Grade 4 Lesson 2: Types of #insurance
Today we cover the key different types of insurance:
- #Health insurance: #Healthinsurance pays the costs of medical expenses such as hospitalization and physicians’ fees for insured individuals who are injured or become ill. Coverage usually includes emergency treatment, surgery, long-term care, and sometimes dental and vision care. Most medical insurance is purchased in group policies by employers for their employees. Most employees are allowed to include their marital partners and dependent children by contributing to the additional cost.
- #Life insurance: #Lifeinsurance is designed to insure the lives of people. At the most basic level, such an insurance pays a benefit to the beneficiary, or previously chosen survivor, if the insured person dies during the period of time defined in the policy. It exists for the #financial #protection of an individual’s survivors.
- #Auto insurance: #Automobileinsurance covers any damages when an automobile/car is struck i.e. is an accident. Several things may be covered by such a policy for e.g., any damage to your vehicle, damages to the other vehicle, property damage, bodily injury, #medical etc.. Note that auto insurance is probably the most complex of all types of insurance.
- #homeowners’ insurance: #Homeownersinsurance is a combination offering both property and #liability coverage. Usually it includes protection for a person’s home, any other buildings on the property, and for the buildings’ contents and personal belongings. If disaster strikes, homeowners’ insurance usually pays a family’s living expenses until they get settled at home once again.
There are several other types of insurance like liability insurance, property insurance, workers compensation etc. but we have covered the 4 main types above.
ayu ecosystem #kids #finance