Types of Insurance
Insurance has overtime grown to be a must have for any individual, company or institution due to the various risks which continuously face the individual, company or institution. Insurance helps in that the covered individual, company or institution may not be in a position to predict or avoid the impending predicament. Therefore the insurance helps to lessen the effect of the predicament and tries to restore the situation as close to an earlier state as possible.
Types of Insurances
There are several types of insurances available currently in the market and they vary widely depending on the firms offering them. Some of the most common are:
1. Life Insurance
This is the type of insurance that covers the life of an individual or even animals. It works in such a manner that in case a life is taken in an unnatural way, then the next of kin of the individual/animal is compensated with an agreed amount of money or any other form of compensation.
2. Medical Insurance
This insurance covers one in case he/she is taken ill in the course of insurance period. The compensation varies depending on the firms issuing them.
3. Education Insurance
Some firms offer this type and it covers one’s education until he/she reaches a desired agreed upon level.
4. Employment Insurance
This type cushions one in employment against any unforeseen layoffs. The firm will cater for agreed compensation plan in case of an eventuality.
5. Business Insurance
This covers businesses against any predicament and they vary widely.
6. Vehicle insurance
This type covers vehicles of the different types against any predicament on the roads during travelling.
As mentioned above, there are countless types of insurances and it may not be possible to cover all of them conclusively. The insurance firms keep evolving them to meet their clients’ custom needs which are ever dynamic.