ALL TYPE OF INSURANCE

Types of insurance
Insurance. We hate it. People have even compared it to the protection racket–you give the company your money and it takes care of you when you need it. Basically, the purpose of all insurance is to protect yourself or your family against the financial impact of a tragedy. Insurance is not to help you budget moderate-sized expenses, but to protect you against the truly catastrophic.
There are two ways to buy insurance.
One way is to go to an agent to whom you explain your situation and trust him/her to suggest the insurance that is right for you.
The other is do it on your own. You research the various types of policies available, decide what you need, and then comparison shop among the various companies. The advantage of going to an agent is that an honest and competent one can review your situation and make suggestions. The advantage of going on your own is that you usually pay less for the same amount of insurance STEPS FOR BUYING INSURANCE Use these three steps when buying insurance: Step One: Do I need this type of insurance at all?
Figure out what the type of insurance you are considering covers and decide whether you need it. Step Two: How much of this type of insurance do I need? Policies vary in how much they cover. Some cover specific dollar amounts. Others cover percent of loss. Some have a deductible. Others exclude certain types of damage. Look at these differences among policies and decide which one is for you. Step Three: Where will I buy it? If you are working on your own, the web has a host of services to help you comparison shop among companies. Type in "insurance" on most search engines and you will come up with a number of sites. If you are working with an agent, you may be working with a captive agent which means (s)he can only sell you policies form one company or an independent agent which represents several. When selecting a company, consider also whether the company is both able and willing to pay on claims should you make one.. AM Best and other companies rate the financial solvency of insurance companies. The web comparison shopping services usually include and explain the ratings. You can also ask the company itself or your agent. Consider also the company's record for trying to refuse to pay claims. Your state insurance commission may have a record of complaints. When buying any insurance, you will most likely save money if you pay annually or semi-annually. Sometimes buying several types of insurance from the same company will save you money. Often taking steps to make claims more unlikely, such as installing deadbolt locks or taking a safe driving course will lower your premiums. When shopping for insurance, also look into group policies offered by alumni associations, professional associations, or religious bodies. Usually you can forget about specialized insurance advertised on television with paid endorsers. They usually cover very little.

HEALTH INSURANCE Don't go without this. Most people have it at work, but if you don't you will really save big by going for a group policy. When comparing policies, consider deductibles and what is or isn't covered. When given a choice, choose one that covers the huge, debilitating conditions over one that is good about routine immunization, but that balks at the larger, more expensive claims. Health insurance comes in three types, though many policies mix and match traits of the three. Fee for service, the most expensive, allows you to go to almost any provider and covers almost anything that is medically necessary. You don't have a primary care physician who has to approve visits to specialists. Preferred provider options (PPO's) allow you to self-refer to any provider in the PPO's list and generally cover a wide variety of services recommenced by those providers. Some PPO's cover other providers, but with a larger co-payment. Health maintenance organizations (HMO's) are the least costly, but the most restrictive. They assign you (or let you select) a primary care physician. That physician acts as a gatekeeper in that (s)he decides what is medically necessary and when you may see a specialist. Often the HMO itself has to permit certain treatment and can rule against your doctor if it thinks the treatment is too costly.

LIFE INSURANCE For most people, the purpose of life insurance should be to replace the financial contribution made by a family member. Life insurance can be pure insurance, which pays only on the death of the insured, or cash value insurance, which also has a savings vehicle. Most people who need life insurance are better off with pure insurance and saving for retirement through other vehicles. Proceeds from life insurance cover three types of expenses: replacement of the policyholder's income or work, estate taxes, and burial costs. When you consider the amount of insurance to buy, consider the following:
1. Most of the life insurance should be on a family member whose salary is important to the family budget.
2. Consider a relatively small life insurance policy on a stay-at-home parent to cover child care and other expenses.
3. Don't buy life insurance on children. Instead, buy life insurance on other family members for the benefit of children.
4. Consider reducing the amount of life insurance you have as you build more financial assets.
5. Pass on credit life insurance and mortgage life insurance if you can. These plans are restrictive and expensive. Buy more general life insurance instead if you feel a need.
6. Pass on life insurance altogether if you are single and don't have anyone depending on you.
At most, get a small policy to spare your family burial expenses. You should buy about 12 times the amount of money you would need annually to replace what the family member is contributing. For example, if you would need $40,000 a year to replace the death of an employed member, you would need a $480,000 (rounded to $500,000) policy.

