What covers specific type of insurance policy?
What Does Specific Insurance Mean? Specific insurance is a type of property insurance in which only one individual property is covered by the policy. Specific insurance is an alternative to blanket coverage, in which a policy can cover many different properties or locations.
What is specific insurance policy?
Specific Policy: This policy paid up to the specific amount the risk is insured. In case of a fire loss, the insurer will pay for the loss that is less that the specific amount or up to the sum insured.
What are the different types of insurance?
There many types of insurance policies. Life, health, homeowners, and auto are the most common forms of insurance. The core components that make up most insurance policies are the deductible, policy limit, and premium. Businesses require special types of insurance policies that insure against specific types of risks faced by a particular business.
What is an insurance policy?
The insurance policy is a contract between the insurer and the policyholder, which determines the claims which the insurer is legally required to pay. In exchange for an initial payment, known as the premium, the insurer promises to pay for loss caused by perils covered under the policy language.
What is the difference between health insurance and general insurance?
Health Insurance: – Health insurance refers to a type of general insurance policy, which provides financial assistance to policyholders when they are admitted to hospitals for treatment. Health insurance is a type of insurance that covers medical expenses that arise due to an illness.