What is insurance
Fire insurance covers the damages caused by a fire, explosion, or burst in houses, stores, offices, or factories as well as household goods and facilities belonging to those structures. Also, it covers firefighting damage caused by fire extinguishing as well as the damages from disasters. There are extinctive and saving insurances.
Accident insurance covers the damage in case of having a physical injury owing to a radical and accidental occurrence in everyday life. Since it supports insurance money for death and physical disability as well as medical expenses, it helps us prepare for an unexpected accident.
In life insurance, a child is regarded as the insured and a guardian is thought to be the policyholder. It is often used to prepare the finances needed for the child's education as well as the marriage fund. Also, there is a payment to be made upon the insurance maturation, which entitles a child to receive a certain amount of gift money when he/she reaches a certain age. When a policyholder dies, the insurance money to be made from that point on is exempted and the expense generated for raising the child is paid every year.
It refers to medical insurance, which is one of the social insurances practiced in the U.S. By having the workers in various types of private businesses as the insured, this system covers the insurance payment in case of a disease, injury, death, and childbirth among the workers besides their duty at work while covering the same for their dependents.
It is a joint life insurance that covers all family members with a single contract. Since its actual sales in the U.S. in 1956, many insurance companies have sold this product.
Mortality life insurance
It indicates the insurance contract that pays the insurance money of the insured. It aims to satisfy the financial needs that may threaten the lives of the family after the death of the insured.
* Source : Danuri (The multicultural family support portal site)