AUTO INSURANCE In most states you are required to have auto insurance and you don't want to be without it. Basically, you buy auto insurance for two purposes: to insure against liability you have to others and to insure against damage that others do to you or your car. You need to have liability insurance. How much you need depends on how much you have in assets. Whether you need insurance to protect your own car depends on your car and how detesting it would be to replace it. If your car is expensive and if buying another one would wipe you out financially, consider buying comprehensive and collision. If you have an older car and wouldn't get much from the insurance company if it were totaled, don't bother. Instead, put the money you would have paid for comprehensive and collision toward saving for your next car.

HOMEOWNERS' INSURANCE The purpose of homeowners' insurance is to protect you against damage to your home and property from natural disasters. Insurance companies offer different ratings of insurance and assign these ratings with codes starting with the letters "HO". While these ratings are fairly standard, they do vary a little with companies, so check with the company to see what policies cover. When comparing policies, consider differences among deductible, coverage of property other than the house (sheds, garages, etc.), and percent of loss covered. Consider also whether the policy covers resale cost or rebuilding cost. Rebuilding usually provides better coverage, but is more expensive. Basic homeowner's insurance does not cover the contents, though you can often add it for an additional fee or buy it separately. When buying contents insurance, consider whether it covers replacement value or fair market value. Replacement value is a better buy because it pays to buy a new piece of furniture or appliance, not what your old one is worth. Consider also buying liability insurance which covers you if someone sustains an injury or other loss on your property. Renters and condominium owners need only contents and possibly liability insurance. Many companies have policies tailored to these purposes. APPLIANCE PROTECTION Don't buy any extended warranties or protection plans when you buy small or major appliances. These plans are pure profit to the appliance stores. That's why the salespeople, push them so hard, especially if they are on commission. They usually cover only periods when very little is likely to go wrong and have numerous exclusions. Insurance is a complex subject. Do your own research or work with your agent. Hopefully this introduction will help you do that more effectively.
Types of Insurance Insurance can be termed as a form of risk management which is mainly used to protect an individual against the risk of prospective financial loss, if any. Insurance can be used as a tool to shield an individual against potential risks like travel accidents, death, unemployment, theft, property destruction by natural calamities, fire mishaps etc.
Different types of insurance is used to cover different properties and assets such as vehicles, home, health care etc. Basically, an insurance policy can also be known as a protection net which secures you from any financial losses in future. All you have to do is pay the insurance agencies a specified amount every month, known as premium, so that they can take care of you by providing you financial back up in case of a sudden health emergency or a fatal incident.
There are two ways for getting an insurance done.
One way is to visit an agent and consult him for the best option you can avail for your situation. And then, trust him/her for their suggestion on the type of insurance they feel is right for you.
The other way is to research and choose on your own, the type of insurance which will be best suited for your situation. You should research the market as well as the net, to look for the best insurance companies, and further more, the most suitable type of insurance that they offer. Also explore the various types of policies which are available to you in the market, and then compare to decide which one to choose finally.

Health Care Insurance
With such high medical and health care costs these days, it’s hard to even think about visiting a doctor. But what about an unexpected mishap or an unforeseen disability or attack, where the potential medical bills could shoot up to a sky?
Where would you get so much money from?
These are exactly the situations where you feel you had a security, something which could come to your rescue and save you from such financial crisis. While some companies do provide its employees with health insurance, for others, this is a must. Especially for the aging couples, who have a comparatively more chances of needing emergency bill money. The health insurance does it all, so that they do not have to worry for the huge payments at the last minute. A health insurance can cover all from a routine immunization to a major illness.

Life Insurance
Loss of a family member is a catastrophe which glooms a family’s life. But even more tragic is the death of a sole bread earner for the family, who then has to go through the pain of losing their loved one, as well as the financial loss putting their survival in jeopardy.
This financial hardship due to a sudden death of a family member or a disability resulting to a loss of job or inability to work can be avoided to a great extent by taking up a life insurance policy. A Life insurance or disability insurance covers such losses and pays a family, compensation to restore the earnings lost by them due to a sudden death or disability.
The monthly premiums for a life insurance are generally based upon the age, health, and occupation information of the applicant, in addition to the total benefits to be paid to him for his policy.

