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The USA insurance business is an
important contributor to the economy, a major employer and a major source of
overseas earnings. It helps businesses to protect themselves from risk and
provides a wide range of services to normal people, from car and house
insurance to pensions, life cover and savings.
Unforeseen health expenses are the single largest reason U.S. families file
bankruptcy. More than 1 million each year face such types of problems.
Everyone should have health Insurance to avoid having a medical problem
become a financial catastrophe.
In June 2003 Legislature passed a comprehensive health insurance plan,
granting low-cost coverage available to all state residents by 2009. Through
a semi-private agency, the state will provide coverage to uninsured
residents, small businesses and municipalities and the self-employed.
Premiums are to be set on a sliding scale.
A watchdog group will be created to monitor hospital and doctor costs.
A cash value policy is an insurance product that packages insurance and
savings together. Investing money in life insurance has resulted the returns
horrible sometimes.
Participation among people in the insurance process in USA is fast rising.
People in the recent years have become more conscious of the need to have
life insurance. The multicultural populations in USA are well educated, have
achieved a degree of affluence and are highly motivated to succeed in the
insurance business.
New Tax Advantages: Self-employed individuals are now allowed to deduct 100%
of the premium for individual/family health insurance from their taxable
income.
Auto Insurance In USA
Liability coverage insures you against the cost of injury and damage you
cause to another in an automobile accident. It is made up of two policies
like bodily injury liability and property damage liability.
Auto insurance regulations vary greatly from state to state depending upon
the place of living, purchasing types and coverage.
Bodily Injury Coverage is the part of liability coverage that insures you
against the injury you cause to others in an auto accident. It consists of
two figures. One limits the cost of injury coverage per person injured, and
the second limits the total dollar amount of injury coverage (for everyone
injured.) This is a very important policy.
Property damage coverage is the
part of liability coverage that insures you against the cost of damage to
another's property caused by you in an automobile accident. Here "Property"
includes other cars, houses, fences, telephone poles, etc.
Medical payment coverage pays the medical bills of the covered driver,
family members, and passengers when injured in an accident, regardless of
who was at fault. This coverage is required in some states, but not in
others
Personal Injury Protection (PIP) is similar to medical payments coverage,
only it usually covers a broader range of events, including medical bills,
lost wages, loss of services, etc.
Uninsured Motorist Coverage policy covers the cost of injury or damage
caused by another driver who is not insured. It covers the policy holder,
authorized drivers, and any passengers. It usually consists of part limits
for bodily injury and property damage. This policy is required in some
states.
Collision Coverage policy helps to pay for repairs or fair market
replacement cost if your car is damaged in an accident caused by you or an
authorized driver. This policy is always optional.
Comprehensive Coverage policy covers the cost of repairs to or replacement
of your vehicle should it be stolen, vandalized, struck in a hit-and-run, or
damaged by an "act of God." Covered events vary from policy to policy but
usually include fire, flood, and falling objects. This policy is always
optional.
Travel Insurance In USA
Many people are familiar with flight accident insurance, which pays a large
sum of money if you are killed or seriously injured in an air accident. This
type of insurance policy normally does not cover any medical expenses
resulting from illness or other types of accidents while traveling.
Travel agencies frequently offer travel protection or trip cancellation
insurance. These usually cover the cost of travel expenses should you be
forced to cancel your vacation due to accident, illness or certain other
causes. They often cover travel assistance services, protection for lost or
damaged baggage and limited medical coverage. There may or may not be a
deductible or co-pay for covered medical expenses.
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