Q:

Why is insurance important?

A:

Quick Answer

Insurance is important because it protects a person or entity from extreme financial loss or responsibility due to an unfortunate emergency, accident or negative unforeseen event. There are many different kinds of insurance, some of which cover a person and some of which cover businesses and other entities.

Continue Reading

Full Answer

There are many different types of insurance, but Investopedia says the most important types of personal insurance people should consider having in place include: long-term disability insurance, life insurance, health insurance, homeowner's insurance and auto insurance. Businesses should consider carrying property, general liability and professional liability insurance.

Insurance can protect people from financial devastation should the worst-case scenario happen. In the case of a car accident, for example, the insurance company will usually cover medical expenses and the cost to repair the car or purchase a new one. Health insurance helps to cover the day-to-day costs of doctors and prescription medications, but most importantly, it picks up the bulk of the cost should someone be diagnosed with a chronic or major medical condition, such as cancer. Business insurance can save a company from financial ruin in cases like medical malpractice, slip-and-fall injuries on the business property or injuries that may happen to an employee on the job.

Learn more about Insurance

Related Questions

  • Q:

    What are some facts about AWA insurance?

    A:

    As of 2015, Affiliated Workers Association offers plans to cover short-term medical, gap, dental, vision and accident insurance, according to the association. Short-term medical benefits coverage ranges from six to 11 months with varying deductibles. Gap insurance covers unforeseen expenses due to an accident and bridges the gap for members with high-deductible health care plans. Affiliated Workers Association's dental and vision insurance plans offer comprehensive benefits. Accident insurance benefits depend on an individual's membership.

    Full Answer >
    Filed Under:
  • Q:

    What is the Write Your Own insurance program?

    A:

    The Write Your Own Program, abbreviated as WYO, allows private insurance companies to issue and service Standard Flood Insurance Policy coverage, while the federal government maintains responsibility for covering policyholders' losses, notes Federal Emergency Management Agency, known as FEMA. The WYO Program is part of the National Flood Insurance Program.

    Full Answer >
    Filed Under:
  • Q:

    What kinds of insurance does Stonebridge Life Insurance Company of Plano, Texas, provide?

    A:

    Stonebridge Life Insurance offers a wide range of life, health, accident and dental insurance plans for a variety of budgets and needs, states the company website. The administrative office for Stonebridge Life Insurance is in Plano, Texas.

    Full Answer >
    Filed Under:
  • Q:

    What are some advantages of Permanent General Insurance?

    A:

    Permanent General Insurance plans have monthly payments, insure most cars and drivers, including older vehicles and people with accident histories; its policies have low down payments and financial stability too, according to the company's website. In addition to these insurance plans, Permanent General Insurance has multiple claims service organizations to quickly and efficiently handle policyholders' claims.

    Full Answer >
    Filed Under:

Explore