Home Insurance
Real estate property and hard assets are subject to accidental risks like theft, destruction due to natural disasters or fire accidents etc. with such huge investments gone into buying a real estate property like your home or office, the risk involved is a loss of large amount of money.
Home and property insurance helps you in managing and protecting against these risks. The cost of a real estate property and its insurance is mostly based upon the worth of the already insured hard assets and also the location in which the assets are situated.

Travel Insurance
This is intended to cover any of the financial or any other losses which were incurred by the insured while traveling, be it nationally or internationally, such as mountain trekkers, cruise travelers etc.

Auto Insurance
Any vehicle on road, no matter how safe its driver is, is bound to meet with an accident or two, which may leave it with just a few scratches, or crash it up totally. Most countries today require you to have an auto insurance while on road in your vehicles.
If you have an accidental car crash, a total repair could cost you a fortune. On the other hand, a little scratch on your Land Cruiser might also soar up your bills to a high. Whether or not you need an auto insurance mostly depends on the type of car you own.
If you have an expensive car and a little repair could wipe you out financially, you should very well go in for a buying an all-inclusive and crash insurance which could protect you against any and every harm done to your vehicle.
Public Health InsuranceMedicaid Medicaid is a jointly-funded, Federal-State health insurance program for certain low-income and needy people. It covers approximately 36 million individuals including children, the aged, blind, and/or disabled, and people who are eligible to receive federally assisted income maintenance payments. Within broad national guidelines that the Federal government provides, each of the States establishes its own eligibility standards; determines the type, amount, duration, and scope of services; sets the rate of payment for services; and administers its own program. Thus, the Medicaid program varies considerably from State to State, as well as within each State over time. Medicaid Buy-In Through the landmark legislation, "Ticket to Work and Work Incentives Improvement Act of 1999," individuals with disabilities no longer have to choose between taking a job and having health care. Like the Medicaid program, eligibilty for the Ticket to Work program varies from state to state. SCHIP The U.S. Department of Health and Human Services has launched the Insure Kids Now! campaign to link the nation's 10 million uninsured children to free and low-cost health insurance. Every state has a health insurance program for infants, children and teens whose families do not qualify for Medicaid. Many families simply don't know their children are eligible.
Private Health InsuranceOne type of plan is a standard indemnity policy, which gives people freedom to visit a health care provider of their choice and pay out of pocket for their treatment. The insurance plan reimburses members for some portion of the cost. The other common plan is a managed care plan. Under this plan, medically necessary care is provided in the most cost effective or least expensive way available. Plan members must visit health care providers chosen by the managed care plan. Generally, a co-payment is charged to the patient, but sometimes all care received from providers within the plan is covered. GrievancesAll health insurance companies have internal grievance and complaints procedures. If you have a complaint, follow the company's procedures. All states have a state health insurance commissioner. Contact that office of the state government to see what external grievance and complaint procedures may exist in your state.
Paying for MedicationsPaying for prescription medications can be a challenge for anyone with a chronic condition. This challenge may be faced both by those who have health insurance as well as those who do not. Those with health insurance may have policies that do not include prescription drug coverage, or their drug coverage may have restricted formularies, high deductibles, high copays, or other limitations which increase out-of-pocket expense. For those without insurance, the problem is even worse.
While the long term solution for everyone is to be in a position to access an insurance program through either the private or public sector that provides adequate coverage, those who face the challenge of being able to afford medications are not without recourse. Below are several options that should be explored if you or a member of your family is unable to afford the on-going cost of prescription medication.

Business insurance
can be any kind of insurance that protects businesses against risks. Some principal subtypes of business insurance are (a) the various kinds of professional liability insurance, also called professional indemnity insurance, which are discussed below under that name; and (b) the business owners policy (BOP), which bundles into one policy many of the kinds of coverage that a business owner needs, in a way analogous to how homeowners insurance bundles the coverages that a homeowner needs.

Health insurance and Dental insurance
Almost all developed countries have government-supplied insurance for healthHealth insurance policies will often cover the cost of private medical treatments if the National Health Service in the United Kingdom (NHS) or other publicly-funded health programs do not pay for them. It will often result in quicker health care where better facilities are available. Dental insurance, like medical insurance, is coverage for individuals to protect them against dental costs. In the U.S., dental insurance is often part of an employer's benefits package, along with health insurance. Most countries rely on public funding to ensure that all citizens have universal access to health care.

