1. Homeowner's Insurance - provides coverage for losses due to damage or destruction of a home.
2. Life Insurance - provides coverage after the insured party's death, often to family member(s) left behind (beneficiary).
a. Term insurance: is sold for a specified time period.
b. Whole life insurance: provides coverage throughout the insured's life (has cash value).
3. Health Insurance - pays for hospital and medical treatment.
4. Disability insurance - provides a monthly income when one becomes disabled.
5. Automobile Insurance - provides coverage for automobile accidents and damage to the insured's automobile.
- Liability - covers damages if the (insured) driver injures someone or damages someone's property in an automobile accident.
- Collision insurance - pays for damage to the insured automobile when it is involved in a collision.
- Comprehensive insurance - covers damage to the insured automobile resulting from causes other than collision (Ex. - hail).
6. Title Insurance - protects a buyer of realty in the event that the seller did not have a clear title to that property.
7. Social Insurance - protection of individuals against economic hazards such as unemployment, old age, or disability.
- Medicare - a government program of medical care for the aged.
- Social Security - a program of the United States government that provides retirement income, health care for the aged, and disability coverage for eligible workers and their dependants.
8. Worker's Compensation Insurance - protect workers who are injured on the job.
9. Malpractice Insurance - insurance purchased by physicians and hospitals to cover the cost of being sued for malpractice.
10. Excess Liability insurance - called an "umbrella" policy that provides liability coverage for at least $1 million. Added to a homeowner's insurance policy to cover liability for accidents on or away from insured property.
11. Annuity - will pay a designated amount periodically, the payments begin at a date set in the policy.
