5 Lessons Learned: Providers
November 14, 2017
What You Need to Know About Home Insurance and Auto Insurance
Insurance is a term that pertains to a contract, which is described as a means of protection from any possible but uncertain financial loss of the insured. The insurance products are being given or offered by the insurance carrier, insurer or insurance company to an entity or individual, who are typically called as the policyholder or insured. The different methods of insurance include the self-insurance, which is designed for situations where risk is not being transferred to the insurance carrier, instead it is being retained solely by the individuals or entities themselves; the reinsurance, which is designed for situations when the insurance carrier passes the risks to another insurance carrier known as the reinsurer; the co-insurance, which is designed for situations wherein the risks are being shared between the insurers; and the dual insurance, which is designed for the situations wherein the risks have two or more policies with the same scope or coverage. There are basically a lot of various types of insurance products, and some of the most common are property insurance, burial insurance, casualty insurance, life insurance, auto insurance, gap insurance, health insurance, income protection insurance, and liability insurance.
The two most popular types of insurance are the auto insurance and the property insurance. Auto insurance is also called as vehicle insurance, motor insurance, and car insurance, and it is described as a type of insurance designed primarily for the various kinds of road vehicles, like motorcycles, cars, trucks, and many more. The primary purpose of the auto insurance is to give or provide financial protection from traffic collisions or car accidents that may lead to bodily injuries, death, and physical damages. The vehicle insurance can also provide or give the insured with protection from any damages caused by keying and colliding with the stationary objects in the highways, and it can also provide financial protection to the insured against vehicle thieves.
The type of insurance that is being designed to provide the policyholder with protection that they need from the risks to their property, such as tornadoes, earthquake, theft, fire, and any other weather damages, is called as property insurance. The various forms of property insurance include the earthquake insurance, the boiler insurance, the fire insurance, the flood insurance, and the home insurance. The term home insurance is also called as homeowner’s insurance and is commonly abbreviated as HOI, and this specific form of property insurance is designed to cover a private residential property. The home insurance is typically used to cover any loses or damages to the residential house of the policy holder or insured, as well as the assets within their residential property.