Quick Answer: What Are The 7 Types Of Insurance?

Accidental death insurance.

Automobile collision.

Automobile medical.

Cancer/dreaded disease insurance.

Credit card insurance.

Credit card fraud insurance.

Extended warranties.

Flight insurance.More items…•.

What are the 3 main types of insurance?

Then we examine in greater detail the three most important types of insurance: property, liability, and life.

What are the major types of insurance?

Here are eight types of insurance, and eight reasons you might need them.Health insurance. … Car insurance. … Life insurance. … Homeowners insurance. … Umbrella insurance. … Renters insurance. … Travel insurance. … Pet insurance.

What is an example of a premium?

Premium is defined as a reward, or the amount of money that a person pays for insurance. An example of a premium is an end of the year bonus. An example of a premium is a monthly car insurance payment. Money paid by a buyer for an option to buy stock or property.

What is a premium?

The amount you pay for your health insurance every month. In addition to your premium, you usually have to pay other costs for your health care, including a deductible, copayments, and coinsurance.

What is a premium account?

The share premium account represents the difference between the par value of the shares issued and the subscription or issue price. It’s also known as additional paid-in capital and can be called paid-in capital in excess of par value. This account is a statutory reserve account, one that’s non-distributable.

Is a premium monthly or yearly?

An insurance premium is a monthly or annual payment made to an insurance company that keeps your policy active. Health insurance, life insurance, auto insurance, disability insurance, homeowners insurance, and renters insurance all require the policyholder to pay a premium to continue receiving coverage.

What type of insurance is most important?

Health insurance. Health insurance is the single most important type of insurance you’ll ever buy. That’s because if you don’t have health insurance and something goes wrong, it’s not just your money at risk — it’s your life. Health insurance is intended to pay for the costs of medical care.

Which type of car insurance is best?

A comprehensive car insurance policy, on the other hand, covers both third-party liability and damage to your car. So, if you are looking for a basic plan with an affordable premium, a third-party liability plan would be an ideal choice.

What are the 4 types of insurance?

Most experts agree that life, health, long-term disability, and auto insurance are the four types of insurance you must have.

What are the six general types of insurance?

A basic auto insurance policy is comprised of six different kinds of coverage, each of which is priced separately (see below).Bodily Injury Liability. … Medical Payments or Personal Injury Protection (PIP) … Property Damage Liability. … Collision. … Comprehensive. … Uninsured and Underinsured Motorist Coverage.

What are the types of insurance policies?

Broadly, there are 8 types of insurance, namely:Life Insurance.Motor insurance.Health insurance.Travel insurance.Property insurance.Mobile insurance.Cycle insurance.Bite-size insurance.