Disability insurance
policies provide financial support in the event the policyholder is unable to work because of disabling illness or injury. It provides monthly support to help pay such obligations as mortgages and credit cards.
Total permanent disability insurance insurance provides benefits when a person is permanently disabled and can no longer work in their profession, often taken as an adjunct to life insurance.
Disability overhead insurance allows business owners to cover the overhead expenses of their business while they are unable to work. Workers' compensation insurance replaces all or part of a worker's wages lost and accompanying medical expense incurred because of a job-related injury. Casualty insuranceCasualty insurance insures against accidents, not necessarily tied to any specific property.
Crime insurance Is a form of casualty insurance that covers the policyholder against losses arising from the criminal acts of third parties. For example, a company can obtain crime insurance to cover losses arising from theft or embezzlement.
Political risk insurance Is a form of casualty insurance that can be taken out by businesses with operations in countries in which there is a risk that revolution or other political conditions will result in a loss.

Life insurance
Life insurance provides a monetary benefit to a decedent's family or other designated beneficiary, and may specifically provide for income to an insured person's family, burial, funeral and other final expenses. Life insurance policies often allow the option of having the proceeds paid to the beneficiary either in a lump sum cash payment or an annuity.Annuities provide a stream of payments and are generally classified as insurance because they are issued by insurance companies and regulated as insurance and require the same kinds of actuarial and investment management expertise that life insurance requires. Annuities and pensions that pay a benefit for life are sometimes regarded as insurance against the possibility that a retiree will outlive his or her financial resources. In that sense, they are the complement of life insurance and, from an underwriting perspective, are the mirror image of life insurance.Certain life insurance contracts accumulate cash values, which may be taken by the insured if the policy is surrendered or which may be borrowed against. Some policies, such as annuities and endowment policies, are financial instruments to accumulate or liquidate wealth when it is needed.In many countries, such as the U.S. and the UK, the tax law provides that the interest on this cash value is not taxable under certain circumstances. This leads to widespread use of life insurance as a tax-efficient method of saving as well as protection in the event of early death.In U.S., the tax on interest income on life insurance policies and annuities is generally deferred. However, in some cases the benefit derived from tax deferral may be offset by a low return. This depends upon the insuring company, the type of policy and other variables . Moreover, other income tax saving vehicles may be better alternatives for value accumulation. A combination of low-cost term life insurance and a higher-return tax-efficient retirement account may achieve better investment return.

Property insurance
This tornado damage to an Illinois home would be considered an "Act of God" for insurance purposesProperty insurance provides protection against risks to property, such as fire, theft or weather damage. This includes specialized forms of insurance such as fire insurance, flood insurance, earthquake insurance, home insurance, inland marine insurance or boiler insurance.

Automobile insurance,
known in the UK as motor insurance, is probably the most common form of insurance and may cover both legal liability claims against the driver and loss of or damage to the insured's vehicle itself. Throughout the United States auto insurance policy is required to legally operate a motor vehicle on public roads. In some jurisdictions, bodily injury compensation for automobile accident victims has been changed to a no-fault system, which reduces or eliminates the ability to sue for compensation but provides automatic eligibility for benefits. Credit card companies insure against damage on rented cars.

Driving School Insurance
insurance provides cover for any authorized driver whilst under going tuition, cover also unlike other motor policies provides cover for instructor liability where both the pupil and driving instructor are both equally liable in the event of a claim.

Aviation insuranceAviation insurance insures against hull, spares, deductible, hull wear and liability risks. Boiler insurance insures against accidental physical damage to equipment or machineryBuilder's risk insurance insures against the risk of physical loss or damage to property during construction. Builder's risk insurance is typically written on an "all risk" basis covering damage due to any cause not otherwise expressly excluded. Crop insurance "Farmers use crop insurance to reduce or manage various risks associated with growing crops. Such risks include crop loss or damage caused by weather, hail, drought, frost damage, insects, or disease, for instance."

