Life insurance is very important in ensuring the welfare of each person. A person creates a financial guarantee for the family with his life insurance in case he passes to the better world.
Life insurance has been developing for over 2000 years originating from natural, “automatic” response of economic society for various circumstances of human life.
Life insurance is an important tool through which economic and social needs of society can be implemented, and is one of the highest forms of meeting such social needs as:
– financial protection against adverse events
– maintaining the usual standard of living after retirement
– savings for education
– input of skills through wages supplement
– possibility of obtaining loans and so on
Nowadays, life insurance is one of the most important and dynamic industries in the global insurance market.
People increasingly understand the necessity to provide their living and guarantee a decent start for their children.
A client who has decided to insure his life is to evaluate his risks in a due way.
The practice of life insurance (and Health Life Insurance) gives incredible variety of insurance contracts.
The main criteria of life insurance contracts are: an object of insurance, a subject of insurance, insurance premiums payment procedure, insurance coverage period, a form of insurance coverage, types of insurance benefit, a form of contract awarding.
The contracts differ in the period of insurance coverage as follows: whole life insurance (for the whole life) and life insurance for a certain period of time. The contracts differ in insurance benefits as follows: life insurance with a lump sum, with annuity, and with pension payment.
Accommodation insurance in the USA takes the second place in premium payment. It is inferior only to car insurance.
In the USA there are eight major policies. Standard tools are the base for developing an individual insurance for each homeowner. Among complementary insurance terms and conditions are: consideration for inflation protection that makes a policy a bit more expensive as well as franchise, that is the minimal level of loss which is covered by the insured.
Not only the house itself can be insured but detached constructions such as a garage, a pool etc. In this case the insurance is within the bounds of 10% of house cost, greenery is 5% of house cost. There is a special type of real estate insurance for tenants. It provides property damage compensation.
Insurance of accommodation which is used as a workroom, for example, by small undertakers or persons of free professions, is carried out under other tariffs and policies (Small Business Insurance). The reason of it is a great number of social devices and engineering as well as an easy access of the third parties in such apartments-offices.
The USA citizens have a peculiar reflex on accommodation insurance. The point is not only in destruction made by typhoons and hurricanes. Almost all accommodation is bought on an installment plan, and one of credit indispensable conditions is insurance of the purchased house or apartment.