Automobile Insurance
The function of auto insurance is to provide protection in the event of an automobile accident or other incident involving a motor vehicle. The policy is designed to pay for damage to property as well as medical expenses of injured parties.
Homeowner's Insurance
Homeowner’s, or property, insurance protects your house or other real estate from unexpected damage or malicious actions. If your home is damaged, vandalized, or robbed, the functions of insurance for your home are to provide funds, typically in the form of reimbursement, to repair or replace those items affected by the incident.
Life Insurance
Life insurance provides a lump sum of money to your chosen beneficiaries in the event of your death. Some types of life insurance expire after a certain number of years, while other types last forever.
Health Insurance
The functions of insurance related to medicine are to offset the cost of well visits, sicknesses, and major health occurrences. Health insurance pays the bulk of your medical expenses when you need treatment. Most policies limit your potential expenses to relatively minor deductibles and participation costs called co-pays.
Disability Insurance
Disability insurance pays you a monthly benefit if you get injured and are unable to perform the normal functions of your job. These payments will continue until you are well again or until you exhaust your benefits.
Long-Term Care Insurance
If you need to stay in a nursing home or assisted living facility, long term care insurance will pay a daily or monthly benefit toward the cost of that care. These payments will continue until you no longer need that care or until you have exhausted your benefits.
Article originally published on eHow Money (10/12/2009)
No comments :
Post a Comment