Insurance and Health Insurance Basics

Insurance Overview

• Insurance is a financial protection against unforeseen events or risks
• It provides financial compensation in case of loss or damage

Health Insurance

• Provides financial protection against medical expenses
• Covers hospitalization, surgery, doctor visits, and prescription medication
• Types:
  • Individual plans
  • Group plans (employer-sponsored)
  • Government-subsidized plans (e.g. Medicaid, Medicare)
• Key features:
  • Premium (monthly payment)
  • Deductible (out-of-pocket expense before coverage kicks in)
  • Co-pay (fixed amount paid per doctor visit or prescription)
  • Co-insurance (percentage of medical expenses paid by insurance)

Auto Insurance

• Provides financial protection against car-related accidents or damages
• Covers:
  • Liability (bodily injury, property damage)
  • Collision (damage to own vehicle)
  • Comprehensive (theft, vandalism, natural disasters)
  • Personal injury protection (medical expenses)
• Key features:
  • Premium (monthly payment)
  • Deductible (out-of-pocket expense before coverage kicks in)
  • Coverage limits (maximum amount paid per accident)

Liability Insurance

• Provides financial protection against legal claims or lawsuits
• Covers damages or injuries caused to others
• Types:
  • Professional liability (malpractice insurance)
  • General liability (business operations)
  • Umbrella liability (excess coverage beyond policy limits)
• Key features:
  • Policy limit (maximum amount paid per claim)
  • Deductible (out-of-pocket expense before coverage kicks in)

Travel Insurance

• Provides financial protection against unexpected events during travel
• Covers:
  • Trip cancellations or interruptions
  • Medical emergencies
  • Lost or stolen luggage
  • Travel delays
• Key features:
  • Policy coverage period (duration of trip)
  • Policy limit (maximum amount paid per claim)
  • Deductible (out-of-pocket expense before coverage kicks in)

Insurance Overview

• Insurance provides financial protection against unforeseen events or risks
• It offers financial compensation in case of loss or damage

Health Insurance

• Provides financial protection against medical expenses
• Covers hospitalization, surgery, doctor visits, and prescription medication
• Types of health insurance:
  • Individual plans
  • Group plans (employer-sponsored)
  • Government-subsidized plans (e.g. Medicaid, Medicare)
• Key features of health insurance:
  • Premium (monthly payment)
  • Deductible (out-of-pocket expense before coverage kicks in)
  • Co-pay (fixed amount paid per doctor visit or prescription)
  • Co-insurance (percentage of medical expenses paid by insurance)

Auto Insurance

• Provides financial protection against car-related accidents or damages
• Covers:
  • Liability (bodily injury, property damage)
  • Collision (damage to own vehicle)
  • Comprehensive (theft, vandalism, natural disasters)
  • Personal injury protection (medical expenses)
• Key features of auto insurance:
  • Premium (monthly payment)
  • Deductible (out-of-pocket expense before coverage kicks in)
  • Coverage limits (maximum amount paid per accident)

Liability Insurance

• Provides financial protection against legal claims or lawsuits
• Covers damages or injuries caused to others
• Types of liability insurance:
  • Professional liability (malpractice insurance)
  • General liability (business operations)
  • Umbrella liability (excess coverage beyond policy limits)
• Key features of liability insurance:
  • Policy limit (maximum amount paid per claim)
  • Deductible (out-of-pocket expense before coverage kicks in)

Travel Insurance

• Provides financial protection against unexpected events during travel
• Covers:
  • Trip cancellations or interruptions
  • Medical emergencies
  • Lost or stolen luggage
  • Travel delays
• Key features of travel insurance:
  • Policy coverage period (duration of trip)
  • Policy limit (maximum amount paid per claim)
  • Deductible (out-of-pocket expense before coverage kicks in)