List of the Five Main Types of Insurance
Insurance enables an individual to have a back-up plan in the case of health issues, automobile accident, death or property damage. Insurance allows the insurance holder to have cushion for services and not pay out-of-pocket for such services. In general, people hold insurance policies for health, life, property, car, and loss of income incidents.
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Health Insurance
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Health insurance allows individuals to visit the doctor and go to the hospital at a fraction of the cost. In general, persons obtain health insurance through an employer and the specified health insurance plan for that place of employment. The individual pays a co-payment for doctor and hospital visits and may be accountable for a deductible based on the particular insurance plan. Health insurance plans include coverage for health, dental and vision needs.
Life Insurance
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Life insurance covers deaths caused by accidents, illness or natural causes. Life insurance usually comes in set values and can be increased or decreased at each enrollment period. Life insurance names beneficiaries---usually the insurance holder's children or family. Life insurance, too, is provided through an employer or can be purchased through outside life insurance companies.
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Property Insurance
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Property or rental insurance recovers lost or damage done to residential or rental property due to burglary, fire, natural disasters or other damages. This type of insurance is very specific and will only cover what the policy stipulates.
Car Insurance
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Car insurance aids the insurance carrier in case of a car accident. Liability car insurance covers damage to another vehicle or property, and may pay for medical attention after the accident. Collision and comprehensive covers damages to the insured's vehicle.
Loss of Employment Insurance
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Loss of employment insurance aids individuals in the case of job loss or accidental injuries preventing the insurance holder from working. This insurance pays bills and loans for an appointed time---until the person is able to work again or find another form of employment. At times this insurance is beneficial for seasonal workers or persons who are self-employed.
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References
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