Life insurance is a contract between an insurer and a policy owner. A life insurance policy guarantees the insurer pays a sum of money to named beneficiaries when the insured dies in exchange for the premiums paid by the policyholder during their lifetime.
The life insurance application must accurately disclose the insured’s past and current health conditions and high-risk activities to enforce the contract.
When you buy or lease a car, it’s important to protect that investment. Getting auto insurance can offer reassurance in case you’re involved in an accident or the vehicle is stolen, vandalized or damaged by a natural disaster. Instead of paying out-of-pocket for auto accidents, people pay annual premiums to an auto insurance company; the company then pays all or most of the costs associated with an auto accident or other vehicle damage.
Property insurance is a broad term for a series of policies that provide either property protection coverage or liability coverage for property owners. Property insurance provides financial reimbursement to the owner or renter of a structure and its contents in case there is damage or theft—and to a person other than the owner or renter if that person is injured on the property.
Property insurance can include a number of policies, such as homeowners insurance, renters insurance, flood insurance, and earthquake insurance. Personal property is usually covered by a homeowners or renters policy. The exception is personal property that is very high value and expensive—this is usually covered by purchasing an addition to the policy called a “rider.” If there’s a claim, the property insurance policy will either reimburse the policyholder for the actual value of the damage or the replacement cost to fix the problem.
Choosing the right insurance policy is much like choosing the right motorcycle. You want it to fit your needs and lifestyle—and to be within your budget. Here’s a guide to insurance coverage for your bike—and some tips to make your insurance ride more “easy” on your wallet.
In order to find out what coverage is best for you, it is important to understand all the options available.
Travel insurance is a type of insurance that covers the costs and losses associated with traveling. It is useful protection for those traveling domestically or abroad.
According to a 2021 survey by insurance company Battleface, almost half of Americans have faced fees or had to absorb the cost of losses when traveling without travel insurance. Thirty-six percent of Americans say they’re more likely to purchase travel insurance for trips abroad following the COVID-19 pandemic while 34% said they’re more likely to do so for domestic trips.
Pet insurance is an insurance policy bought by a pet owner which helps to lessen the overall costs of expensive veterinary bills. This coverage is similar to health insurance policies for humans. Pet insurance will cover, either entirely or in part, the often expensive veterinary procedures. Evaluating and comparing pet insurance plans is necessary in order to find the right plan for you.
As with human health insurance, there is usually a deductible, which is an out-of-pocket expense before the coverage begins. Most providers will base the amount of the insurance premium on the average cost of veterinary care in the owner’s region. Also, the policy may not cover all veterinary procedures.