Insurance designed to protect businesses from common losses, such as property damage, business interruption, theft, liability and worker injury. The particular type of commercial lines insurance a business needs depends on the industry and the type of business being insured. Purchasing commercial lines insurance starts by contacting a commercial insurance agent, who may broker insurance … Read more
Pays for physical damage to the insured person’s car when it collides with another object, such as a tree or a second vehicle. This type of coverage is not required by law, but may be required by the lender who holds the note on the car. Collision coverage allows owners of newer vehicles to make … Read more
An amount specified by your insurance provider that you must pay over and above your deductible before your insurance company pays its share of the bill. Coinsurance represents a percentage of the total amount due once you’ve covered your deductible. In property insurance, your coinsurance is a certain percentage of your total property value, whereas … Read more
A type of insurance coverage that protects the policyholder against property damage, physical injury and legal liability. Usually considered supplemental, casualty insurance provides a type of cushion that enables individuals, and especially organizations, to care for themselves or workers who’ve been injured or wronged. An important, protective coverage, casualty insurance is usually considered a list … Read more
Damage or loss resulting from an accident covered by insurance. Depending on the type of insurance coverage, the casualty may involve either damage caused you, damage you cause someone else or damage due to acts of God. Examples include storm damage to your home, accident damage to your car, personal losses from burglary or robbery, … Read more
A tax-sheltered savings account that’s part of a permanent life insurance product. As the policyholder pays his insurance premiums, a portion of the total paid goes into a cash value account, where it sits earning interest. Those monies may then be borrowed against—though doing so will reduce the death benefit the beneficiary receives if and … Read more
The coordination of health and medical services that result in optimum patient treatment through reduced cost and improved care. Usually handled by a case manager who analyzes injury and recommends the appropriate medical care to be sought in each instance, case management is an important factor in keeping insurance affordable and health care accessible. Following … Read more
Financial security designed to protect everyone on the road—and their vehicles—from injury or harm. Also guards the insured from financial obligation or lawsuit in the event they cause an accident. Car insurance coverage includes three broad categories of damage designed to protect policyholders from loss: Property: Pays for damage to or theft of your car … Read more
An agent who represents one insurance company exclusively, selling only that company’s products. Whereas an independent agent can quote and sell for many different companies, a captive agent is bound by contract to work with only the company they sell for, in exchange for the privilege of working under that company’s name. Because most consumers … Read more
The one-time, fixed expense of setting up and conducting business, after which only recurring operational costs are assessed. Capital cost comes into play when purchasing depreciable items like buildings, furniture and equipment which are used to make a business or project commercially operable. However, these items cannot be deducted up front when calculating net income … Read more