transfers and allocates risks from the person taking the
policy or "the insured" to the insurance company or
"insurer." An insurance policy is a special agreement
between the insurer and the insured. To be enforceable, the
insurance policy must meet all of the usual requirements of
a contract and, in addition, the insured must have an
"insurable interest" in the subject matter being insured,
such as property, life, and health. Businesses usually carry
basic property insurance and commercial liability policies.
But they may also carry fidelity insurance, business
interruption insurance, and directors and officer's
Property Insurance is insurance on real
property for protection against most risks, hazards, and
perils, such as fire, theft, and some storm and weather
damage. Property insurance can also include specialized
forms of insurance such as flood and earthquake insurance.
Property is generally insured in the manner of open perils,
which covers all causes of loss not specifically excluded in
a policy, or named perils, which covers only causes of loss
listed in a policy. Property can be valued through loss of
use, replacement value, and market value methods. Commercial
property insurance is often bundled with liability
insurance, which protects your business assets if the
business is sued for bodily injury or property damage.
when a catastrophic event, such as a hurricane, a flood, an
earthquake, a volcanic eruption, a landslide, a blizzard, or
some other natural phenomena causes extensive human
casualties, property damage, or both.
Life and Health Insurance group
plans are frequently offered as an employee benefit.
Individual insurance plans may also be purchased. Life
insurance is a contract to pay a beneficiary, in return for
a premium, a specified amount of benefits upon the death of
the policy holder, or under other circumstances specified in
the policy. Life Insurance protects the family, dependants
or survivors of the insured and provides a measure of
financial security after his or her death. Health insurance
is insurance against loss by sickness or bodily injury.
Health Insurance helps cover health care expenses, including
doctor visits, tests, admission into hospitals, surgeries
and other medical treatments.