Earthquake insuranceEarthquake insurance is a form of property insurance that pays the policyholder in the event of an earthquake that causes damage to the property. Most ordinary homeowners insurance policies do not cover earthquake damage. Most earthquake insurance policies feature a high deductible. Rates depend on location and the probability of an earthquake, as well as the construction of the home. A fidelity bond is a form of casualty insurance that covers policyholders for losses that they incur as a result of fraudulent acts by specified individuals. It usually insures a business for losses caused by the dishonest acts of its employees.
Flood insurance protects against property loss due to flooding. Many insurers in the US do not provide flood insurance in some portions of the country. In response to this, the federal government created the National Flood Insurance Program which serves as the insurer of last resort. Home insurance or homeowners insurance: See "Property insurance". Marine insurance
and marine cargo insurance cover the loss or damage of ships at sea or on inland waterways, and of the cargo that may be on them. When the owner of the cargo and the carrier are separate corporations, marine cargo insurance typically compensates the owner of cargo for losses sustained from fire, shipwreck, etc., but excludes losses that can be recovered from the carrier or the carrier's insurance. Many marine insurance underwriters will include "time element" coverage in such policies, which extends the indemnity to cover loss of profit and other business expenses attributable to the delay caused by a covered loss.
Surety bond insurance is a three party insurance guaranteeing the performance of the principal.
Terrorism insurance provides protection against any loss or damage caused by terrorist activities.

Volcano insurance is an insurance that covers volcano damage in Hawaii. Windstorm insurance is an insurance covering the damage that can be caused by hurricanes and tropical cyclones.

Liability insurance
Liability insurance is a very broad superset that covers legal claims against the insured. Many types of insurance include an aspect of liability coverage. For example, a homeowner's insurance policy will normally include liability coverage which protects the insured in the event of a claim brought by someone who slips and falls on the property; automobile insurance also includes an aspect of liability insurance that indemnifies against the harm that a crashing car can cause to others' lives, health, or property. The protection offered by a liability insurance policy is twofold: a legal defense in the event of a lawsuit commenced against the policyholder and indemnification with respect to a settlement or court verdict. Liability policies typically cover only the negligence of the insured, and will not apply to results of willful or intentional acts by the insured.

Environmental liability insurance
protects the insured from bodily injury, property damage and cleanup costs as a result of the dispersal, release or escape of pollutants. Errors and omissions insurance: See "Professional liability insurance" under "Liability insurance".
Professional liability insurance,also called professional indemnity insurance, protects professional practitioners such as architects, lawyers, doctors, and accountants against potential negligence claims made by their patients/clients. Professional liability insurance may take on different names depending on the profession. For example, professional liability insurance in reference to the medical profession may be called malpractice insurance. Notaries public may take out errors and omissions insurance (E&O). Other potential E&O policyholders include, for example, real estate brokers, home inspectors, appraisers, and website developers.
Directors and officers liability insurance protects an organization from costs associated with litigation resulting from mistakes incurred by directors and officers for which they are liable. In the industry, it is usually called "D&O" for short.
Prize indemnity insurance protects the insured from giving away a large prize at a specific event. Examples would include offering prizes to contestants who can make a half-court shot at a basketball game, or a hole-in-one at a golf tournament.

Credit insurance
Credit insurance repays some or all of a loan back when certain things happen to the borrower such as unemployment, disability, or death. Mortgage insurance is a form of credit insurance, although the name credit insurance more often is used to refer to policies that cover other kinds of debt.

Mortgage insurance insures the lender against default by the borrower.
Collateral protection insurance CPI, insures property held as collateral for loans made by lending institutions.
Defense Base Act Workers' compensation or DBA Insurance insurance provides coverage for civilian workers hired by the government to perform contracts outside the US and Canada. DBA is required for all US citizens, US residents, US Green Card holders, and all employees or subcontractors hired on overseas government contracts. Depending on the country, Foreign Nationals must also be covered under DBA. This coverage typically includes expenses related to medical treatment and loss of wages, as well as disability and death benefits.
Expatriate insurance provides individuals and organizations operating outside of their home country with protection for automobiles, property, health, liability and business pursuits. Financial loss insurance protects individuals and companies against various financial risks. For example, a business might purchase cover to protect it from loss of sales if a fire in a factory prevented it from carrying out its business for a time. Insurance might also cover the failure of a creditor to pay money it owes to the insured. This type of insurance is frequently referred to as "business interruption insurance." Fidelity bonds and surety bonds are included in this category, although these products provide a benefit to a third party in the event the insured party fails to perform its obligations under a contract with the obligee.

