Do I need Insurance ?

Insurance coverage is the amount of risk, liability, or potential loss that is protected by insurance. It helps individuals recover from financial losses as a result of incidents, such as car accidents, damaged property, or unexpected health issues. In order to be covered for their losses, individuals pay an insurance premium. The insurance coverage depends on the policyholder’s age, place of residence, employment benefits, number of children, and other lifestyle factors.

Types of Insurance:

Life Insurance Coverage
Health Insurance Coverage
Auto Insurance Coverage
Homeowner’s Insurance Coverage
Additional Resources

Health care in the United States can be very expensive. A single doctor’s office visit may cost several hundred dollars and an average three-day hospital stay can run tens of thousands of dollars (or even more) depending on the type of care provided. Most of us could not afford to pay such large sums if we get sick, especially since we don’t know when we might become ill or injured or how much care we might need. Health insurance offers a way to reduce such costs to more reasonable amounts.

The way it typically works is that the consumer (you) pays an up front premium to a health insurance company and that payment allows you to share “risk” with lots of other people (enrollees) who are making similar payments. Since most people are healthy most of the time, the premium dollars paid to the insurance company can be used to cover the expenses of the (relatively) small number of enrollees who get sick or are injured. Insurance companies, as you can imagine, have studied risk extensively, and their goal is to collect enough premium to cover medical costs of the enrollees. There are many, many different types of health insurance plans in the U.S. and many different rules and arrangements regarding care.

Principles of insurance

The main motive of insurance is cooperation. Insurance is defined as the equitable
transfer of risk of loss from one entity to another on the payment of a specified
premium. The essential principles of insurance are as follows:

o Utmost Good Faith: Both parties should enter into the contract in good faith.
Insured should provide all the information that impacts the subject matter, while the
Insurer should provide all the details regarding the insurance contract.

o Insurable Interest: Insured must have insurable interest in the subject matter. For
example, in case of life insurance, spouse and dependents have insurable interest in
the life of the person insured. Insurable interest must be present both at the
commencement of the policy and when any claims are made.

o Indemnity: It is the security or protection against a loss or other financial burden.
For purposes of insurance contracts, this could be viewed as financial compensation
sufficient to place the insured in the same financial position after a loss as he
enjoyed immediately before it occurred.

This World’s Largest Insurance Companies directory is based on research data from rating agency A.M. Best.Exciting as it is moving abroad, it can also be nerve-wracking. Finding accommodation, settling all the bureaucratic aspects, relocating all your belongings and – arguably the most important – getting the best international health insurance plan.

if you are already researching health insurance companies, you likely know the importance of a solid insurance plan. Admittedly, purchasing a policy can be confusing, and it is going to take a lot of browsing, detailed reading, and comparing insurance policies before you decide on the right one.

International Health Insurance Companies:

Generali Global Assistance.
Allianz Worldwide.
Aetna International.
Bupa Global.
Expacare Global Healthcare.
A Plus International

Leave a Reply

Your email address will not be published.