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Term life insurance: Term life insurance offers coverage for a fixed period of time, perhaps for 5, 10 or even 30 years. If the policyholder passes after the term of the insurance, then the ...
An example of this problem would be the situation where insurers set a particular price for health insurance that is too high for individuals with low risk of getting sick, and thus only those with a high risk of getting sick purchase this insurance. Ultimately the insurance company is losing money since they cannot discriminate between buyers ...
For example, a homeowner's insurance policy will normally include liability coverage which protects the insured in the event of a claim brought by someone who slips and falls on the property; automobile insurance also includes an aspect of liability insurance that indemnifies against the harm that a crashing car can cause to others' lives ...
In insurance, the insurance policy is a contract (generally a standard form contract) between the insurer and the policyholder, which determines the claims which the insurer is legally required to pay. In exchange for an initial payment, known as the premium, the insurer promises to pay for loss caused by perils covered under the policy language.
Insurance, generally, is a contract in which the insurer agrees to compensate or indemnify another party (the insured, the policyholder or a beneficiary) for specified loss or damage to a specified thing (e.g., an item, property or life) from certain perils or risks in exchange for a fee (the insurance premium). [2] For example, a property ...
Cash value life insurance is permanent life insurance with a cash accumulation component. As long as premiums are paid, these policies are designed to last your entire life (typically up to a ...
This would include autos (private car), homeowners (household), pet insurance, creditor insurance and others. ACORD , which is the insurance industry global standards organization, has standards for personal and commercial lines and has been working with the Australian General Insurers to develop those XML standards, standard applications for ...
Social insurance schemes are contributory programs that protect beneficiaries from catastrophic expenses in exchange for regular payments of premiums. Health costs can be very high, so health insurance schemes are a popular way reducing risk in the event of shock. [12] However, an individual with low income may not be able to afford insurance.