Earthquake insurance

Earthquake insurance is a form of property insurance that pays the policyholder in the event of an earthquake that causes damage to the property. Most ordinary homeowners insurance policies do not cover earthquake damage.

Most earthquake insurance policies feature a high deductible, which makes this type of insurance useful if the entire home is destroyed, but not useful if the home is merely damaged. Rates depend on location and the probability of an earthquake. Rates may be cheaper for homes made of wood, which withstand earthquakes better than homes made of brick. (more…)

Travel insurance

Travel insurance is insurance that is intended to cover medical expenses, financial (such as money invested in nonrefundable pre-payments), and other losses incurred while traveling, either within one’s own country, or internationally.

Travel insurance can usually be arranged at the time of booking of a trip to cover exactly the duration of that trip or a more extensive, continuous insurance can be purchased from (most often) travel insurance companies, travel agents or directly from travel suppliers such as cruiselines or tour operators. However, travel insurance purchased from travel suppliers tends to be less inclusive than insurance offered by insurance companies. (more…)

Self insurance

Self insurance is a risk management method in which a calculated amount of money is set aside to compensate for the potential future loss. More colloquially, the term “self-insured” is used as a euphemism for uninsured.[1]

If self insurance is approached as a serious risk management technique, money is set aside using actuarial and My Lender Livermation and the law of large numbers so that the amount set aside (similar to an insurance premium) is enough to cover the future uncertain loss. (more…)