Auto insurance protects the policyholder against financial loss in the event of an incident involving a vehicle they own, such as in a traffic collision.Any risk that can be quantified can potentially be insured. Specific kinds of risk that may give rise to claims are known as perils. A single policy that may cover risks in one or more of the categories set out below. For example, vehicle insurance would typically cover both the proper ty risk and the liability risk. An insurance policy will set out in detail which perils are covered by the policy and which are not. Below are non-exhaustive lists of the many different types of insurance that exist.
Business insurance can take a number of different forms, such as the various kinds of professional liability insurance, also called professional indemnity, which are discussed below under that name. The business owner's policy, which packages into one policy many of the kinds of coverage that a business owner needs, in a way analogous to how homeowners' insurance packages the coverages that a homeowner needs. Property coverage, for damage to or theft of the car, Liability coverage, for the legal responsibility to others for bodily injury or property damage. Medical coverage, for the cost of treating injuries, rehabilitation and sometimes lost wages and funeral expenses.
Gap insurance
Gap insurance is typically offered by a finance company when the vehicle owner purchases their vehicle, but many auto insurance companies offer this coverage to consumers as well. Gap insurance covers the excess amount on your auto loan in an instance where your insurance company does not cover the entire loan. Depending on the company's specific policies it might or might not cover the deductible as well. This coverage is marketed for those who put low down payments, have high interest rates on their loans, and those with 60-month or longer terms.Health insurance
In most developed countries, all citizens receive some health coverage from their governments, paid for by taxation. In most countries, health insurance is often part of an employer's benefits.Health insurance policies cover the cost of medical treatments. Dental insurance, like medical insurance, protects policyholders for dental costs.Income protection insurance
Disability insurance policies provide financial support in the event of the policyholder becoming unable to work because of disabling illness or injury. Short-term and long-term disability policies are available to individuals, long-term policies are generally obtained only by those with at least six-figure incomes, such as doctors, lawyers, Long-term disability insurance covers an individual's expenses for the long term, Short-term disability insurance covers a person for a period typically, up to six months, paying a stipend each month to cover medical bills and other necessities.Disability overhead insurance allows business owners to cover the overhead expenses of their business while they are unable to work. It provides monthly support to help pay such obligations as mortgage loans and credit cards. Long-term disability insurance covers an individual's expenses for the long term. Total permanent disability insurance provides benefits when a person is permanently disabled and can no longer work in their profession, often taken as an adjunct to life insurance.