Types of Insurance
Payment to insured person if their property is damaged or destroyed by an accident.
Property Insurance
Driver or car owner is held legally responsible for damaging another's property.
Property Damage
Products or services that add extra value for employees beyond earned wages.
Employee benefit
Health
All
If you have an accident that costs $50,000 this insurance will pay 80%, leaving you to pay the other 20%.
Health Insurance
May cover doctors' visits, hospital bills, vision care, dental care, etc.
Health Insurance
Covers a collision with another object, car, or from a rollover
Collision Coverage
The out-of-pocket money paid by the policy holder before an insurance company will cover the remaining costs attributed to the loss.
Deductible
Property
Individual
If a worker earned $50,000 per year prior to becoming disabled, and if the disability prevents them from working, this insurance would compensate them for a portion of their lost income provided that they qualified.
Disability Insurance
Payment to replace earnings during times when workers cannot work due to illness.
Disability Insurance
What are the 4 types of coverage?
Liability Insurance, Medical payment insurance, Uninsured/underinsured motorists insurance, Physical Damage insurance.
Money paid to purchase a policy.
Premium
Life
Employers and/or Individual
When an insured person dies, this insurance company pays out a death benefit to the beneficiaries named on the policy.
Life Insurance
Payment for extended nursing care when a person cannot live independently but does not need to be hospitalized.
Long-term Care
Covers injury or damage to the driver, passengers or the vehicle caused by a driver with insufficient insurance.
Uninsured/Underinsured Motorists Insurance
Requires the insured individual to pay a fixed percentage of the loss after the deductible has been paid.
Co-insurance
Disability
All
If a customer enters your shop, slips on your wet floor and breaks their leg, this insurance can help cover the cost of their medical bills.
Liability Insurance
Pays a death benefit of the insured and can have cash value as a benefit.
Whole/Universal/Permanent Life Insurance
Covers injuries sustained by the driver of the insured vehicle or any passenger regardless of fault
Medical Payment Insurance
The donation of a product or service in place of cash.
In-kind income
Long-term care
Individual
Your roof was blown off during a hurricane, this insurance will cover the cost of the repair.
Homeowners Insurance