Insurance Handbook PDF

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A Guide To Insurance: What It Does And How It Works

Insurance Topics

Captives and Other Risk-Financing Options
Catastrophes: Insurance Issues
Cellphones and Driving
Climate Change: Insurance Issues
Credit Scoring
Earthquakes: Risk and Insurance Issues
Financial and Market Conditions
Flood Insurance
Insurance Fraud
The Liability System and Medical Malpractice
Insurance Issues
No-Fault Auto Insurance and Other Auto Liability Systems
Residual Markets
Terrorism Risk and Insurance
Workers Compensation

Property/Casualty Insurance Industry Organizations
Life/Health Insurance Industry Organizations
Financial Services Industry Organizations
Agents and Brokers
Regulatory/Legislative Organizations
Educational Organizations
Specialty Organizations
Alternative Markets
Auto/Auto Insurance
Automation and Claims Services
Community Development
Crop Insurance
Flood Insurance
Legal Issues and Services
Marine and Ground Transportation
Medical Malpractice/Professional Liability
Nuclear Insurance
Property Insurance Plans
Risk Management
Safety/Disaster Mitigation
Surety, Financial Guaranty and Mortgage
Title Insurance
Workers Compensation

Auto Insurance Basics

Auto insurance protects against financial loss in the event of an accident. It is a contract between the policyholder and the insurance company.

The policyholder agrees to pay the premium and the insurance company agrees to pay losses as defined in the policy.

Auto insurance provides property, liability and medical coverage:

  • Property coverage pays for damage to, or theft of, the car.
  • Liability coverage pays for the policyholder’s legal responsibility to others for bodily injury or property damage.
  • Medical coverage pays for the cost of treating injuries, rehabilitation, and sometimes lost wages and funeral expenses.

Most states require drivers to have auto liability insurance before they can legally drive a car. (Liability insurance pays the other driver’s medical, car repair and other costs when the policyholder is at fault in an auto accident.)

All states have laws that set the minimum amounts of insurance or other financial security drivers have to pay for the harm caused by their negligence behind the wheel if an accident occurs.

Most auto policies are for six months to a year. A basic auto insurance policy is comprised of six different kinds of coverage, each of which is priced separately (see below).

Homeowners Insurance Basics

Homeowners’ insurance provides financial protection against disasters.

It is a package policy, which means that it covers both damages to property and liability, or legal responsibility, for any injuries and property damage policyholders or their families cause to other people.

This includes damage caused by household pets. Damage caused by most disasters is covered but there are exceptions.

Standard homeowners policies do not cover flooding, earthquakes, or poor maintenance.

Flood coverage, however, is available in the form of a separate policy both from the National Flood Insurance Program (NFIP) and from a few private insurers.

Earthquake coverage is available either in the form of an endorsement or as a separate policy. Most maintenance-related problems are the homeowners’ responsibility.

Business Insurance Basics

Most businesses need to purchase at least the following four types of insurance:

Property Insurance

Property insurance compensates a business if the property used in the business is lost or damaged as the result of various types of common perils, such as fire or theft.

Property insurance covers not just a building or structure but also the contents, including office furnishings, inventory, raw materials, machinery, computers, and other items vital to a business’s operations.

Depending on the type of policy, property insurance may include coverage for equipment breakdown, removal of debris after a fire or other destructive event, some types of water damage and other losses.

Business Interruption Insurance

Also known as business income insurance, business interruption insurance is a type of property insurance.

A business whose property has sustained a direct physical loss such as fire damage or a damaged roof due to a tree falling on it in a windstorm and has to close down completely while the premises are being repaired may lose out to competitors.

A quick resumption of business after a disaster is essential. That is why business interruption insurance is so important.

AuthorInsurance Institute
Language English
No. of Pages205
PDF Size1.25 MB

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