Superheroes like Batman, Spiderman, and Captain America are characterized by American’s to save people from catastrophic loss. From burning buildings to a car accident, citizens’ necessity for protection is always an important part of their life. Much like superheroes, insurance companies can protect you from loss by covering your assets. Insurance carriers around the world provide service to policyholders, guaranteeing coverage to both businesses and homeowners. In order for a company or family to be insured there must be a viable risk in order to provide service. These elements incorporate a large number of insureds, no counterfeits, accidental loss, financial burden, affordable and calculable insurance, no catastrophes, and pure risk only
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Life insurance pays after a person’s death to help family members pay for debt, lost income, or funeral costs (“Life Insurance” 686). Similar to the different types of coverage insurance offers, there are different plans for people to purchase at an affordable rate. Specifically, whole life insurance is paid yearly and is also the most common coverage of life insurance. Whole life insurance is typically overcharged; however, the extra money is put into an account that the policy holder can use to pay premiums (687). Universal insurance is closely related to whole life insurance, but universal insurance is not as expensive. Current assumption insurance is used to act like a bank; policy holders can put a good amount of money in an account to earn interest. Younger people that cannot afford a whole life insurance policy, normally use term life insurance because it is the least expensive and the premium only goes up after a certain number of years. Especially in life insurance coverage, policyholders, use riders, or optional coverages that one can add to or use as life …show more content…
Workers’ Compensation is a type of insurance that protects a business’s workers to cover medical expenses and income while a person cannot work. It also covers a business from being sued by a worker for getting injured or ill because of workplace safety or environment (“Workers’ Compensation” 1167-1168). State funds, private insurance, and self-insurance through insurance pools can provide varying types of insurance. The insurance industry will inspect businesses regarding workers’ compensation to check for any type of hazard that could occur to prevent a loss. Insurance companies need to be especially careful when they have workers’ compensation covering employees that drive vehicles for the company. For policies with drivers insurance companies will order driving records for drivers and have the vehicles and driver safety programs inspected
Life insurance pays after a person’s death to help family members pay for debt, lost income, or funeral costs (“Life Insurance” 686). Similar to the different types of coverage insurance offers, there are different plans for people to purchase at an affordable rate. Specifically, whole life insurance is paid yearly and is also the most common coverage of life insurance. Whole life insurance is typically overcharged; however, the extra money is put into an account that the policy holder can use to pay premiums (687). Universal insurance is closely related to whole life insurance, but universal insurance is not as expensive. Current assumption insurance is used to act like a bank; policy holders can put a good amount of money in an account to earn interest. Younger people that cannot afford a whole life insurance policy, normally use term life insurance because it is the least expensive and the premium only goes up after a certain number of years. Especially in life insurance coverage, policyholders, use riders, or optional coverages that one can add to or use as life …show more content…
Workers’ Compensation is a type of insurance that protects a business’s workers to cover medical expenses and income while a person cannot work. It also covers a business from being sued by a worker for getting injured or ill because of workplace safety or environment (“Workers’ Compensation” 1167-1168). State funds, private insurance, and self-insurance through insurance pools can provide varying types of insurance. The insurance industry will inspect businesses regarding workers’ compensation to check for any type of hazard that could occur to prevent a loss. Insurance companies need to be especially careful when they have workers’ compensation covering employees that drive vehicles for the company. For policies with drivers insurance companies will order driving records for drivers and have the vehicles and driver safety programs inspected