Insurance Policy

An insurance policy provides some succor to people in the face of a fortuitous event involving an injury, loss, damage, or death. There are various types of insurance policies. These are in different sectors of the insurance industry.

In this article, we shall take you on a brief tour of the sector listing various types of insurance policies available in the insurance market.

Life insurance: In this sector, you will find term life, whole life, universal life, endowment, and variable life insurance policies.

Auto insurance: In this sector you will find liability, uninsured motorist, underinsured motorist, medical payments, comprehensive coverage, collision, and specialized auto insurance policies.

Marine insurance: In this sector you will find hull, private pleasure, boat dealers, piers, wharves, and docks, charterers legal liability, passenger vessels, marina operators, and protection & indemnity insurance policies in respect of marine structures and marine vessels that include boats and ships.

Farm insurance: In this sector you will find whole-farm revenue and crop insurance policies.

Health/medical insurance: In this sector you will find health maintenance organization (HMO), preferred provider organization (PPO), point of service (POS), indemnity, accident & sickness (A&S), accident & health (A&H), and fee-for-service health insurance policies.

Home insurance: In this sector, you will find comprehensive, basic/named perils, broad, and no frills, limited coverage, the most popular policy, older home, renter, private mortgage, and condo/coop home insurance policies.

Business insurance: In this sector you will find business owner's policy (BOP), commercial multiple peril, and professional liability insurance (PLI). This last includes errors and omissions coverage or malpractice insurance. Doctors, lawyers, medical professionals, and some mental health professionals need the PLI policy cover.

Foreign credit insurance: In this sector you will find short-term single-buyer, multi-buyer export, new-to-export, bank letter of credit, and political risks insurance policies. These policies are available to US exporters to protect them from the risk of non-payment by foreign debtors. These policies are provided by the Foreign Credit Insurance Association (FCIA) of the US. It is an agent of Eximbank.

Umbrella insurance: In this sector you will find the personal umbrella liability insurance policy. This policy provides excess coverage above your basic homeowners' personal liability, automobile liability, and other liability policies of a personal nature. A personal umbrella may provide additional protection upto a certain ceiling.

A personal umbrella may also provide coverage for auto related incidents not covered by your existing auto insurance policy, incidents that involve defamation of character, libel, false arrest, slander, and defense costs even when you are not liable.

Disability insurance: In this sector you will find two types of insurance policies. They are short-term and long-term.

Although this article only covers a brief listing of the various types of insurance policies in various insurance sectors, it may have still increased your knowledge. You may find various types of insurance policies in other insurance sectors on the Internet.

Insurance Policy |