Insurance is an agreement between two parties that is between the insurer and the insured. The insurance company makes a promise to pay for the loss of the insured based on the insurance policy, and the individual will then pay a premium from which the coverage is coming.
people get insurance because of contingencies The contingency is the event that causes a loss. It can be the death of the policyholder or damage destruction of the property. Checkout pet insurance in the UK
How insurance companies work in the UK
The individual and the insurance company get a legal contract for the insurance. The insurance policy has details about the conditions and circumstances under which the insurance company will pay out the insurance amount to either the insured person or the nominees.
Insurance is a way of protecting yourself and your family from a financial loss. Generally, the premium for a big insurance cover is much lesser in terms of money paid.
The insurance company is in the position of taking the risk of giving the cover to the individual due to the premium provided by the individual.
Types of insurance in the UK
Health Insurance
In health, the policy protects you from loss whenever you are not in good health or when you are seriously sick. the company pays for the basic care of your health.
and the amount could be spend based on the stipulated standard set by the two parties you have to know that there is a range of medical.
Dental and vision plans can change what is covered and the amount of cost-sharing a policyholder is responsible for.
We have health insurance types and they are the following:
- Private health insurance for individuals and families
- Group health plans offered by employers
- Medicaid and CHIP
- Medicare
- Short Term Health Insurance (doesn’t protect you from the fee for not having insurance
Life Insurance
life in insurance protects the individual for a limited amount of time as you live, there are different forms of life insurance and they are the following.
- Term life
- Whole life
- Universal life
- Variable life
Auto Insurance
auto insurance protects you from auto crashes like having an accident on the road with your car, or someone that just ran into your car.
And some other time it may be that you hit someone on your way, it protects you from the law most of the time. Check out health insurance in the UK
We have different kinds of car insurance and they are the following
- Liability insurance
- Collision coverage
- Comprehensive coverage
- Personal Injury coverage
- Uninsured / Underinsured Motorist Protection
Residential Property Insurance
in this type of insurance, the properties are been protected against property damage. it could be through fire, or through the flood, or any mother disasters that happen in your home.
Residential property insurance is any insurance that relates to the insurance of property, including insurance-related to mortgages, renting property, condos, and more.
There are different kinds of Residential insurance, they are the following:
- Homeowners insurance
- Renters insurance
- Flood, earthquake, and other disaster insurances
- Mortgage and title insurance
Business Insurance and Commercial Property Insurance
This is as residential property commercial property owners and business owners need their own forms of insurance.
Insurance types for business are the following:
- Business owner’s insurance
- Professional liability insurance
- Commercial property insurance
- Also included are things like aviation, computer, marine, and more. When businesses use expensive equipment or run vehicles they typically have insurance options for these things and their liability.
Travel Insurance
Travel insurance is short-term insurance that can cover basic liability, lost items, expenses, medical, rented vehicles, etc.
there are other insurance that covers financial risk, they are the following
- Alien abduction insurance
- Assumption reinsurance
- Aviation insurance
- Bancassurance
- Bond insurance
- Builder’s risk insurance
- Business interruption insurance
- Business overhead expense disability insurance
- Casualty insurance
- Catastrophe bond
- Chargeback insurance
- Computer insurance
- Contents insurance
- Credit insurance
- Crime insurance
- Cyber-Insurance
- Death bond
- Deposit insurance
- Directors and officers liability insurance
- Dual trigger insurance
- Earthquake insurance
- Expatriate insurance
- Fidelity bond
- Financial reinsurance
- Flood insurance
- GAP Insurance
- General insurance
- German Statutory Accident Insurance
- Group insurance
- Guaranteed asset protection insurance
- Health insurance
- Home insurance
- income protection insurance
- Inland marine insurance
- Interest rate insurance
- key-person insurance
- Kidnap and ransom insurance
- Labor insurance (Japan)
- Landlords’ insurance
- Legal expenses insurance
- Lenders mortgage insurance
- Liability insurance
- Lincoln Income Life Insurance Company
- Longevity bond
- Longevity insurance
- Marine insurance
- Mortgage insurance
- Multiple-peril insurance
- Mutual insurance
- Parametric insurance
- Payment protection insurance
- Pension term assurance
- Perpetual insurance
- Pet insurance
- Political risk insurance
- Pollution insurance
- Prize indemnity insurance
- Professional liability insurance
- Property insurance
- Protection and indemnity insurance
- Satellite insurance
- Savings Deposit Insurance Fund of Turkey
- Shipping insurance
- Tenancy Deposit Scheme (England and Wales)
- Tenancy deposit schemes (Scotland)
- Terminal illness insurance
- Terrorism insurance
- Trade credit insurance
- Travel insurance
- Wage insurance
- War risk insurance
- Weather insurance
- Worker’s compensation (Germany)
- Workers’ accident compensation insurance (Japan)
- Workers’ compensation
most of all these insurance are not only online you can buy an insurance policy offline as well as online. Just like there are insurance agents who will help you buy a policy.
There are websites as well that you can buy a policy from. see also Car insurance in the US
Ensure that you have done your research before choosing and investing in an insurance policy.
List Insurance companies in the US are the following:
- Aflac
- AIG
- Allianz
- Allstate Corp.
- American National
- Ameritas
- AXA
- Brighthouse Financial
- CNO Financial Group
- Genworth
- Global Atlantic
- Great-West
- Guardian
- Jackson
- John Hancock
- Legal & General
- Lincoln Benefit Life Co.
- Lincoln Heritage Life Insurance Co.
- MassMutual
- MetLife
- Mutual of Omaha
- Nassau Re
- National Life Group
- Nationwide
- New York Life
- Northwestern Mutual
- Ohio National
- OneAmerica
- Pacific Life
- Penn Mutual
- Primerica
- Principal Financial Group Inc.
- Protective
- Prudential Financial Inc.
- RiverSource
- Sammons Enterprises Inc.
- Securian
- Southern Farm Bureau Life Insurance Co.
- State Farm
- Symetra
- Talcott Resolution
- TIAA
- Torchmark Corp.
- Transamerica
- Unum Group
- USAA
- Voya Financial Inc.
- Western & Southern Financial
- Zurich
- Aflac
- American Family Insurance
- American National Insurance Company
- Anthem
- Blue Cross and Blue Shield Association
- Centene Corporation
- Gina
- EmblemHealth
- HealthMarkets
- HealthPartners
- Highmark
- Independence Blue Cross
- Independence Blue Cross
- LifeWise Health Plan of Oregon
See More You Need Today: Life Insurance in the USA | Safeguarding the Life of the Insured