Personal
Injury Protection (PIP) is an extension of car insurance available in some U.S. states
that covers medical expenses and, in some cases, lost wages and other damages.
PIP is sometimes referred to as "no-fault" coverage, because the
statutes enacting it are generally known as no-fault laws, and PIP is designed
to be paid without regard to "fault," or more properly, legal
liability. PIP is also called "no-fault" because, by definition, a
claimant's, or insured's, insurance premium should not increase due to a PIP claim.
Home Insurance
Home
insurance, also commonly called hazard insurance or homeowners insurance (often
abbreviated in the real estate industry as HOI), is the type of property
insurance that covers private homes. This is an insurance policy that combines
various personal insurance protections which can include losses occurring to
your home, its contents, loss of use (additional living expenses) or loss of
personal property owners and other liability insurance for accidents that may
occur at home or in the hands of the homeowner policy in the territory. Is
necessary that at least one of the named insured occupies the home. Housing
policy (DP) is similar, but used for residences which do not qualify for
various reasons, such as vacant / unoccupied, temporary residence / school, or
age.
List of top 15 life insurance companies
1. Ohio National:
Ohio National Life Assurance
Corporation
P.O. Box 237
Cincinnati, OH 45201
(800) 366-6654
P.O. Box 237
Cincinnati, OH 45201
(800) 366-6654
2. Savings Bank:
Savings Bank Life Insurance
Company of MA
One Linscott Road
Woburn, MA 01801
(781) 938-3500
Woburn, MA 01801
(781) 938-3500
3. Banner
Banner Life Insurance
Company
1701 Research Blvd.
Rockville, MD 20850
(800) 638-8428
1701 Research Blvd.
Rockville, MD 20850
(800) 638-8428
Permanent life insurance
Permanent
life insurance is a form of life insurance as any life or endowment funds,
where the policy is for the life of the insured, the payment is fixed at the
end of the policy (assuming the current policy is maintained) and the policy
cash value accumulates.
This compares with the term life insurance, where insurance is purchased for a specified period (usually one year, or during periods of level such as 5, 10, 15, 20 and even 25 to 30 years), a death benefit will be paid to the beneficiary if the insured dies during the period of time.
This compares with the term life insurance, where insurance is purchased for a specified period (usually one year, or during periods of level such as 5, 10, 15, 20 and even 25 to 30 years), a death benefit will be paid to the beneficiary if the insured dies during the period of time.
Definition of "life insurance"
***
A policy with a term limit on the coverage period. Once the policy has expired,
is the owner of the police to decide to renew the life insurance contract or
leave the final cover. This type of insurance policy contrasts with permanent
life insurance, which prolongs until the policyholder reaches 100 years of age
(ie death).
*** These policies provide a benefit shown on the death of the insured, provided death occurs within a specific timeframe. However, the policy does not provide benefits beyond the stated benefit, unlike permanent life insurance with a savings component that can be used for the accumulation of wealth.
*** These policies provide a benefit shown on the death of the insured, provided death occurs within a specific timeframe. However, the policy does not provide benefits beyond the stated benefit, unlike permanent life insurance with a savings component that can be used for the accumulation of wealth.
Kinds of policies
The policies under motor insurance are as follows:
(i) Act liability only.
(ii) Third party only.
(iii) Comprehensive policy.
*** Comprehensive policy:
Motor insurance
Motor insurance got recently a great momentum. In
the older times, personal, who were injured or killed through the negligence of
the motorists, could not get financial redress either to them or to there legal heirs because no scheme of
insurance was present at that time. To mitigate the financial hardship caused to
the persons, the Motor vehicles Act. 1939, as amended from time to time, has
made it compulsory for the motorists to insure against the risk of liability to
third parties.
Element of fire insurance contract
(1). Feature of general Contract:
All the features of general contract are also
applicable to the fire insurance contract.
(a) Proposal:
The proposal for fire insurance can be made either
verbally or in writing. The proposes gives the necessary description of the
property to be insured. In practices the printed proposal from is used for the
purpose. Introduction, type of properties, value of properties, construction,
occupation, etc. are the various
Marine insurance policies
The marine insurance policy is issued only when the
contract has been finalized & it would be legal document of evidence of the
contract. The form of marine insurance policies has been taken from pretty old
times. There has been a slight change in the wordings of the policies. For
example, “Be it know that” is substituted for the words ` In the name of God,
Amen`.
Elements of Marine insurance contract
The marine insurance has the following essential
features which are also called fundamental principles of marine insurance.
(i) Features of general contract.
(ii) Insurable interest.
(iii) Utmost good faith.
Nature of marine insurance contract
Definition:
Marine insurance has been defined as a contract
between insurer & insured whereby the insurer undertakes to indemnify the
insured in a manner & to the interest thereby agreed, against marine losses
incident to marine adventure.
Section 2(13) A of the insurance Act 1938 defines
marine insurance as follows:
Nature of life insurance contract
Life insurance contract may be defined as the
contract, whereby the insurer in consideration of a premium undertakes to pay a
certain sum of money either on the death of the insured or on the expiry of a
fixed period. The definition of the life insurance contract is enlarged by
Section 2(ii) of the insurance act 1933 by including annuity business. Since,
the life insurance contract is not an indemnity contract; the undertaking on
the part of the insurer is an absolute one to pay a definite sum on maturity of
policy at the death or an amount in installment for a fixed period or during
the life.
Kinds of insurance
The insurance can be divided from two angles:
first, from the business point of view & second, from the risk point of
view.
*** Business point of view:
The insurance can be classified into three
categories from business point of view: (i) Life insurance (ii) General
insurance (iii) Social insurance.
Functions Of insurance
The functions of insurance can be studied into two
parts: (i) Primary Functions (ii) Secondary Functions.
Primary Functions:
(i) Insurance provides certainty: insurance Provides
certainty of payment at the uncertainty of loss. The uncertainty of loss can be
reduced by better planning and administration. But, the insurance relieves the
person from such difficult task. Moreover, if the subject matters are not
adequate, the self- provision may prove costlier. There are different types of
uncertainty in a risk. The risk will occur or not, when will occur, how much
loss will be there.
Definition of insurance
The definition of insurance can be made from two
points: (i) Functional definition (ii) Contractual definition.
Functional definition: insurance is a
co-operative device to spread the loss caused by a particular risk over a number
of people, who are exposed to it & who agree to insurance themselves
against the risk. Thus the insurance is (A) a co-operative device to spread the
risk. (B) The system to spread the risk over a number of people who are insured
against the risk. (C) The principle to share the loss of each member of the
society on the basis of probability of loss to their risk. (D) The method to provide security against
losses to the insured.
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