What are the Different Types of Insurance

Types of Insurance

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Types of Insurance

Generally, insurance serves as a financial safety net that will help us recover from uncertain events like accidents, natural disasters, or even death.

Since insurance is designed to to help policyholder from any type of risk, so, it is very important to know the different types of insurance.

So, in this article, we will discuss some common types of insurance.

Different Types of Insurance

Insurance is an agreement or a contract between you, the policyholder, and the insurance company.

So, below are some of the common types of insurance.

1. Life Insurance

Life insurance is a type of insurance that offers certain amount of money based on the contract or agreement by the policyholder and the insurance company when the insured person died. 

So, when the policyholder dies, the dependent beneficiaries will receive cash benefits known as the death benefits.

This amount of money can be used by the beneficiaries to cover the burial or funeral expenses, pay debt (if any), and for their daily expenses.

2. Health Insurance

Health insurance is a type of insurance that offers medical expenses to the policyholder when he or she have illness or severe illness that requires preventive care, surgeries, drug prescriptions and other health care services

If you are a policyholder of this type of insurance, then you can use that contract to the insurance company to cover your medical expenses.

3. Auto Insurance

Auto insurance is a type of insurance that protects you as the policyholder when you are involved in any form of accidents cause by automobile.

This contract may include property damages, injuries, and or medical expenses caused by automobile casualty.

Thus, if you are a policyholder if this insuance, the insurance company will surely help you cover the expenses.

4. Property Insurance

Property insurance is a type of insurance that is designed to protect the policyholder against property losses or damages that may be caused by fire, theft, natural disasters such as earthquake, flood, tsunami, storm surge, etc.

5. Travel Insurance

Travel insurance is a type of insurance that is designed to help or protect the policyholder against damages caused by travel.

This includes travel delays or cancellation, damage or lost luggage, and any travel-related emergencies.

Conclusion:

While there are any other specialized types of insurance, the above-list are just few examples of common types of insurance offered by different insurance companies and sectors.

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