Understanding & Navigating Insurance Policies
What Is Insurance and why do we need to carry a policy?
Insurance is a contract between an insurance company and you (the policy holder) under which you agree to pay insurance premiums and the insurance company agrees to pay for losses under certain carefully defined circumstances.
As a policyholder, insurance safeguards your assets by transferring risk from an individual or business to an insurance company. Understanding & Navigating Insurance can be a complex issue, but in it's simplest form, we need insurance in all facets of life. For example, If you own a home or are renting a house or apartment, you may have renter’s insurance or homeowners. You are most likely covered under some type of health insurance whether that be through your parents, through your place of employment or through a federal or state program such as Medicare, Medicaid, or MNsure.
LearningDub is here to explain the basic insurance coverages, discuss factors that influence your rates, describe what is involved in settling your claim, while answering some of the most frequently asked questions.
Always remember, anything you own that is worth a lot of money is worth protecting against loss.
What are the basic types of insurance?
Almost every state requires drivers to have auto insurance. Auto insurance is designed to protect you and everyone who shares the road from the high cost of accident and other damages or injuries.
Health insurance helps individuals and families pay for medical care and also provides coverage for unforeseen expenses due to illness or injury, or, in some cases, preventive care.
Homeowners insurance can protect you from the unexpected by providing payment to cover liability losses as well as damage and loss of your home structure and its contents.
Renters insurance policy covers the replacement value of your belongings should they be lost in a disaster. A renters policy will also protect against liability claims should someone injure themselves inside your home or apartment.
Life insurance is an insurance contract that provides your beneficiaries with a single payment or a series of payments at the time of your death.
An annuity is a contract between you and an insurance company. You put up a certain amount of money, either all at once or series of payments, and an insurance company agrees to pay you a specified amount, for some agreed upon period of time.
If you own a business, you may need to purchase business insurance to protect your business property and employees. The type of business insurance you'll need will depend on the size of your business, the type of business, and your business location.
Commercial Liability Insurance
Worker’s Compensation
Disability Income Insurance
Travel insurance is designed to safeguard travelers against unforeseen events and financial losses associated with a trip. It offers coverage for things like trip cancellations, lost or delayed baggage, medical emergencies, and other travel-related expenses.
Guaranteed Asset Protection (GAP) offers you additional protection if your vehicle is deemed a total loss due to accident or theft. GAP helps cover the difference between the actual cash value of your vehicle and your loan balance.
Disclaimer
This website contains only a brief description of various insurance products. For specific information about a particular type of insurance product, you should consult an agent.