Kidnap and ransom insurance Locked funds insurance is a little-known hybrid insurance policy jointly issued by governments and banks. It is used to protect public funds from tamper by unauthorized parties. In special cases, a government may authorize its use in protecting semi-private funds which are liable to tamper. The terms of this type of insurance are usually very strict. Therefore it is used only in extreme cases where maximum security of funds is required. Nuclear incident insurance covers damages resulting from an incident involving radioactive materials and is generally arranged at the national level.
Pet insurance insures pets against accidents and illnesses - some companies cover routine/wellness care and burial, as well. Pollution Insurance. A first-party coverage for contamination of insured property either by external or on-site sources. Coverage for liability to third parties arising from contamination of air, water, or land due to the sudden and accidental release of hazardous materials from the insured site. The policy usually covers the costs of cleanup and may include coverage for releases from underground storage tanks. Intentional acts are specifically excluded. Purchase insurance is aimed at providing protection on the products people purchase. Purchase insurance can cover individual purchase protection, warranties, guarantees, care plans and even mobile phone insurance. Such insurance is normally very limited in the scope of problems that are covered by the policy.
Title insurance provides a guarantee that title to real property is vested in the purchaser and/or mortgagee, free and clear of liens or encumbrances. It is usually issued in conjunction with a search of the public records performed at the time of a real estate transaction.
Travel insurance is an insurance cover taken by those who travel abroad, which covers certain losses such as medical expenses, lost of personal belongings, travel delay, personal liabilities, etc. Insurance financing vehicles

Protected Self-Insurance is an alternative risk financing mechanism in which an organization retains the mathematically calculated cost of risk within the organization and transfers the catastrophic risk with specific and aggregate limits to an Insurer so the maximum total cost of the program is known. A properly designed and underwritten Protected Self-Insurance Program reduces and stabilizes the cost of insurance and provides valuable risk management information.

Retrospectively Rated Insurance is a method of establishing a premium on large commercial accounts. The final premium is based on the insured's actual loss experience during the policy term, sometimes subject to a minimum and maximum premium, with the final premium determined by a formula. Under this plan, the current year's premium is based partially on the current year's losses, although the premium adjustments may take months or years beyond the current year's expiration date.
A formula for insurance
Formula: retrospective premium = converted loss + basic premium × tax multiplier.
Formal self insurance is the deliberate decision to pay for otherwise insurable losses out of one's own money. This can be done on a formal basis by establishing a separate fund into which funds are deposited on a periodic basis, or by simply forgoing the purchase of available insurance and paying out-of-pocket. Self insurance is usually used to pay for high-frequency, low-severity losses. Such losses, if covered by conventional insurance, mean having to pay a premium that includes loadings for the company's general expenses, cost of putting the policy on the books, acquisition expenses, premium taxes, and contingencies. While this is true for all insurance, for small, frequent losses the transaction costs may exceed the benefit of volatility reduction that insurance otherwise affords. No-fault insurance is a type of insurance policy where insureds are indemnified by their own insurer regardless of fault in the incident.
Reinsurance is a type of insurance purchased by insurance companies or self-insured employers to protect against unexpected losses.
Financial reinsurance is a form of reinsurance that is primary used for capital management rather than to transfer insurance risk.
Stop-loss insurance provides protection against catastrophic or unpredictable losses. It is purchased by organizations who do not want to assume 100% of the liability for losses arising from the plans. Under a stop-loss policy, the insurance company becomes liable for losses that exceed certain limits called deductibles.

Social insurance can be many things to many people in many countries. But a summary of its essence is that it is a collection of insurance coverages, plus retirement savings, that mandates participation by all citizens. By forcing everyone in society to be a policyholder and pay premiums, it ensures that everyone can become a claimant when or if he/she needs to. Along the way this inevitably becomes related to other concepts such as the justice syste and the welfare state. This is a large, complicated topic that engenders tremendous debate, which can be further studied in the following articles .Social welfare provision Social security Social safety net National Insurance Social Security (United States) Social Security debate (United States)

