Have you heard about these before?
Insurance as an area gives you surprises every day. Having newly stepped into this subject, you can never really know everything. Here are a few types of insurance that I came across today.
Umbrella Insurance Policy
An umbrella insurance policy is extra liability insurance coverage that goes beyond the limits of the home or auto insurance. It provides an additional layer of security to those who are at risk for being sued for damages to other people’s property or injuries caused to others in an accident. It also protects against libel, vandalism, slander and invasion of privacy. An umbrella insurance policy is very helpful when the insurance owner is sued and the pula limit of the original policy has been exhausted. The added coverage provided by liability insurance is most useful to individuals who own a lot of assets or very expensive assets and are at significant risk for being sued. If you are bound to be of any harm to someone’s property or car, this is the policy you should be looking at. Not.
The premium for an umbrella insurance policy may be less expensive if the policy is purchased from the same insurer that provided the original auto or home insurance.
Personal Lines Insurance
Personal insurance lines protect individuals from potential losses they can’t afford to cover on their own and make it possible to do things like drive a car and own a home without risking financial ruin. Personal lines insurance and commercial lines insurance each make up about half of the overall insurance market.
Personal lines insurance include products such as homeowner’s insurance, flood insurance, earthquake insurance, renters insurance, automobile insurance, life insurance, disability insurance, umbrella insurance and health insurance. That is most of insurance market. These products protect individuals and families against potentially crushing financial losses caused by fire, theft, natural disasters, death, accidents, lawsuits and illness.
Commercial Lines Insurance
Commercial Lines Insurance helps keep the economy running smoothly. It protects businesses from potential losses they can’t afford to cover on their own, which allows businesses to operate when it might otherwise be too risky to do so. Commercial Lines Insurance and personal insurance lines together make up the overall insurance market.
Commercial Lines Insurance include products such as commercial auto insurance, workers compensation insurance, federal flood insurance, aircraft insurance, ocean marine insurance and medical malpractice insurance. Commercial lines protect businesses against potentially devastating financial losses caused by accidents, lawsuits, natural disasters and other adverse events.
Assigned risk is a risk that an insurance company is required to provide coverage for by law. An assigned risk is typically a risk that may be difficult to find coverage for in the general market place. Regulators deal with assigned risks by requiring insurers to pool together to provide coverage.