Insurance companies can be classified into two groups:

Life insurance companies that sell life insurance, annuities and pensions.
Non-life, general, or property or casualty insurance companies, which sell other types of insurance.
General insurance companies can be divided into the following sub categories.

• Standard Lines
• Excess lines

Insurance Companies

In most countries, life and non-life insurers are subject to different regulatory regimes and different tax and accounting rules. The main reason for the distinction between the two types of company is that life, annuities, pension and business is very long term in nature – coverage for life assurance or a pension can cover risks over many decades. On the contrary, it usually covers the life insurance covers a shorter period as one year. Read the rest of this entry »

In insurance, the insurance policy is a contract (generally a standard form contract) between the insurer and the insured, known as the policyholder, which determines the claims which the insurer is legally required to pay. In exchange for payment, known as the premium, the insurer pays for damages to the insured which are caused by covered perils under the policy language. Insurance contracts are designed to meet specific needs and thus have many features not found in many other types of contracts. Since insurance policies are standard forms, they feature boilerplate language which is similar across a wide variety of different types of insurance policies.

Insurance Policy

The insurance policy is generally an integrated contract, meaning that it includes all forms associated with the agreement between the insured and insurer. Read the rest of this entry »

Travel Insurance is insurance that is intended to cover medical expenses and financial (such as money invested in nonrefundable pre-payments) and other losses incurred while traveling, either within one’s own country, or internationally.

Travel insurance

Temporary travel insurance can usually be arranged at the time of the booking of a trip to cover exactly the duration of that trip, or a more extensive, continuous insurance can be purchased from travel insurance companies, travel agents or directly from travel suppliers such as cruiselines or tour operators. However, travel insurance purchased from travel suppliers tends to be less inclusive than insurance offered by insurance companies.

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Insurance can be described as a form of risk management which is mainly used to protect an individual against the risk of potential financial losses, if any. Insurance can be used as a tool to protect a person against the potential risks, such as travel accidents, death, unemployment, theft, property destruction by natural disasters, fires, accidents etc.

Types of Insurance

Different types of insurance used to cover the different properties and assets such as vehicles, home, health care etc. Basically, an insurance policy may also be known as a safety net which ensures that from any future financial loss. Read the rest of this entry »