Insurance



Types of Insurance

There are several types of insurance that you should consider if you're looking to protect your family or business. These include life, health, homeowners and vehicle insurance.

There are also specialty policies that cover natural disasters like floods and earthquakes, as well as specific risks such as kidnap and ransom insurance. Read on Bjak Malaysia to discover more.

Auto Insurance

Auto insurance provides financial protection against damage to a policyholder’s car and liability that may result from incidents occurring while driving. It consists of several components including collision, comprehensive, and medical payments coverage. Some insurers offer additional options such as loan gap coverage, which pays the difference between the fair market value of a vehicle and the amount owed on the car loan; and underinsured motorist coverage.

In addition to comparing prices, it’s also important to consider an insurance company’s financial strength, reputation for customer service and specific coverages. An insurance company’s claims-paying ability rating is another important consideration.

Many insurers also offer usage-based insurance (UBI), which adjusts rates based on data gathered by the insurer from your vehicle’s onboard diagnostics port or an installed device that monitors your driving behavior. These programs can save you money if you’re a safe and responsible driver. However, be aware that this type of insurance can increase your premium if you get into an accident.

Life Insurance

One of the most important types of insurance is life, which provides money to your beneficiaries in the event of your death. This helps provide for your loved ones’ needs and can help to ease the financial burden at a very difficult time.

There are many different types of life insurance policies available, with each designed to meet a specific need. Term life policies are affordable and designed to cover temporary needs like mortgage protection, while whole and universal life policies provide lifetime coverage with a cash value savings component.

Many people also purchase final expense insurance, which is designed to cover end-of-life expenses. These are typically smaller policies with modest death benefits, and they may require a simplified or guaranteed issue application, meaning that no medical exam or health questions are required. There are also limited payment whole life insurance policies, which offer lifetime protection with a single premium payment. These are often more expensive but offer flexible options.

Health Insurance

Health insurance, or medical insurance, is a type of personal financial protection that pays some or all of the costs associated with an individual’s health care. This type of insurance is typically purchased as a group plan through an employer, although some individuals purchase private health insurance on their own.

A health insurance plan generally has a network of doctors, hospitals and other providers that it contracts with to provide care. The cost of healthcare services provided by these providers is usually lower than if you use non-network providers. Some plans require you to first obtain a referral from your primary care physician before seeing a specialist, while others do not.

Most health plans are regulated at the state and federal level. Medicare and self-insured group health coverage are subject to federal regulations, while small-group and individual/family health coverage and short-term health insurance are regulated at the state level. Also see our Types of Insurance page for more information on the different types of health coverage available.

Property Insurance

Property insurance protects the things you value most against damage or loss from fire, weather events and theft. You can buy it for your home and possessions, your business and its equipment and tools or your rental properties. It can also include business interruption coverage, which pays for lost income if your property is destroyed.

GEICO offers home and auto property insurance, as well as other types of policy options. These include flood, inland marine and named perils coverage. We also have a commercial package policy (CPP) and business owner’s policies (BOPs).

A typical homeowner policy includes dwelling coverage, which protects your home from problems like storms and fire. It also covers other structures on your property, such as a garage or tool shed. The amount of dwelling coverage should equal the cost to rebuild your home if it's destroyed. It's important to have liability coverage, too, which pays for injuries or damage to others on your property and your legal fees if they sue you.

Business Insurance

Almost every business needs several types of insurance to protect itself from liability and disaster. Each business owner must carefully assess their own liabilities and risk exposures to determine the best mix of coverage for their company.

Depending on the industry, some businesses may be required by law to carry certain insurance. For example, most states require workers’ compensation insurance for employees. Other types of business insurance can include professional liability insurance, which protects the insured against claims for negligence or mistakes that cause financial loss to clients and product liability insurance, which covers injury or damage caused by a product manufactured or sold by the policyholder.

Some small business owners also benefit from employment practices liability insurance, which provides protection against claims of discrimination, harassment, wrongful termination and negligent evaluation of employees. In addition, many small business owners opt for builder’s risk or builders loss insurance, which provides coverage for new construction or renovation projects and can be bundled with other policies.

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