Insurance is a way of protection against financial loss in case of an accident. It is also a sort of financial risk management, primarily utilized to mitigate against the potential risk of some unanticipated or contingent financial loss. Financial loss and insurance coverage are often interrelated. Insurance provides protection against loss or damage to property, or the payment of claims. Financial loss on the other hand refers to loss resulting from delay, interruption or inability to perform an act that normally enables one to continue with his or her usual routine.
We often take for granted the simple and steady income that our employers pay us. These sources of income may be sound in terms of earning potential. But if you are self-employed, or if your employer does not provide health insurance coverage, you may want to think about obtaining your own coverage. There are several types of insurance policies you may want to consider, depending on your needs, circumstances and financial position.
The cheapest type of insurance is liability coverage. This type of insurance is offered in two forms, individual and family. Individual insurance policies are intended for people with different health risks. Liability insurance premiums are calculated based on your age, gender and occupation, and coverage may be available up to a certain limit.
Another type of insurance policy is an “indemnity” policy. Similar to liability coverage, this type of policy also obligates the insured to pay a share of any medical cost in the event of a lawsuit against them. The insured pays a premium to the insurer. An “indemnity” insurance premium may vary depending on your age, occupation and your health risk factors.
Life insurance is another important type of insurance premium. Life insurance is similar to an indemnity coverage, but a life insurance premium may be much higher than other types of premiums. Life insurance coverage is usually affordable for term life, whole life or endowment. The premium for this type of coverage is based on the age of you at the time of application and will increase as you get older.
When selecting a marine insurance policy, it is important to understand that there are some things that will affect the premium cost. Insurance companies may request some information from applicants when underwriting their policies. Marine insurance premiums are based on several factors, including location, age and experience of the insured. It may also depend on whether the vehicle in which the insured is operating is a boat motorized boat or yacht. Insured parties who use personal watercraft can expect to pay higher insurance premiums.