Question: What Are The Different Lines Of Insurance?

What are the 3 main types of insurance?

Then we examine in greater detail the three most important types of insurance: property, liability, and life..

Who is the insurer?

An individual or company who, through a contractual agreement, undertakes to compensate specified losses, liability, or damages incurred by another individual. An insurer is frequently an insurance company and is also known as an underwriter.

What is insurance simple words?

Insurance is a term in law and economics. It is something people buy to protect themselves from losing money. … In exchange for this, if something bad happens to the person or thing that is insured, the company that sold the insurance will pay the money back.

What is insurance explain?

Insurance is a contract, represented by a policy, in which an individual or entity receives financial protection or reimbursement against losses from an insurance company. The company pools clients’ risks to make payments more affordable for the insured.

What is the most basic car insurance?

Generally, the six basic car insurance coverages you’ll need are:Bodily Injury Liability Coverage. … Property Damage Liability Coverage. … Medical Payments or Personal Injury Protection (PIP) Coverage. … Comprehensive Coverage. … Collision Coverage. … Uninsured/Underinsured Motorist Coverage.

What are the 7 types of insurance?

7 Types of InsuranceLife Insurance or Personal Insurance.Property Insurance.Marine Insurance.Fire Insurance.Liability Insurance.Guarantee Insurance.Social Insurance.

What are the 5 types of insurance?

Car Insurance.Home Insurance.Life Insurance.Disability Insurance.Health Insurance.Long-Term Care Insurance.Liability Insurance.

What are the types of insurance?

Broadly, there are 8 types of insurance, namely:Life Insurance.Motor insurance.Health insurance.Travel insurance.Property insurance.Mobile insurance.Cycle insurance.Bite-size insurance.

What kind of insurance do I need?

If you own a home, you need homeowners insurance. If you rent your place, you need renters insurance. … Homeowners and renters insurance policies contain two different components: Liability coverage and property coverage. Liability coverage pays for costs associated with an injury on your property.

What is the important of insurance?

Insurance provide financial support and reduce uncertainties in business and human life. It provides safety and security against particular event. … Insurance provides a cover against any sudden loss. For example, in case of life insurance financial assistance is provided to the family of the insured on his death.

Which type of insurance is best?

There are, however, four types of insurance that most financial experts recommend we all have: life, health, auto, and long-term disability.

What is the best type of car insurance?

Which is a better Car Insurance? Taking a comprehensive car insurance cover is always advisable as it provides complete protection of not only someone else’s car like a Third-Party car insurance, but also the Own damages to your car, as well as any injury to the owner driver.