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Business - Insurance

Insurance is a term defined as a written contract that promises a reimbursement in the case of loss. An insurance policy may cover different types of loses, from the physical loss resulting from an accident, to circumstantial loss, like occurs when someone lost a job.

Policies or certificates of insurance are designed to protect people and their belonging for most of the known events that all human beings face in life, including death from any cause.

People can obtain insurance from an agency or company providing hazards protection. Although, every company has its own terms to provide such insurance, all of them work in the basis of a periodic prepayment to the insurance provider.

Because insurance is a sort of indemnity that protects people against future loss, there is an increasing concern about insurance providers and the coverage of their policies.

Health insurance, life insurance car insurance, and home insurance are the most common safeguards that people take to cope with common eventualities, but there are many other types of insurance, and this term is sometimes applied to the payment of a premium.

In economy, business and law, insurance is referred to the actions taken for risk management preventing financial loss. However, some insurance forms are designed to cover the cost of utilities and services that the insurance holder should pay in pre-defined terms.

A good example of this type of insurance is the coverage of rentals that a driver pays for auto insurance when leasing a car. Insurance can cover any damage signed under agreement of both parties involved, insurer and potential victim.

Insurance coverage may include one or several items among disease, injuries, death, theft, car collision, storm or nature damages, and exposure to risky environments, just to name a few of the many risks that every individual faces through his or her life.

Some insurance plans have specific clauses, for instance, health and life insurance usually exclude people over 65 in age, or demand exhaustive medic examination before authorizing the issue of a personal insurance policy.

In other cases, insurance is limited to specific loss, may include exclusion clauses such as suicide, and may be nullified after failing to pay a scheduled premium. Even though, workers' compensation and other insurance coverage does not require any other conditions than being at risk to apply.

Another remarkable characteristic of insurance policies is the appointment of a beneficiary that is paid if the insured has life insurance and for any reason passes away.

Individual, small businesses, large corporates, entities and organizations, in general, are encouraged to take insurance to guarantee a compensation for losses resulting from particular situations on an individual or group basis.

In work environments, specific conditions apply for insurance, but they are usually included in part of the labor contract, binding employers to indemnify employees without pay for premiums paid. However, employers can purchase additional insurance coverage at their sole discretion, or to obtain protection against other hazards away from the work place.

Financially speaking, insurance also applies to some lending instruments, such as policies signed during a mortgage process to secure the money against fail in the repayment of a debt or accrued interests.