Insurance is a term that pertains to a contract, which is described as a means of protection from any possible but uncertain financial loss of the insured. Most of the insurance products are designed, provided or given to the entity or individual called as the policyholder or insured, by the insurance carrier, insurance company or insurer. The different methods of insurance include the self-insurance, which is designed for situations where risk is not being transferred to the insurance carrier, instead it is being retained solely by the individuals or entities themselves; the reinsurance, which is designed for situations when the insurance carrier passes the risks to another insurance carrier known as the reinsurer; the co-insurance, which is designed for situations wherein the risks are being shared between the insurers; and the dual insurance, which is designed for the situations wherein the risks have two or more policies with the same scope or coverage. The most common types of insurance products that are being offered by insurance companies are income protection insurance, liability insurance, property insurance, burial insurance, casualty insurance, life insurance, auto insurance, gap insurance, and health insurance.
The property insurance and the auto insurance are basically the two most popular types of insurance products in every parts of the world. Auto insurance is also called as vehicle insurance, motor insurance, and car insurance, and it is described as a type of insurance designed primarily for the various kinds of road vehicles, like motorcycles, cars, trucks, and many more. The primary aim of the auto insurance is to provide or offer financial protection to the insured from any occurrences like car accidents or traffic collisions that may lead to death, physical damages and injuries to the body. Some other uses and purposes of the auto insurance is that it can provide financial protection to the insured against theft, and damages to the vehicle due to colliding with stationary objects and keying.
Property insurance is basically a type of insurance product that is primarily designed to give the insured or policyholder with the protection against any damages to their property caused by the weather, theft, and fire. There are absolutely a lot of various forms of property insurance, namely the fire insurance, the flood insurance, the home insurance, the earthquake insurance, and the boiler insurance. Home insurance can also be called as homeowner’s insurance and its abbreviated term is HOI, and this typical form of property insurance is made or designed to cover a residential property that is privately owned. The HOI is typically designed to provide the insured with financial protection to the damages or losses of their house.