INSURANCE DISCUSSION QUESTIONS 5
Dwelling is a type of insurance coverage that covers the home andthe various structures attached to the house such as the porch andthe garage, as well as the properties that are within the home(Murphy et al., 2013). It is asserted that some people spend enormoustime in the porch or the garage to an extent that it is considered adwelling place. Losses caused by perils such as fire, lightening,explosion or windstorms.
This is a coverage that caters for the structures that are detachedfrom the main house such structures may include the shed or detachedgarage (Reavis, 2012). Losses caused by fire, explosion, lighteningor theft can be covered by this plan.
This is a form of insurance coverage which insures the properties oritems inside the house such furniture and electronics. It is arguedthat majority of the people hardly insure what is inside their housesand only realize the huge value that the properties have (Reavis,2012). It is essential to have the receipts to all the items in thehouse for easy valuation by the insurer. It is mainly valued at 75%of the dwelling cover. Loses due to theft, fire or lightening can becovered by this insurance coverage.
Loss of Use
This is a form of cover that caters for the expense that a personincurs when one or more of the insured events in your residence makeit inhabitable (Murphy et al., 2013). This may include repairs orreplacement of furniture. The cover caters for the costs that theinsured would have to pay in hotels or rented houses during the timehe or she awaits to get back to the his residence.
This is a form of insurance policy that is aimed at protecting a carowner when he is on the wrong or at fault during an accident. Thecover pays for the bodily injuries or damage to the property causedto the other party (Wickert, 2013). It is worth realizing that thecoverage does no cater for the damage or bodily harm of the insuredperson. Losses such as funeral fees, emergency aid fees andcompensation for loss of income can be catered by the coverage.
Medical Payments Coverage
This is an insurance policy that aims to cover for the expenses ofmedical bills emanating from injuries or bodily harm that are causedby motor accidents (Wickert, 2013). It is evident that the coveragecaters for medical bills for the passengers and family members in thecar. Examples of medical bills that can be covered include x-rays,ambulance fees, surgery and doctor visits.
Uninsured Motorists Coverage
This is an insurance plan that is aimed at ensuring that theuninsured motorists are covered in case of a motor accident (SilverLake Publishing Staff & EBSCO host, 2012). The cover caters forthe medical bills, loss of income and pain, as well as suffering forthe driver and the passengers. In case of a hit and run accident,this insurance policy covers the driver and the passengers. Thisinsurance policy changes with the number of people injured in anaccident. For instance, the policy may state that a $15000 person anda total of $45000 per accident. The types of coverage have beenstated above.
Coverage for Damage to Your Auto
This is an insurance plan that covers any damages to your car duringan accident. The cover applies even when the driver is at fault suchas when a driver hits an electric post (Wickert, 2013). The insurerwill also pay when one is involved in an accident and the car isdamaged.
Silver Lake Publishing Staff, & EBSCO host. (2012). TheInsurance Buying Guide: A Practical Method forFiguring Out How Much – And What Kind of Insurance You Need.Aberdeen: Silver Lake Publishing.
Wickert, G. L. (2013). Automobile insurance subrogation inall 50 states. Huntington, New York: Juris.
Reavis, M. W. (2012). Insurance: Concepts & coverage:property, liability, life, health and risk management.Victoria, B.C: Friesen Press.
Murphy, L. E., Downs, A. B., Levin, J. M., & American BarAssociation. (2013). Property insurancelitigator`s handbook. Chicago: American Bar Association, TortTrial Insurance