All Horizon Financial Services

What is an Insurance contract? Insurance Policy

An Insurance Contract

Insurance is a contract of promise. An insurance contract is usually between an insurance company and the insured or policyholder.

If you pay the insurance premium as agreed to the insurance company will guarantee compensation for a specific loss. There are different types of insurance policies for a specific loss, illness, death, disability, or damage.

Insurance Protection

Insurance is protection from financial loss. It provides peace of mind that in times of tragedy or loss the insurance company will be there for you and your family. Some Insurance contracts will only provide a certain percentage or dollar amount of the loss.

Types of an Insurance contract

There are different insurance to cover different types of loss.

Health Insurance covers a portion of the loss of medical illness for people under 65 years of age-

Medicare insurance covers seniors 65 years old and individuals under 65 who are disabled or have kidney disease

Life Insurance pays a cash benefit to a named beneficiary upon the death of the insured.

Disability Insurance pays a percent of your income if you are sick and unable to work and is disabled. Disability Coverage only replaces a part of your paycheck.

International Travel Insurance

Travel Health Insurance is a type of health insurance that covers the insured traveling abroad. The policy usually covers emergency medical services in that country and may include international medical evacuation to your home country.

Home and Auto Insurance provides coverage for loss to home and automobile.

Follow All Horizon Financial Services, Get Social