Complete this Interactive Exhibit: Correctly match the Types of Insurance in the first column to the Coverage in the second…
Complete this Interactive Exhibit: Correctly match the “Types of Insurance” in the first column to the “Coverage” in the second column. To see the completed exhibit click on the hyperlink below.
Fire
Covers expenses, losses and suffering incurred by the insured because of accidents causing physical injury and any consequent disability; sometimes includes a specified payment to heirs of the insured if death results from an accident.
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Covers all losses that the insured may incur except those that are specifically excluded. Typical exclusions are war, pollution, earthquakes, and floods.
Liability
May cover damage to automobiles resulting from specified hazards or occurrences (such as fire, vandalism, theft, or collision); normally provides protection against liability for personal injuries and property damage resulting from the operation of the vehicle.
Malpractice
Protects against losses incurred by the insured as a result of being help liable for personal injuries or property damage resulting from the operation of the vehicle.
Homeowners’
Replaces a portion of the insured’s monthly income from employment in the event that illness or injury causes a short- or long-term disability. Some states require employers to provide short-term disability insurance. Benefits typically last a set period of time, such as six months for short-term coverage or five years for long-term coverage.
Accident
Covers losses incurred by the insured as a result of fire.Disability
Covers movable property, as long as the property is within the territorial boundaries specified in the contract.
All-risk
Protects homeowners against some or all risks of loss to their residences and the residences’ contents or liability arising from the use of the property.
Major medical
Protects a business in the event of the death or disability of a key employee.
Term life
Protects against liability imposed on the insured as a result of injuries to the person or property of another.
Floater
Covers the death of the policyholder. On the death of the insured, the insurer pays the amount specified in the policy to the insured’s beneficiary.
Automobile
Protects the insured against major hospital, medical, or surgical expenses.Casualty
Protects professional (physicians, lawyers, and others) against malpractice claims brought against them by their patients or clients; a form of liability insurance.
Key-person
Provides life insurance for a specified period of time (term) with no cash surrender value; usually renewable.