Agri insurience
Cattle InsuranceNeed for insurance:Cattle are delicate animals. They suffer from many diseases, accidents, etc. If the death occurs to animals due to these causes, there is tremendous loss to the owner of the animal or dairyman. But if there is insurance of the animal the owner gets some compensation and his loss is shared by the insurance company.
insurance offerIt is a service offered by a insurance company to protect owners of animals from any natural hazards and provide compensation to the owners of the animal when loss occurs in lieu of small regular payments to the company called premium. Through insurance, big losses befalling on few cattle owners are shared by the insurance company and the owner is protected.
Condition of animal:The animal to be insured should have good health and free from any disease or illness. The veterinary doctor has to examine the animal thoroughly and certify accordingly. This certificate has to be attached to the insurance proposal. Animal should be vaccinated to protect from occurrence of any disease and care should be taken to feed properly with balanced diet to maintain good health. There should be no hunger and food deficiency. Old animals are not insured. Animals which have good health and free from sickness have higher price and hence can be insured at higher value. Consequently, they can earn higher compensation to the owner.
Documents Needed:Following papers are to be submitted with insurance proposal.Insurance proposal containing name of animal owner, his address branding number of animal, identification mark, breed, sex, age, colour, horns, height, etc. Certificate by veterinary doctor in the prescribed form. Receipt of payment made while purchasing the animal. Certified value of animal considering its age, sex, health, etc. at the time of insurance. Photo copy of the animal. This proposal is to be made with the help of veterinary doctor.Insurance amount:Insurance amount depends upon type of animal and breed such as cow, buffalo, local breed, pure breed or crossbred and also on age, sex and health of animal. Pure breeds and crossbreds have higher values than the local breeds. Young or adult animals have higher values than the old ones, healthy animals have higher values than the weak animals. Consequently, animals having higher prices can be insured for larger amounts.Insurance premium:Insurance premiums are charged in two ways:at fixed amount of animals are supplied under Government Schemes. 5% of value of animal under individual scheme. Procedure for compensation:If there is death of insured animal, the insurance company is to be informed immediately. The post mortem report from veterinary doctor should be attached to the report. If the animal is purchased from bank loan, the concerned bank should also be informed accordingly. The ear to which label is tied should be submitted to the insurance company. One photograph of the animal should also be submitted. If the animal has died of accident, the police report need to be attached. The value of the animal at the time of death is considered for making claim.Payment of compensation:If the animal is purchased through bank loan, compensation of dead animal is paid through the bank. In other cases, compensation is paid by cheque to the owner of the animal directly.Compensation not paid for following reasons:-Post mortem report from veterinary doctor not attached. Difference observed in identification marks. Proper veterinary aid not given while the animal was sick. Insurance company not informed immediately after the death of animal. Period of insurance policy is already over before the death of animal. Difficulties in insuring animals:Agents are reluctant to go in villages to contact individual animal owner. Correct and reliable information of animals to be insured not given. There are some social elements interfering in the work of cattle insurance. Insuring only few animals out of total number is not desirable. While making claims of compensation, all needed documents are not supplied by the animal owners and hence disbursement of claims is delayed.

Pet insurance
HistoryThe first pet insurance policy was written in 1890 by Claes Virgin. Virgin was the founder of Länsförsäkrings Alliance, at that time he focused on horses and livestock.In 1947 the first pet insurance policy was sold in Britain. In 1980 the first pet insurance company in the United States was founded by Dr Jack Stephens, DVM. Dr. Stephens' intention was to help put an end to the "economic euthanasia" of pets. In 1982 the heroic dog Lassie was the first dog in the United States to be covered by a pet insurance policy issued by VPI – Veterinary Pet Insurance.
How Policies WorkMany pet owners believe pet insurance works like human health insurance. Actually, pet insurance reimburses the pet owner after the owner submits a claim to the insurance company. The claim is paid according to the terms of the policy purchased by the pet owner.UK Policies usually pay 100% of vets fees. Policies in the USA usually offer to pay 80-90% of the costs minus a deductible depending on the company and the specific policy. The owner will usually pay the amount due to the Vet, and then send in the claim form and receive reimbursement, which some companies and policies limit according to their own schedule of necessary and usual charges. In the event of a very high bill, some veterinarians will allow the owner to put off payment until the insurance claim is processed. Some insurers pay veterinarians directly on behalf of customers. Most U.S. policies require the pet owner to submit a request for fees incurred.Traditionally, most pet insurance plans did not pay for preventative care or elective procedures. Recently however, some companies in the UK and US are offering routine care coverage, or some times called comprehensive coverage.In addition, companies often limit coverage for pre-existing medical conditions, thus giving owners an incentive to insure even very young animals who are not expected to incur high veterinary costs while they are still healthy.Some insurers offer options not directly related to pet health, including covering boarding costs for animals whose owners are hospitalized, or costs associated with retrieving lost animals. Some policies also include travel cancellation coverage if owners must remain with pets who need urgent treatment or are dying.Some UK policies for dogs also include third party liability insurance. Thus, for example, if a dog causes a car accident that damages a vehicle, the insurer will pay to rectify the damage for which the owner is responsible under the Animals Act 1971.