All About Insurance

Usually people are most familiar with term life insurance, which is the kind that pays out benefits up on death. However, there are several types of permanent life insurance where the money can be accessed during the policyholders lifetime. An endowment is the type that pays out the money if the policyholder lives to a certain age. by JaneAir.

The insurance industry refers to a collection of companies that manage risk for individual health and property by promising to reimburse policyholders for losses in exchange for regular payments. The industry is divided into three distinct segments: life insurance, health insurance, and liability insurance. Each operates on similar principles, but protects policyholders for very different reasons. There are two main types of ownership in the insurance industry.

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The life insurance industry specializes in two types of policies designed around the client's life. The most common type of life insurance policy is a guaranteed sum of money to be paid out to a beneficiary after the policyholder's death. The second, and less common, type of policy rewards a policyholder if they live past a specified age. In both cases, the policyholder pays a sum, i.e., a premium, to the insurance company at regular intervals to keep the policy active. If these payment are not made, the policy is voided and beneficiaries do not collect any money.