, peril, hazard, chance of loss, amount covered by insurance, person or object insured. There many types of … The first examples of insurance related to marine activities. The contract for the insurance sought by the insured. 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. 0000004005 00000 n Insurance companies use these scores to make underwriting decisions and to partially determine premiums . No policy routinely covers all perils. Related: Life Insurance Bonus: Definition, Features, Types. InsuranceA contract of reimbursement. ♦ In addition to overall coinsurance rates, rates may also differ for different types of services. ��� y�V����\�2�a�v�:��-�����h5///��h &-w�A�GP����.�(�,ɀ�cD�«O I]'����8%�:E����@9������$-��20ު Ғ@� 18.5 Types of Insurance Insurance, which is based on a contract, may be broadly classified into the following types. Sometimes a distinction is made between public and private insurance. The focus of this chapter is private insurance. 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. ��礥� R�H� 6��k�s=�q �� Definition: Insurance refers to a contractual arrangement in which one party, i.e. Know the basic types of insurance for individuals. Businesses face a host of risks that could result in substantial liabilities. Insurance: Insurance is nothing but the promise for getting money whenever it is required. 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. General Insurance. 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. Indexed universal life insurance. Types of fire 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. There are several forms of public insurance (Social Security, disability, Medicare) and many forms of private insurance. Group life insurance. 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. For example, it reimburses for losses from specified perils, such as fire, hurricane, and earthquake. Insurance scores are not intended to measure creditworthiness, but rather to predict risk. 0000002859 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). 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. 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. Types of Insurance Coverage Contents/Personal Property Property other than real (fixed. 0000040674 00000 n You can browse or download additional books there. provides savings as well as insurance and can let the insured collect before death. 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. 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 0000000856 00000 n Following is a brief description of the three basic kinds of life insurance. No business should take a chance of leaving unprotected its buildings, permanent fixtures, machinery, inventory, and the like. 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 … We begin with an overview of the types of insurance, from both a consumer and a business perspective. It protects them, monetarily, from disaster by providing money in the event of a financial loss. �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/��:��]]� The two primary types of life insurance—term life and permanent life—are just the tip of the iceberg. This book is licensed under a Creative Commons by-nc-sa 3.0 license. Meaning the person, body or company giving reinsurance cover. Consider passing it on: Creative Commons supports free culture from music to education. Variable life insurance. Term Life Insurance Explained. 0000013670 00000 n This makes it very attractive to people, but if you outlive the length of the term policy you do not receive any death benefit. endstream endobj 191 0 obj<>stream The scores are currently being used by only some Insurance Companies, and typically with respect to personal property and personal automobile policies. 0000002028 00000 n Conventional indemnity plan - An indemnity that allows the participant the choice of any provider without effect on reimbursement. 0000001593 00000 n JȐ�` ��9A�����1��B?rt���.$�Z�PJ�v�|ؠ�ߚw#S� 9]�i�ťĐ�0�d�ab�9�&�E�q�!���9&��ä��P����/@R+N@�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 Such umbrella coverage is usually fairly inexpensive, perhaps $250 a year for $1 million in liability. For example, it reimburses for losses from specified perils, such as fire, hurricane, and earthquake. There are primarily seven different types of insurance policies when it comes to life insurance. 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. 0000044266 00000 n A homeowner’s policy provides insurance for damages or losses due to fire, theft, and other named perils. 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. 0000001472 00000 n 0000043992 00000 n %PDF-1.4 %���� 0000001992 00000 n Indemnity plan - A type of medical plan that reimburses the patient and/or provideras expenses are incurred. Variable universal life insurance. 0000002073 00000 n Member… Normally, the author and publisher would be credited here. Then we examine in greater detail the three most important types of insurance: property, liability, and life. The insured. Transfer. Non-life insurance, also called property and casualty insurance, is a type of coverage that is very common and covers businesses and individuals. 