liability insurance provides financial protection to the insured for damages or injuries to other persons or their property. … pays financial costs resulting from injuries or deaths sustained to an individual or individuals as a result of an accident involving an insured’s automobiles.
Is insurance that provides protection against financial loss due to illness or injury?
Health Insurance – Coverage designed to protect against financial losses resulting from sickness or accidental bodily injury. Health insurance coverages include accident insurance, disability income insurance, medical expense insurance, and accidental death and dismemberment insurance.
What protects against financial losses?
Understanding auto insurance—the basics
Auto insurance is a contract between you and the insurance company that protects you against financial loss in the event of an accident or theft.
What insurance protects medical losses caused by illness and accidents?
Liability insurance provides protection against claims resulting from injuries and damage to people and/or property. Liability insurance covers legal costs and payouts for which the insured party would be found liable.
What type of insurance protects you in the event of an injury that may prevent you from being able to work?
Personal injury protection, also known as PIP coverage or no-fault insurance, covers medical expenses regardless of who’s at fault. It can often include lost wages, too.
What insurance provides financial protection to the policyholder against claims for bodily injury and property damage as a result of a car accident?
Liability car insurance provides financial protection for drivers who harm someone else or their property in a car accident. Bodily injury liability helps cover medical expenses for those involved in the accident.
What are the 3 main types of insurance?
Insurance in India can be broadly divided into three categories:
- Life insurance. As the name suggests, life insurance is insurance on your life. …
- Health insurance. Health insurance is bought to cover medical costs for expensive treatments. …
- Car insurance. …
- Education Insurance. …
- Home insurance.
What is a financial loss?
Financial Loss means a pecuniary or economic loss or expense. … Financial Loss means a significant or substantial decrease of the total consolidated annual revenues of the Company as at the end of the Company’s last financial year.
What is a covered loss?
Posted by admin. This is an injury, death, property loss or legal liability, for which an insurance company will pay benefits under the terms of the policy.
How can a business avoid financial loss?
How To Prevent Losses To Your Small Business
- Effective Management. The management at all levels needs to understand the company’s goal of loss prevention, and undertake the same goals.
- Employee Participation. …
- Develop a Program. …
- Collaborate with other Businesses. …
- Focus on Key Areas.
What are liability coverages?
Liability coverage pays for property damage and/or injuries to another person caused by an accident in which you’re at fault. This coverage is required by most states to legally drive your vehicle. Liability coverage is broken down into 2 parts: property damage and bodily injury.
Does health insurance cover accidental injuries?
In the event of hospitalisation, expenses from before and after your admission, that are related to the illness, are also covered. In fact, even medical expenses that occur as a result of accidents are covered under your usual health insurance.
What accidents are covered by accident insurance?
Accident insurance covers qualifying injuries, which might include a broken limb, loss of a limb, burns, lacerations, or paralysis. In the event of your accidental death, accident insurance pays out money to your designated beneficiary.
What is liability bodily injury insurance?
If you are responsible for a car accident, bodily injury liability coverage pays for the medical costs of the people who are injured (not including yourself). … Bodily injury liability is a coverage included in most auto insurance policies, and required in most states, but be sure to check that yours includes it.
Which type of insurance provides you with coverage if you suffer from theft or natural disaster?
Comprehensive insurance – provides you with coverage if you suffer from a loss related to theft or natural disaster, such as fire or wind damage.
What does commercial general liability coverage cover?
A Commercial General Liability (CGL) policy protects your business from financial loss should you be liable for property damage or personal and advertising injury caused by your services, business operations or your employees. … While visiting your business, a customer trips on loose flooring and is injured.