designed to cover financial and other losses incurred while living and
working in a country other than one's own.
National Insurance(NI) Is a system of taxes and related social security benefits in the United Kingdom. It was first introduced in 1911, and expanded by the government of Clement Attlee in 1946. The tax component of the system consists of taxes paid by employees and employers on weekly earnings and other benefits-in-kind; the self-employed are taxed based upon profits. Such taxes are said to be National Insurance Contributions (NICs). The benefit component of the system is a number of contributory benefits, that is ones where the claimant's previous contribution record determines the availability and amount of the benefit paid. The benefits provided are weekly income benefits and some lump sum benefits to participants upon death, retirement, unemployment, maternity and disability.
Liability insuranceis a part of the general insurance system of risk transference. Originally, individuals or companies that faced a common peril, formed a group and created a self-help fund out of which to pay compensation should any member incur loss. The modern system relies on dedicated carriers to offer protection against specified perils in consideration of a premium. Liability insurance is designed to offer specific protection against third party claims, i.e., payment is not typically made to the insured, but rather to someone suffering loss who is not a party to the insurance contract. In general, damage caused intentionally and contractual liability are not covered under liability insurance policies. When a claim is made, the insurance carrier has the right to defend the insured. The legal costs of a defense are not affected by any policy limits, which is useful because they can be significant where long trials are held to determine either fault or the amount of damages.
No-fault insuranceis a type of insurance where insureds are indemnified by their own insurer regardless of fault in the incident. The term is often applied to any type of policy that allows for a policyholder to be reimbursed by their own insurer without proof of fault, but technically it refers only to state/provincial laws that not only allow for recovery of direct damage but also limit the right of the insured to sue.
Pet Insurancepays the veterinary costs if one's pet is ill or is injured in an accident. Some policies also pay out if the pet dies, or is lost or stolen. The purpose of pet insurance is to mitigate the risk of incurring significant expense to treat ill or injured pets. As veterinary medicine is increasingly employing expensive medical techniques and drugs, and owners have higher expectations for their pets' health care and standard of living than previously, the market for pet insurance has increased.
Political risk insuranceis a type of insurance that can be taken out by businesses, of any size, against political risk—the risk that revolution or other political conditions will result in a loss. Political risk insurance is available for several different types of political risk, including (among others): * Political violence, such as revolution, insurrection, civil unrest, terrorism or war; * Governmental expropriation or confiscation of assets; * Governmental frustration or repudiation of contracts; * Wrongful calling of letters of credit or similar on-demand guarantees; and * Inconvertibility of foreign currency or the inability to repatriate funds. As with any insurance, the precise scope of coverage is governed by the terms of the insurance policy.
Property insuranceprovides protection against most risks to property, such as fire, theft and some weather damage. This includes specialized forms of insurance such as fire insurance, flood insurance, earthquake insurance, home insurance or boiler insurance. Property is insured in two main ways - open perils and named perils. Open perils cover all the causes of loss not specifically excluded in the policy. Common exclusions on open peril policies include damage resulting from earthquakes, floods, nuclear incidents, acts of terrorism and war. Named perils require the actual cause of loss to be listed in the policy for insurance to be provided. The more common named perils include such damage causing events as fire, lightning, explosion and theft.
Social InsuranceSocial security primarily refers to social welfare service concerned with social protection, or protection against socially recognized conditions, including poverty, old age, disability, unemployment and others. Although some publications use the terms "social security" and "social protection" interchangeably, social security is used both more narrowly (to refer only to schemes with the formal title of 'social security') and more widely (referring to many kinds of social welfare scheme). Social security may refer to social insurance, where people receive benefits or services in recognition of contributions to an insurance scheme. These services typically include provision for retirement pensions, disability insurance, survivor benefits and unemployment insurance. income maintenance—mainly the distribution of cash in the event of interruption of employment, including retirement, disability and unemployment services provided by administrations responsible for social security. In different countries this may include medical care, aspects of social work and even industrial relations. More rarely, the term is also used to refer to basic security, a term roughly equivalent to access to basic necessities—things such as food.
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