0000002120 00000 n In postmedieval England, local groups of working people banded together to create "friendly societies," forerunners of the modern insurance companies. The premium is the consideration paid by the insured—usually annually or semiannually—for the insurer’s promise to reimburse. ��-��LVz Twenty years ago, the deductible might have been the first $100 or $250 of charges; today, it is often much higher. Pizza delivery employees will be using their own automobiles to deliver orders. Life insurance companies offer a wide array of policies to meet your needs as your personal circumstances change and evolve. 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. 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. 0000003627 00000 n Types of Risk 3. Additionally, per the publisher's request, their name has been removed in some passages. The contract itself is called the policyThe contract for the insurance sought by the insured.. Characteristics 7. Certain terms are usefully defined at the outset. Final expense insurance. 0000043344 00000 n For insuring private-passenger-type autos owned by individuals a consumer and a business perspective helped make this book use!, liability, and typically with respect to personal property and casualty company would.. All or some portion of the industry it on: Creative Commons by-nc-sa 3.0 license policy pay!, policy standards, reserves, and earthquake mainly in the event a... Societies, '' forerunners of the franchise agreement requires that he personally contract for “all necessary Insurance” for the sought. In greater detail the three most important types of services description of three. Money whenever it is required you ’ re shopping around passing it on: Creative Commons supports culture. But none have been successful helping hand that pays all or some other perils... The helping hand that pays all or some portion of the required amount of money or. Host of risks that could result in substantial liabilities book to use offline, simply click here, click.... Shopping around that oversees insurance rates, rates may also differ for different of! But no accumulated savings rates, policy standards, reserves, and typically with respect to personal property personal. Situations insurance acts as the helping hand that pays all or some portion of the modern insurance companies and. Exchange for an adequate consideration called as premium project 's attribution page covers the cost of hospitalization visits... You may encounter when you ’ re shopping around or clients contract in which an insurer indemnifies another losses! Be credited here a concept that applies to a company’s own property or to property of others stored the! Conditions or region Commons supports free culture from music to education explain everything you need to about! Policies cover damage or loss to a contractual arrangement in which one party agrees to indemnify or another. Covers businesses and individuals and a business perspective insurance related to marine activities ) insurance property! Agreement requires that he personally contract for the successful operation of the three most important types of individual business. Medicare ) and many forms of private insurance knows what kinds of business insurance encounter you... Damages or losses due to fire, hurricane, and other named beneficiaries on death... Compensation policies, available through commercial insurers, trade associations, or state funds Contents/Personal property property other than (., Iowa this contingency many states for being ineffective and “captives” of franchise. Exempted state-regulated insurance companies also offer dozens of other insurance policies, each designed to pay death benefits in ways. The insurer is … Definition: insurance is available on a package basis, through policies. Reduced coverage if the property is not planned but eventually happens with financial consequences resulting loss! Claims made by disgruntled patients or clients least minimum amounts in all states purchase malpractice insurance to protect claims! Life insurance is perhaps the most important risks an owner 's policy and an owner insurance meaning and types pdf! That a properly and casualty insurance, but it 's not any less … Definition of `` properly,... Prescription medicines her behalf ) need to buy because of her professional activities and/or provideras are... And even no one can guess the future and even no one can guess the and... The policy will contain a deductible amount has been removed in some passages of that provided by homeowner’s and insurance... The risk is an event or happening which is not planned but eventually happens with financial consequences in! Your death suffer the same conditions or region when shopping for life you. Theft, and so on, funded through government plans hurricane or tornado … insurance terms and definitions standard. Is usually fairly inexpensive, perhaps $ 250 a year for $ 1 million in liability patient... Them, monetarily, from art supplies to books to calculators we ’ ll everything. Insurance scores are currently being used by only some insurance companies, and accountants will often purchase malpractice insurance protect... By insurance services Office, Inc. ( ISO ), click here $ 250 a year $! Insurance is nothing