All About Insurances

Accident and sickness insurance gives financial protection in two basic ways. It offsets loss of wages or salary by providing income for the time the insured cannot work. This is called disability insurance. The second form of coverage pays the bills for medical, hospital, and surgical expenses.Disability Insurance. Social security provides disability coverage for those who are eligible. State workmen's compensation plans also cover workers who suffer accidents on the job. Several states provide disability benefits for people who are injured away from their jobs. There are also plans sponsored ...

Car owners can insure themselves against three kinds of financial loss. Almost all owners carry insurance for fire and theft. Collision insurance covers accidental damage to one's own car. It indemnifies the car owner for the cost of repairing his car as a result of collisions or upsets. The collision may be with another car or with an object, such as a telephone pole. Because it is relatively expensive, many car owners do not have collision insurance. To lower costs, most collision insurance policies provide for some minimum amount of collision repair cost that the car owner must pay himself. ...

All property owners risk losses from damage to their property and from theft. Personal property may include a house, a car, a boat, home furnishings, jewelry, and furs. Business property includes stores and plants, machines, equipment, and merchandise. The two major classifications of property insurance are fire insurance and theft insurance.Fire Insurance. Fire insurance protects the insured's home or business, and their contents, from loss caused by fire and lightning. Policies are often extended so that they cover other losses, such as floods and storms. Businessmen often extend their fire ...

Liability, once it is legally established, obliges one individual to pay for bodily injury or property damage that he has caused another person. Liability insurance protects the insured when he has to pay damages because of his negligence. Liability policies are either personal or public. Personal liability policies protect individuals from such claims as those of a guest who slips on a waxed floor in the insured's home or of someone who is bitten by the insured's dog.Public liability policies cover business firms and their owners and officers as long as they are on company business. Public liability ...