Indemnity insurance is just like other insurance policies in which a fee is charged by the insurance companies and a sum is assured to the insured person. I think that insurance is playing a vital role in our life and every body should know about it that is why I chosen this subject because this is interesting as well as financially informative. There are different categories of the insurance polices which have been mentioned below.
Professional Indemnity Insurance
As the name itself suggests this is related to professional insurance policy, which provides complete security to the insured person for the activities causing harm or injury. These types of incidents happen while working at work. You know most of the companies and firms have this type of policy for the protection of there workers, which is sometimes also called omissions coverage. If the policy holder is litigated by the client then all the legal cost is paid by the insurance.
Personal Indemnity Insurance
I think this is a wonderful policy for the people who are living on rend or rented out their property to earn some money. If there is any damage or destruction to the house, either you as a landlord or your tenants would suffer the cost of repair. What will you do, if your tenant is not ready to pay anything for that and you do not want to spend your hard-earned money? In any case, expenses would be met by the personal insurance. Most of my friends who are living as on rend and some of them as landlords have this policy because this is beneficial in every way.
As an insurance policy holder irrespective of what policy you have like health insurance policy, professional insurance policy or personal insurance policy, you are supposed to pay a fee. The insurance fee consists of co-insurance and deductible payment. A co-insurance sum is a part of the cost which is paid by the policy holder and deductible sum is an out-of-the pocket paid by the insured party before the insurance policy cover the residual costs and insurance policy cover any extra costs respectively. The main purpose of these fees is to lower the costs and it really works because insured party can easy suffer a small part of the expense.
Health Indemnity Insurance
This is the basic health policy. You can buy a traditional health insurance policy as an individual or as a group. After buying the policy, your medical expenses would be covered under the policy normally medical expenditures are included in the policy but with some limitations. There are specific diseases and durations, failing which, you will not be paid any cost. Usually, while buying the policy a person is examined if he or she is health or suffering from any disease.
There are different kinds of insurance coverage and each of them depends on the type of your policy you want to buy. If you are going to buy any insurance policy, you are supposed to pay minimum amount of the coverage to the insurer. There days there are numbers of insurance companies offering lucrative offers, before buying any policy learn everything about it.