Department of Insurance
Insurance protects you from financial losses caused by storms, fire, theft, and other events outlined in your policy. It is important to know what’s in your policy. Make sure you read your policy carefully and understand your specific coverage’s. It’s also important to know your rights.
Insurance is one of the major types of business in all over the world. Here we have covered different types of insurances, insurance process, rates on insurances in the state and the insurance policies of the state.
Different Insurance types used are as follows:
Insurance: A contract whereby one undertakes to indemnify another or pay a specified amount upon determinable contingencies.
Accident Insurance: Insurance against loss or damage due to unexpected injury to the person insured and resulting in disability or death.
Casualty Insurance: Those forms of indemnity providing for payment for loss or damage, resulting from accidental or some unanticipated contingency, except fire and the elements.
Credit Insurance: An indemnity to merchants or traders against the insolvency of customers to whom they extend credit and under the Small Loan Act, various insurances on the lives, property and health of borrowers to the extent of the amount loaned and underpaid.
Fidelity Insurance: Insurance against loss from the want of honesty, integrity or fidelity of employees or others in a position of trust.
Fire Insurance: A contract of indemnity against loss by fire and lightning.
Group Insurance: See specific heading.
Health Insurance: A contract of indemnity against expense and loss of time resulting from disease.
Industrial Insurance: A plan of insurance under which policies of insurance are issued in consideration of weekly, bi-weekly or monthly payments.
Inland Marine Insurance: A contract of indemnity against loss suffered in connection with inland land or water transportation or with communications equipment.
Liability Insurance: Insurance against loss or liability on account of bodily or property injury sustained by others.
Life Insurance: A contract whereby in consideration of the payment of premiums the insurer engages to pay a certain sum upon the death of the insured.
Marine Insurance: A contract of indemnity against loss from marine perils.
Reciprocal Insurance: See specific heading.
Surety Insurance: An insurance contract whereby one, for a consideration, agrees to indemnify another against losses arising from the want of integrity, fidelity or solvency of employees and persons holding positions of trust, or against insolvency of losses from non payments of notes and other evidence of indebtedness, or against other breaches of contract.
Medical Insurance: It helps people enrolled in Medicare with questions about health insurance.
Other thing is related to Department of Insurances, they are listed below:
Insurances rate: The mathematical figure of insurances that determines the premium.
Insurer: Any legal entity, that attempting to engage in the business of making insurance or surety contracts.
Level insurance: Insurance in which the amount of insurance benefit does not decrease during its term.
License: A certificate of authority.
Member: One who hold the contract of insurances.
Net premium: That portion of the gross premium remaining after adjustments of debits, credits and dividends.