Why I Choose Two Types Of Insurance

Why is insurance important?
Insurance is important because it protects a person or entity from extreme financial loss or responsibility due to an unfortunate emergency, accident, or negative unforeseen event. There are many kinds of insurance, some of which cover a person and some of which cover businesses and other entities

Choose two types of insurance and discuss their characteristics.
a). The two types of insurance I chose are Car insurance and Health insurance. According to Siegel, R., & Yacht, C. (2009), car insurance policies cover two types of consequences: bodily injury and property damage, and each of these two insurances deals with three types of financial losses and this are:

i. Bodily injury liability: This is described as the financial losses of people in the other car that are injured in an accident you cause, including their medical expenses, loss of income, and your legal fees. There financial losses are covered by covered by medical payments coverage and
Group health insurance offered as an employee benefit or as a member of a professional association. Group plans have lower costs, because the group has some bargaining power with the insurer and can generally secure lower rates for its members. Sufficient coverage includes basic insurance and major medical insurance. A basic insurance policy deals with physician expense and hospital expense. By so doing, the three basic coverages are generally joined under one policy. Furthermore, health insurance is completed by major medical insurance, which deals with the costs of a serious injury or illness, while Dental insurance makes an addition to basic insurance, generally providing pay back to someone for preventative treatments and some partial payment of dental services. Vision insurance makes provision for eye care, including exams and treatment for eye diseases, as well as for corrective