insurance coverage

Insurance coverage is a law and economics term used to describe a form of risk management by which an insurer takes on the risk of an unexpected loss on behalf of the insured. Individuals often insure valuables against theft and accidents, including various goods, jewelry, properties, and vehicles.

The insurer is also known as a policyholder, as they are the entity that purchases the insurance policy. In exchange for this service, a deal is struck between the insurance company and the insurer, by which the latter agrees to pay an insurance rate, that represents a periodic amount charged in exchange for the total coverage (also called premium). The insurance policy will carry all the details of the contract, such as the circumstances in which the insurer agrees to compensate the insured.

Due to the security factor that a good insurance deal can provide to the owner of a valuable property, as well as the relatively high risk of theft and accident, cars are among the most commonly insured goods. Several types of deals are available, to cater to many needs and budgets, and numerous online business are specialized in comparing auto insurance quotes, in order to help individuals find the best insurance policies in their area.

Most auto insurance deals not only cover the insured vehicle, but can also provide compensation to other vehicles, in several per-established scenarios, like the event of a collision. Other incidents that may be covered by an auto insurance include fire, flood, as well as damage produced by animals.

More complex insurance policies offer coverage for personal injuries for the vehicle owner, the passengers, as well as one or more insured members of the owner's household. Auto insurances can thus help drivers in multiple ways. For example, in the case of a collision, one of the drivers may happen to be underinsured and not be able to meet the damages of the other. In this case, if the second driver owns an "underinsured motorist bodily injury" insurance, it will cover the difference between the limit of the first driver's coverage and the maximum coverage stipulated in the second driver's own contract.

However, although policies may differ depending on each jurisdiction, most vehicle insurances cover some or all of the following: medical payments for the insured party, physical damage for the insured vehicle, and any implicated third parties (including other people and other vehicles).

Insurance premiums can be either determined by each insurance company, or dictated by a country's government. Some of the factors that may influence premiums include age, marital status, vehicle classification, and driving history. Although statistics reveal that men average more accidents than women, due to equality laws, gender cannot be used as a risk factor when calculating premiums.

You'll find bloggers discussing insurance coverage at sites like irp.wisc.edu and blog.ltc.arizona.edu.

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Original Technorati articles tagged “insurance coverage”

• in Technorati Women
  Catch 22: Autism Therapy & Insurance Coverage
  Addressing the issue of Insurance Coverage for families with an Autistic Child.
  by autisable / on Oct 9, 2011

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