Types of Insurance

Mind Map by ben.runswick, updated more than 1 year ago
Created by ben.runswick almost 6 years ago


Mind Map on Types of Insurance, created by ben.runswick on 01/24/2016.

Resource summary

Types of Insurance
  1. House Insurance
    1. Take this cover to insure your home against loss or damage as a result of fire, electricity fault, plumping malfunction, flood, etc.Policy often do not include acts of god such as earthquakes,volcanic eruptions,tornadoes ect.
        1. Personal Isurance
          1. Pet Insurance
            1. This will fully compensate you if your dog gets sick or hurt.
              1. Travel Isurance
                  1. When travelling alone or with your family, this cover ensures you’re compensated for any loss, damage, injury, sickness or inconvenience that comes up as a result. It may cover personal accidents, hijackings, travel delays and more.
                  2. Health Isurance
                    1. You’ll need it to ascertain continued flow of income if you fall sick or get injured to the extent that you can’t work and earn as before. It also covers cost of medication, hospitalization and surgery.
                      1. Gadget Insurance
                        1. This covers portable devices such as cell phones, laptops or tablets. The cover ensures replacement or repair of such devices if they’re stolen, lost or damaged.
                          1. Personal Accident Insurance
                            1. This will compensate you if at any single time an external violent event causes you disability, injury or death.
                              1. Vehicle Isurance
                                1. Comprehensive
                                  1. A comprehensive insurance covers both vehicles in an accident, it also covers you for theft and accidental damage.
                                    1. Third party
                                        1. Third party insurance covers the other driver in a crash, it also covers theft and accidental damage.
                                        2. If you own a car, motor cycle or any other motor vehicle, this insurance covers it against accident or theft.
                                        3. Life Assurance
                                          1. Pays out to the person left behind.
                                            1. Whole life assurance.
                                              1. This is a policy that is active during the whole duration of the insured individual’s life. The premiums are usually paid annually or monthly and the primary advantage is that the protection given will not decline in value or expire.
                                                1. Term life assurance
                                                  1. This insurance is available for a specific amount of time and the payments at a fixed rate.The money is paid if the person who is insured dies with in the time period.If the person does not die with in this time then a lump sum of money is paid to the insured or the policy is reactivated
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