 | Definition of 'Insurance'A contract (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. |
 | Overload explains 'Insurance'When shopping around for an insurance policy, look for the best priced package that is right for you - prices can vary from one insurance company to the next. And make sure you know what you want. Some individuals, for example, prefer 24-hour claims service or face-to-face contact with an insurance representative. Also consider the claims settlement process, the amount of the deductible and the extent of the replacement coverage. Insurance companies and the policies they offer are not all the same, so think about more than just the price. |
If you have been harmed by the negligence of others, you’re not only helping yourself by fighting back – you are also helping to prevent others from being harmed by bringing attention to your situation. But for many people’s rights to be protected, one person has to first step up. Despite suffering incredible injury and injustice, some people who have been harmed by the negligence of others are reluctant to “rock the boat” by utilizing the legal system to fight back
Risk which can be insured by private companies typically share seven common characteristics:-
Large number of similar exposure units
Definite loss
Accidental loss
Large loss
Affordable premium
Calculable loss
Limited risk of catastrophically large losses
For how long will an individual policy pay a benefit?Since there are many different options for this, you can select the period of time for which your benefit will last. The best policy would entail benefits being paid until you reach age 65, at which time retirement benefits should become accessible to you.
What is the difference between "own" and "any" occupation?If you're looking at policies that allow you to select between "own occupation" or "any occupation," you'll want to consider a plan that defines "disabled" as unable to continue work in your current profession - known as "own occupation." Otherwise, if you choose "any occupation," you'll need to be unable to perform any type of work in order for the policy to pay any benefits.
For how long will an individual policy pay a benefit?Since there are many different options for this, you can select the period of time for which your benefit will last. The best policy would entail benefits being paid until you reach age 65, at which time retirement benefits should become accessible to you.
What is the difference between "own" and "any" occupation?If you're looking at policies that allow you to select between "own occupation" or "any occupation," you'll want to consider a plan that defines "disabled" as unable to continue work in your current profession - known as "own occupation." Otherwise, if you choose "any occupation," you'll need to be unable to perform any type of work in order for the policy to pay any benefits.
