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Insurance, is nothing other than a form of risk management and can be thought of as a guaranteed small loss to prevent a large, possibly devastating loss.
While any risk that can be calculated in numbers can potentially be insured, there are specific kinds of risk that may give rise to claims. These are known as "perils". An insurance policy sets out in detail which perils are covered by the policy and which are not. A single policy may cover risks in one or more of the categories defined by insurance companies. For example, auto insurance would typically cover both property risk (covering the risk of theft/ damage) and liability risk (covering legal claims from causing an accident). This form of insurance also provides medical coverage.
Another popular form of insurance is Life insurance. It provides a monetary benefit to a deceased's family, and may specifically provide income to an insured person's family, besides money for burial, and other final expenses. Life insurance policies often allow the option of having the proceeds paid to the beneficiary either in a lump sum or an annuity.
Claims and loss handling are an important part of insurance, this is the actual "product" paid for. Claims may be filed by insureds directly with the insurer or through brokers or agents.
Under this category, Links4real has provided resources that discuss different forms of insurance and the proper way of filing for insurance claims.
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