Insurance is a term that pertains to a contract, which is described as a means of protection from any possible but uncertain financial loss of the insured. Insurance is being given or offered by the insurance company, insurer, or insurance carrier to an individual or entity, called as the insured or policyholder. The different methods of insurance include the self-insurance, which is designed for situations where risk is not being transferred to the insurance carrier, instead it is being retained solely by the individuals or entities themselves; the reinsurance, which is designed for situations when the insurance carrier passes the risks to another insurance carrier known as the reinsurer; the co-insurance, which is designed for situations wherein the risks are being shared between the insurers; and the dual insurance, which is designed for the situations wherein the risks have two or more policies with the same scope or coverage. There are basically a lot of various types of insurance products, and some of the most common are property insurance, burial insurance, casualty insurance, life insurance, auto insurance, gap insurance, health insurance, income protection insurance, and liability insurance.
The two most popular types of insurance are the auto insurance and the property insurance. The auto insurance can also be called in various ways, such as motor insurance, vehicle insurance and car insurance, and this type of product is designed specifically for motor vehicles, such as trucks, cars, and motorcycles. The primary purpose of the auto insurance is to give or provide financial protection from traffic collisions or car accidents that may lead to bodily injuries, death, and physical damages. The vehicle insurance can also provide or give the insured with protection from any damages caused by keying and colliding with the stationary objects in the highways, and it can also provide financial protection to the insured against vehicle thieves.
Property insurance is basically a type of insurance product that is primarily designed to give the insured or policyholder with the protection against any damages to their property caused by the weather, theft, and fire. There are absolutely a lot of various forms of property insurance, namely the fire insurance, the flood insurance, the home insurance, the earthquake insurance, and the boiler insurance. HOI is the abbreviated term for home insurance, and that is because this specific form of property insurance can also be called as homeowner’s insurance, and it is typically designed and made to cover a privately-owned residential building. The HOI is typically designed to provide the insured with financial protection to the damages or losses of their house.