Insurance for a factory is usually obtained on a business combined insurance policy wording. For insurance purposes, a factory is usually defined as an industrial building or number of buildings containing equipment for manufacturing items or altering items or where workers supervise machines engaged in the production of items. The range of goods that are produced in factories is almost endless. Obtaining Factory Insurance can sometimes prove a little harder than other types of commercial combined insurance cover, a factory will have a number of trade processes being carried out to do with the manufacture of goods and the insurance company will take these processes in to consideration when calculating its premium. In simple terms, the more risky the trade processes being carried out in the factory, the more expensive the insurance.
WHAT IS 'HEALTH INSURANCE'
Health insurance is a type of insurance coverage that pays for medical and surgical expenses incurred by the insured. Health insurance can reimburse the insured for expenses incurred from illness or injury, or pay the care provider directly. It is often included in employer benefit packages as a means of enticing quality employees. The cost of health insurance premiums is deductible to the payer, and benefits received are tax-free.
BREAKING DOWN 'HEALTH INSURANCE'
Managed care insurance plans require policy holders to receive care from a network of designated health care providers for the highest level of coverage. If patients seek care outside the network, they must pay a higher percentage of the cost. In some cases, the insurance company may even refuse payment outright for services obtained out of network. Many managed care plans require patients to choose a primary care physician who oversees the patient's care and makes recommendations about treatment. Insurance companies may also deny coverage for services that were obtained without preauthorization. In addition, insurers may refuse payment for name brand drugs if a generic version or comparable medication is available at a lower cost.
Insurance plans with higher out-of-pocket costs generally have smaller monthly premiums than plans with low deductibles. When shopping for plans, individuals must weigh the benefits of lower monthly costs against the potential risk of large out-of-pocket expenses in the case of a major illness or accident. Health insurance has many cousins, such as disability insurance, critical (catastrophic) illness insurance and long-term care (LTC) insurance.
WHAT IS 'HOMEOWNERS INSURANCE'
Homeowners insurance is a form of property insurance designed to protect an individual's home against damages to the house itself, or to possessions in the home. Homeowners insurance also provides liability coverage against accidents in the home or on the property.
BREAKING DOWN 'HOMEOWNERS INSURANCE'
While homeowners insurance covers most scenarios where loss could occur, some events are typically excluded from policies, namely: earthquakes, floods or other "acts of God" and acts of war.
For people who live in certain parts of the country, adding an extra policy for earthquake insurance or flood insurance can be a good idea to offer further home protection and peace of mind. Some homeowners insurance is designed for renters, typically HO-4 or "renters insurance", and only covers possessions within the home and isolated events not covered in the property insurance held by the owner.
WHAT IS 'LIFE INSURANCE'
Life insurance is a protection against the loss of income that would result if the insured passed away. The named beneficiary receives the proceeds and is thereby safeguarded from the financial impact of the death of the insured.
BREAKING DOWN 'LIFE INSURANCE'
The goal of life insurance is to provide a measure of financial security for your family after you die. So, before purchasing a life insurance policy, you should consider your financial situation and the standard of living you want to maintain for your dependents or survivors. For example, who will be responsible for your funeral costs and final medical bills? Would your family have to relocate? Will there be adequate funds for future or ongoing expenses such as daycare, mortgage payments and college? It is prudent to re-evaluate your life insurance policies annually or when you experience a major life event like marriage, divorce, the birth or adoption of a child, or purchase of a major item such as a house or business.
DEFINITION OF 'TRAVEL INSURANCE'
An insurance product designed to cover the costs and reduce the risk associated with unexpected events during domestic or international travel. Travel insurance usually covers the insured in two main categories: costs associated with medical expenses and trip cancellations. Many online companies selling airplane tickets or travel packages allow consumers to purchase travel insurance as an added service. Some travel insurance policies may also cover damage to rented equipment, such as rental cars, or even the cost of paying a ransom in the case of a kidnapping.
BREAKING DOWN 'TRAVEL INSURANCE'
When traveling, costs associated with unexpected events can be much higher, which poses an increased risk to travelers. Travel insurance attempts to reduce these risks. For example, insurance might cover the higher-than-normal medical expenses in a foreign country, or pay for medical evacuation when necessary. Travelers should pay attention to the policy, as insurers may exclude pre-existing medical conditions. Some other events that might be covered are lost or stolen luggage and fraud. The cost of a travel insurance policy may vary by destination; trips to high-conflict zones or areas prone to bad weather could cost more.
WHAT IS AN 'AUTO INSURANCE'
An auto insurance is a policy purchased by vehicle owners to mitigate costs associated with getting into an auto accident. Instead of paying out of pocket for auto accidents, people pay annual premiums to an auto insurance company; the company then pays all or most of the costs associated with an auto accident or other vehicle damage.
BREAKING DOWN 'AUTO INSURANCE'
Auto insurance premiums or the amount policyholders pay to be insured, vary depending on: age, gender, years of driving experience, accident and moving violation history, and other factors. Most states mandate that all vehicle owners purchase a minimum amount of auto insurance, but many people purchase additional insurance to further protect themselves.
A poor driving record or the desire for more complete coverage will lead to higher premiums. However, you can reduce your premiums by agreeing to take on more risk, which means increasing your deductible.
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