What parties are involved in an
insurance process?
• Insurance broker: a person
that sells insurances for
INSURER INS and other companies.
• Insurance agent: a person
that sells only for INS.
• Individual consumers
INSURED • Corporate consumers
(policyholder
)
Insurance goal
The main objective of every
insurance contract is to give
financial security and protection
to the insured from any future
uncertainties. The insured must
never ever try to misuse this safe
financial coverage.
Seeking profit opportunities by
reporting false occurrences
violates the terms and conditions
of an insurance contract. This
breaks trust, results in breaching
of a contract and invites legal
penalties.
• An insurer must always
investigate any doubtable
insurance claims. It is also
a duty of the insurer to
accept and approve all
genuine insurance claims
made.
Type of insurance
Life Insurance Home Insurance
Property Insurance Auto Insurance
Health Insurance
Life Insurance
• Life insurance provides a monetary benefit to a
descendant's family or other designated
beneficiary, and may specifically provide for
income to an insured person's family, burial,
funeral and other final expenses.
Home Insurance
Home insurance provides coverage for damage
or destruction of the policyholder's home. In
some geographical areas, the policy may
exclude certain types of risks, such as flood or
earthquake, that require additional coverage.
Maintenance-related issues are typically the
homeowner's responsibility.
Home Insurance
The policy may include inventory, or this can be
bought as a separate policy, especially for
people who rent housing. In some countries,
insurers offer a package which may include
liability and legal responsibility for injuries and
property damage caused by members of the
household, including pets.
Accident, sickness
Insurance
Under this category there are four type of insurance are there
1. Health insurance
2. Disability insurance
•long term disability
•Short term disability
•Total Permanent disability
3. Disability overhead insurance
4. Workers' compensation insurance
Health Insurance
Health insurance policies issued
by publicly-funded health programs, such
as cost of medical treatments.
Dental insurance, like medical
insurance, protects policyholders for
dental costs. In the U.S. and Canada,
dental insurance is often part of an
employer's benefits package, along with
health insurance.
Disability insurance
• Disability insurance policies provide financial support in the
event of the policyholder becoming unable to work because of
disabling illness or injury. It provides monthly support to help pay
such obligations as mortgage loans and credit cards. Short-term
and long-term disability policies are available to individuals, but
considering the expense, long-term policies are generally
obtained only by those with at least six-figure incomes, such as
doctors, lawyers, etc.
Disability insurance
• Short-term disability insurance covers a
person for a period typically up to six
months, paying an amount of money each
month to cover medical bills and other
necessities
• Long-term disability insurance covers an individual's
expenses for the long term, up until such time as they are
considered permanently disabled and thereafter. Insurance
companies will often try to encourage the person back into
employment in preference to and before declaring them
unable to work at all and therefore totally disabled.
• Disability overhead insurance allows business owners to
cover the overhead expenses of their business while they
are unable to work.
• Total permanent disability insurance provides
benefits when a person is permanently disabled
and can no longer work in their profession, often
taken as an adjunct to life insurance.
• Workers' compensation insurance replaces all
or part of a worker's wages lost and
accompanying medical expenses incurred
because of a job-related injury.
Property Insurance
Property insurance provides protection against
risks to property, such as fire, theft or weather
damage. This may include specialized forms of
insurance such as fire insurance, flood
insurance, earthquake insurance, home
insurance, etc.
Fire insurance
Fire insurance is an insurance that
covers property, such as home shop or other
fixed asset protection against fire, burn Etc..
It also cover distraction of property due to fire
Crop insurance
Crop insurance may be purchased by farmers
to reduce or manage various risks associated with
growing crops. Such risks include crop loss or damage
caused by weather, hail, drought, insects, or disease.
Flood insurance
• Flood insurance protects against property loss due
to flooding. Many insurers in the U.S. do not
provide flood insurance in some parts of the
country. In response to this, the federal government
created the National Flood Insurance
Program which serves as the insurer of last resort.
How can I make payments?
• Online — Log in to our online customer service site to
pay online.
• Mobile Text — Send a payment using your cell phone
or mobile device.
• Phone — Call us to make a payment by phone.
• Automatic Payments — Set up an installment plan to
automatically deduct your payment each month.
• Mail — Send a check with your monthly bill in the
mail.
• Credit Card
• Cash
• Personal check or money order
