National Insurance Awareness Day 2023: Every year, June 28 is celebrated as National Insurance Awareness Day. The day serves as a reminder of the critical role insurance plays in protecting individuals and families from financial setbacks. It encourages people to understand the various types of insurance available, such as life, health, auto and home insurance, and to explore options to secure their financial future.
Insurance is a contract between an individual or entity and an insurance company, where the individual/entity pays regular premiums in exchange for financial protection against possible risks or losses. In the event of a covered loss or event, the insurance company provides compensation or benefits to mitigate the financial impact. Insurance is designed to provide peace of mind, protect against unforeseen circumstances and help people and businesses manage risk. Let’s explore the various insurance options and their advantages below:
Types of insurance
Car insurance
Car insurance is a type of insurance that provides coverage for vehicles and drivers in the event of accidents, theft or damage. It typically includes liability coverage for bodily injury and property damage, as well as coverage for medical expenses and repairs. In many jurisdictions, automobile insurance is required to legally operate a vehicle.
Life insurance
Life insurance helps protect family and loved ones, even after you pass away. An insurance policyholder and an insurer, or underwriter, enter into a life insurance contract under which the insurer agrees to pay a predetermined beneficiary a certain amount of money in the event of the policyholder’s death. .
Home insurance
One type of property insurance that protects a private residence is called home insurance, also known as “homeowner’s insurance.” Dwelling coverage protects the structure of your home against unexpected events such as fire, wind and other natural calamities from the roof to the floor.
health insurance
Health insurance is a type of coverage that helps individuals and families pay for medical expenses. It typically includes benefits such as doctor visits, hospital stays, prescription medications, and preventive care. Health insurance can be obtained through employers, government programs, or purchased individually, providing financial protection against medical costs.
property insurance
Most property hazards, including fire, theft, and certain weather damage, are covered by property insurance. The facilities you own or rent, as well as the tools you use to conduct your business, are also protected by commercial property insurance.
Term of life insurance
Term life insurance is a form of life insurance that provides coverage for a specific period, usually 10, 20, or 30 years. If the insured dies during the policy term, a death benefit is paid to the beneficiaries. It does not accumulate cash value like whole life insurance.
General insurance
A policy called umbrella insurance offers additional liability protection on top of what existing insurance plans offer. It is primarily offered in various parts of the United States.
Travel insurance
Travel insurance is a type of insurance that provides coverage against unexpected events or risks that may occur during a trip. It typically includes protection for trip cancellation or interruption, medical expenses, lost luggage, and other travel-related emergencies. Having travel insurance can give you peace of mind and financial protection during your travels.
General securities
General insurance is basically a non-life insurance policy. It includes auto and homeowners policies and provides payments based on the loss of a particular financial event.
Whole life insurance
Whole life insurance is a type of permanent life insurance that provides coverage for the entire life of the insured. It provides a death benefit to beneficiaries and accumulates cash value over time, making it a long-term financial planning tool.
Disability insurance
Disability insurance is a plan that offers financial assistance if an illness or disability prevents you from working. Includes long-term disability (LTD) benefits, short-term disability (STD) benefits, and paid sick leave. In certain countries, income protection insurance is a manifestation of the same idea.
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Universal life insurance
The majority of universal life insurance marketed worldwide is cash value life insurance. Another permanent life insurance option, this policy covers you for your entire life, as long as the premiums are paid.
Pet insurance
Pet insurance is a type of insurance that covers the cost of veterinary care for an insured’s sick or injured pet, either in whole or in part. It can cover annual checkups, deaths, or if the pet is stolen or lost.
Long term care insurance
A policy called long-term care insurance pays for long-term care expenses, including home or nursing home care. In some regions of the UK, US, and Canada, long-term care insurance provides services that are not typically covered by health insurance, Medicare, or Medicaid.
Flood Insurance
The specific type of insurance coverage offered against flood-related property losses is called flood insurance. Protects and defends your home and possessions against flood-related damage.
Variable Universal Life Insurance
Variable universal life insurance is a type of life insurance that accumulates monetary value. Regardless of how the variable universal life insurance market performs, premiums are typically fixed and the death benefit is assured.
Critical illness insurance
The healthcare costs of people with serious or life-threatening illnesses can be covered thanks to this insurance. Under the terms of critical illness insurance, an insurer is obligated to provide a lump sum cash payment if the policyholder is found to be suffering from a specific illness on a predetermined list.
Content insurance
Insurance known as contents insurance covers loss or damage to a person’s personal belongings while they are staying in their residence. Some contents insurance policies may offer limited coverage for private items that are temporarily removed from the residence by the policyholder.
Professional liability insurance
Professional indemnity insurance is another name for professional liability insurance, which is often called errors and omissions insurance in the US. The focus of coverage is on alleged breaches of duty by the insured, monetary damage caused and error or omission in the service or good sold by the insured.
Earthquake insurance
A type of property insurance known as earthquake insurance pays the insured in the event that an earthquake causes property damage. Earthquake damage is generally not covered by standard homeowners insurance plans.
dental insurance
Dental insurance is a type of insurance that pays for more complicated dental surgeries, as well as regular exams and cleanings. Individual, family, and group dental insurance plans can be classified into three main groups: indemnity, preferred provider organizations (PPO), and dental health managed organizations (DHMO).
Workers Compensation Insurance
When an employee is injured on the job, workers’ compensation insurance, or “workers’ compensation” for short, covers medical costs and lost income. According to Hartford, it covers funeral expenses, hospital bills, lost income, and ongoing care, such as physical rehabilitation.
Complete coverage
Comprehensive insurance covers car theft, accident damage, animal collisions, vandalism, falling objects, and other road hazards you may experience while driving. Collision and comprehensive insurance policies are sometimes combined.
Accident
Accident insurance is a policy that offers coverage for death, dismemberment, disability, or medical and hospital care, either separately or in combination. It also covers lost wages, medical costs, and other accident-related costs.
National Insurance Awareness Day is celebrated on June 28 each year to promote awareness and understanding of insurance policies and their importance in protecting individuals, families and businesses. The day serves as a reminder for people to review their insurance coverage, ensure they have adequate protection, and make informed decisions about their insurance needs. It also aims to equip people with knowledge and encourage responsible insurance planning.
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Source: ptivs2.edu.vn