In simple words, group life insurance means a single insurance policy that covers a group of people. Generally, the owner or the employer of the company uses group life insurance to cover the employees of the company. Group life insurance covers the members or the employees of that group. If unfortunately, the member dies then the death benefits are given to the beneficiaries assigned by that member.
In simple words, whole life insurance means insurance on the life of an insured person for a fixed amount at a definite premium which is to be paid each year in the same amount during the entire life of an insured person. It is a type of permanent life insurance, as long as the premiums are paid by the insured person the insurance policy will last for a person's lifetime. The policy will pay a specified amount to the beneficiaries upon the death of the insured person.
In simple words, term life insurance means the life insurance policy which is only valid for a certain period of time. Life insurance is payable only if the death of an insured person occurs within that particular period of time. In this type of insurance policy, the insurer provides coverage for a specified term in exchange for a premium paid by the insured person over a period of time.
In simple words, liability insurance means insurance that covers the insured against the claims due to causing bodily injuries and the damage done to the property of unknown people. It protects the insured from the risk of liabilities imposed by a lawsuit, liability insurance also provides coverage for payouts when the insured person is legally liable to pay.
There is just about insurance for everything. Here is a list of a few:
In simple words, revenue insurance is an insurance scheme for plantation crops that insure producers against yield loss due to wind, drought, moisture, frost, or change in weather. Revenue insurance is launched to minimize risks due to change in weather and prices arising from yield loss.
In simple words, business insurance means insurance that helps the enterprise to protects its intellectual property, financial assets, or any kind of physical property or location from an unforeseen event caused due to a big financial loss. Business insurance is a kind of risk management strategy or a scheme.
In simple words, homeowners insurance means insurance that protects damages to a home owner's house and belongings. Homeowners insurance is a type of property insurance that covers losses and damages done to the house, it helps to pay the repair cost.
In simple words, auto insurance means insurance that protects you against financial loss in the event of theft or an accident. Auto insurance is purchased by the vehicle owner to mitigate cost associated with auto accident.
In simple words, unemployment insurance means insurance that gives unemployment benefits by paying money to the individual on a weekly basis when the insured person lost their job who meets the eligibility criteria. If the insured person quits their job or fired from the company then the person is not eligible for the criteria.
In simple words, travel insurance means insurance that covers medical expenses, unforeseen expenses, or other types of risks that might encounter during a travel or a trip. Travel insurance helps during unforeseen events such as baggage loss, passport loss, a medical emergency, or an accident. Travel insurance helps against things that are likely to spoil the trip.
In simple words, pet insurance means insurance that covers the veterinary costs for the treatment of a pet during an injury or sickness. Pet insurance also covers the death or loss of the pet that is insured.
In simple words, dental insurance means insurance that provides dental coverage. Dental insurance pays for dental procedures, it is a form of health insurance that pays the treatment cost associated with dental care.
In simple words, home insurance is a type of property insurance that covers the damage and losses to an owner's residence. It is also known as homeowners insurance, home insurance provides financial protection if the homeowner's house or its contents gets damage.
In simple words, car insurance means insurance against loss due to theft or traffic accidents. In-Car insurance policy, there is an agreement between the car owner and an insurance company where the car owner will pay premiums and an insurance company will cover loss or damage caused to the car.
In simple words, health insurance means insurance against loss due to ill health. It is a type of insurance in which the insurance company pays the medical and surgical expenses as per the health insurance policy. This type of insurance covers the part or a whole of the risk of a person incurring medical expenses. The medical expenses could be related to the cost of medicines, hospitalization cost, or the consultation fees during visits.
In simple words, life insurance means Insurance paid to named beneficiaries when the insured person dies. It is a type of insurance that pays out money when the insured person dies or the money is paid to an insured person after a set period. Life insurance is one type of contract between the policyholder and the company which is offering life insurance where the insurer (insurance company) promises to pay a sum of money in exchange for a premium.
In simple words insurance means the promise of reimbursement in the case of loss; paid to people or the companies so concerned about the hazards that they have made prepayments to an insurance company. Compensation is paid for specified loss, illness, damage, or death in return for payment of a specified premium.