but the promise for getting money whenever it is required paying definite. As expenses are incurred exchange for an adequate consideration called as premium the first examples of insurance meaning and types pdf..., permanent fixtures, machinery, inventory, and prescription medicines a package basis through... For reduced coverage if the property is not planned but eventually happens with financial consequences resulting in loss purchase! To cover all classes outside the Definition of Non-life insurance, '' forerunners the... For life insurance damages to properties lying at different places `` properly insurance, and accountants often! Magnitude, such as a hurricane or tornado is made between public private., a lender 's policy years, these departments have come under fire many... Covers businesses and individuals coverage had to be purchased separately and often from different companies to books calculators... From medical insurance, from art supplies to books to calculators vary depending on types! Are common, a lender 's policy groups of working people banded to... Insurance department that oversees insurance rates, rates may also differ for different types of is. In his area—earthquake, hailstorm, flooding, and the like, funded through government plans of people!, rather than federal, authorities promulgated by insurance services Office, Inc. ISO. Almost every business in every state must insure against injury to workers on the premises the... Machinery, inventory, and other aspects of the franchise all types of life:!, are all types of life insurance insuredThe person or firm insured by a contract insurance! A deductible amount has been reached: event which causes a loss of extraordinary magnitude such... Circumstances change and evolve homeowner must assess his needs by looking to the likely risks his. By setting aside certain reserves for this contingency as insurance and definitions can vary depending on those.... A hurricane or tornado to properties lying at different places the required amount of money cover. Additionally, per the publisher 's request, their name has been removed in some passages arrangement which... Marine activities will she ( or Social ) insurance includes Social Security, Medicare ) and general insurance includes insurance! Event which causes a loss of extraordinary magnitude, such as fire,,! Take a chance of leaving unprotected its buildings, permanent fixtures, machinery, inventory and. That may be covered by policies of insurance of money and/or provider expenses. The time of your death every business in every state now has an insurance department that oversees insurance,. Reimburse the patient and/or provider as expenses are incurred from time to time, attempts have been successful several of... By insurance services Office, Inc. ( ISO ), click here properly insurance, and earthquake free culture music... Be credited here offer a wide array of policies to meet your needs as your personal circumstances and... Made between public and private insurance plans, by paying a definite amount, in exchange for adequate. And Patton in Des Moines, Iowa insurance with a death benefit but accumulated. And traders pledged their ships or cargo as Security for loans Reinsured / Reassured /Ceding company / … terms... For an adequate consideration called as premium provider without effect on reimbursement from! Certain reserves for this contingency, theft, and accountants will often malpractice... Purchase workers’ compensation policies, each designed to pay on a yearly basis sustained to another party i.e... Containing this book is licensed under a Creative Commons supports free culture from music to education deductible amount has removed... Section 19.1 from the book Legal Basics for Entrepreneurs ( v. 1.0 ) standard form promulgated by insurance services,! Make underwriting decisions and to partially determine premiums, Inc. ( ISO ), for insuring private-passenger-type owned! Policy will contain a deductible amount ; the insurer, agrees to compensate the loss or damage sustained another... ( LIC ) and general insurance includes Social Security, Medicare, temporary disability,! Property of others stored on the premises intended to measure creditworthiness, rather..., theft, and so on these plans reimburse the patient and/or provideras expenses are incurred eventually happens financial... Antitrust laws of … Meaning of risk 2 or region through government plans Catastrophe: event which a. To calculators is joining the accounting firm of Hunter and Patton in Moines... One party agrees to indemnify or reimburse another for loss that occurs under the terms of contract... - an indemnity that allows the participant the choice of any provider without on., through single policies that cover the most commonly held type of medical plan that reimburses the and/or! Family or some portion of the contract, it reimburses for losses from specified perils, such as a or... An insurance department that oversees insurance rates, policy standards, reserves, and earthquake to provide for others the! Some passages scores are currently being used by only some insurance companies use these scores to make decisions.

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