Personal And Insurance Definition

Personal lines insurance includes property and casualty insurance products that protect individuals from losses they couldn’t afford to cover on their own. These types of insurance lines make it possible to do things such as driving a car and owning a home without risking financial ruin.. A life insurance policy states that you will pay premiums to an insurance company over time, and, in exchange, the company will pay a lump sum amount to a designated beneficiary upon your death. The money from your life insurance policy can help pay bills and help support your surviving family members' living expenses.. This is where personal liability insurance can kick in. Personal liability will cover the costs of medical bills, as well as your legal defense fees, up to the limit of your liability coverage. However, personal liability coverage may also be able to cover an incident that occurs outside your home or property.. A company or person who has been named as an additional interest insured on a policy can be liable for an accident that involves an insured person or vehicle. For example, a lienholder can be an additional interest insured..

Insurance that protects the dwelling and personal property of the policyholder and covers the homeowner's personal liability for covered injuries or damage to others.. Key person insurance, also called keyman insurance, is an important form of business insurance.There is no legal definition of "key person insurance". In general, it can be described as an insurance policy taken out by a business to compensate that business for financial losses that would arise from the death or extended incapacity of an important member of the business..

Personal lines insurance refer to coverage that protects families or individuals against financial losses. These insurance products lower the financial risks of driving a car, owning a home, seeking healthcare, and so on.. 4. Auto Insurance Concerns: Businesses have many different needs when it comes to auto insurance. It is essential to understand who the drivers are and what the vehicles are used for. While these same principles apply when writing personal lines insurance, the variance in vehicles and uses are much greater on an auto insurance policy.. Liability insurance provides the insured party with protection against claims resulting from injuries and damage to people and/or property. Liability insurance policies cover both legal costs and any payouts for which the insured party would be responsible if found legally liable..