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Role Of Insurance Cover Insurance is a form of contract between an individual or an entity and an insurance company represented by a policy Financial protection or reimbursement against losses are given to the individual or entity from the insurance company. Premiums in an insurance policy are the first component in any insurance cover that is expressed in terms of monthly cost and are based on risk profile of who or what is to be insured. The other component is the deductible which is the minimum out-of-pocket expense one is required to meet before the insurance company pays for the losses incurred. Different insurance companies offer varying types of insurance policies depending on the terms of operation.The commonest personal insurance policies are auto, health, homeowners, life insurance and commercial insurance policies. An individual’s unique need influences the type of policy covers offered by different insurance companies offering home insurance covers. Risks therefore covered for in-home insurance includes the dwelling place of an individual, other structure contained in the property, personal properties that are present in the home and any other liability that may occur in the home. An individual may only cover the dwelling place under the home insurance cover which will cover for the home structure where an individual lives and other structures that have been attached to it such as a garage. Other structures that are detached from the home are also covered. Property that has been putting in the dwelling place such as electronics need also to be covered under the home insurance cover since they can experience risk of theft. Cover against natural disasters and liability protection where someone not living in the home is injured while in the property are also covered in the home insurance cover. Auto insurance offers the comprehensive auto insurance which covers a wide variety of damages including car accident, theft, fire, vandalism, weather, falling objects and animal damage. The comprehensive auto insurance may not be a compulsory requirement by the law but depends on the value of car one is driving. The cost of comprehensive auto insurance depends largely on the deductible amount. This means that a higher deductible amount will make the owner to cover more for any damages before the insurance cover kicks in. Car models influences the premiums if the model has a higher number of claims as well as higher repair cost. A Collision insurance covers for fewer risks and is compulsory hence not favorable for many other damages that a car might experience.
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Commercial insurance involves protection against unpredictable circumstances such as theft, liability, property damage and any event that may lead to interruption of business or injured employee. Different Businesses are expected to suffer different risks hence different form of business insurance cover .
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Safety and security in human life and businesses is enhanced because of insurance which helps save for future risks.