Insurance Plans, Basic Types
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Written by Stacey Hart   
Saturday, 05 September 2009
Insurance Plans Made Easy


When you plan to get insurance you go over a lot of unfamiliar terms, concepts, and principles. An insurance agent would be able to help you navigate through the language and choose among the many insurance plans for the one most suited for you. Alternatively or in conjunction with professional advice, you could conduct your own research into this type of risk management.

To start you off, here are some common terms you might come across.
• Insurance is the means or act of guaranteeing compensation against future loss or harm. This is by means of paying a sum to insurance companies periodically. It is currently a popular way of managing risks.
• Policy refers to the details of premiums, deductibles, terms and coverage of an insurance contract.
• Premium is the sum that is periodically paid to the insurance company. The amount depends on the type of policy and other factors.
• Deductible refers to what the insured pays from his own pocket, before he gets reimbursed.

Then there are the many types of insurance plans to choose from. This just about covers any risk a person can think of, from accidents to business losses, from fires to floods, to theft. Insurance can roughly be grouped between personal and business types. The most common personal types are the health insurance, the life insurance, the home insurance, and the auto insurance. Business insurance includes property insurance, casualty insurance, liability insurance. Health, life and disability insurances are also available for employees and business companies.
Last Updated ( Saturday, 05 September 2009 )