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Other Types of Insurance

There are a number of different insurance policies:

• Casualty insurance is for insurance against accidents, not necessarily tied to any specific piece of property.
• Liability insurance is for covering legal claims against the insured e.g. a doctor can purchase insurance to cover legal claims against him in a situation such as being convicted of making a mistake in the treatment of a patient.
• Financial loss insurance protects individuals / companies against financial risks e.g. businesses can purchase cover to protect from loss of sales in the event of a fire or failure of a creditor to pay.
• Annuities provide a stream of payments, they are normally classified as insurance due to the fact that they are issued and regulated by insurance companies as insurance. Annuities and pensions pay a benefit for life and are sometimes referered to as insurance against the possibility that a retiree will outlive his/her financial resources.
• Credit insurance, is used to pay some part or all of a loan when something may occur to the borrower such as unemployment, disability, or death.
• Political risk insurance 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
• Workers compensation insurance is used to replace all or part of a worker's wages lost and the accompanying medical expenses that may incur due to a work-related injury.