Comprehensive Insurance

What is Comprehensive Insurance?

Refers to a form of insurance policy which includes a broad range of coverage or protection.

Individuals and companies seek insurance as a form of protection against potential losses. Comprehensive insurance serves to

• Protect against unexpected and uncontrollable events
• Provide financial compensation for economic losses resulting from such events
• Ensure that worker’s get compensated in the event of illness or injury
• Protect certain assets or property against damage

Types of Comprehensive Insurance

Various types of insurance products exist within comprehensive insurance plans. They include

• Corporate insurance plans
  • Most companies provide insurance packages to their employees that include health, life, disability, etc
• Vehicle or automobile insurance
  • Protects the policy holder against losses incurred involving their automobile
  • Can cover damage, theft, collisions, bodily injuries or rehabilitation expenses
• Employee and Labor-related insurance
  • Insurance plans that cover an employee’s salary or wages in the event of illness, injury or other adverse work-related factors
• Health Insurance
  • Covers the costs or expenses related to medical treatments or procedures
  • Covers physician charges
• Life Insurance
  • Insurance that provides monetary coverage to assigned beneficiaries in the event that that the insurance holder becomes deceased
• Home Insurance
  • Insurance coverage regarding home property, assets, or valuables against loss, damage, or theft
• Disability Insurance
  • Coverage that is provided when an insurance holder experiences some form of disability or injury

Features of Insurance

Features include

• Insurance coverage and plans typically have a specific  amount that is insurable
  • This is the coverage amount, and there is a maximum limit that can be paid to the insurance claimant when a defined event is triggered.
• Premiums
  • An insurance or policy holder is typically responsible for making periodic payments to the provider of insurance coverage
  • The premiums will depend on the type of insurance sought, as well as a host of other specific factors related to the individual
• The amount of insurance premiums depends on the size of the coverage amount
  • Insurance premiums are the payments that an insurance holder must pay to the insurance company in return for protection
  • Insurance holders can increase or decrease the amount of coverage they have
  • A high insurable or coverage amount is usually associated with higher premiums
• Insurance plans define specific events that trigger coverage payments
  • Within each insurance policy, the insurance company will specifically define the events or factors that qualify the policy holder to claim coverage

Advantages

Insurance has many advantages including

• The protection against negative unforeseen events that cause financial loss
• The protection of assets and property against damage, theft, or loss
• Insurance can safeguard an employee’s income, providing needed assistance when incapable of working
• Comprehensive insurance products are cost-effective since they bundle several forms of insurance into one package

Conclusion

Comprehensive insurance is a packaged insurance plan including various policy plans aimed at protecting individual(s) against unanticipated negative events and associated economic losses. Insurance plans can come in various forms covering health, auto, life, disability, and employment. An insurance plan typically will have a specified coverage amount for which periodic premium payments are made towards. Under certain qualifying events, the policy holder is entitled to the coverage

Key Words: Insurance Plan, Insurance Policy, Insurance Claims, Insurance Holders,  Insurance Package, Insurance Coverage, Insurance Protection, Unexpected loss, Adverse Loss