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WELCOME TO GRABENSTEIN INSURANCE
Insurance is a contract, represented by a policy, in which an individual or entity receives financial protection or reimbursement against losses from an insurer. The individual or entity who buys the insurance policy is known as the policyholder. The insurer agrees to pay the policyholder a sum of money, called the premium, at regular intervals. In return, the policyholder agrees to pay the insurer any losses that occur during the policy period.
Types of Insurance
There are many different types of insurance, each of which provides protection against different risks. The most common types of insurance are:
- Health insurance
- Life insurance
- Property and casualty insurance
- Liability insurance
Health insurance is insurance that covers the cost of medical care. It can be purchased for individuals or families, and it can be provided by employers as a benefit to employees. Health insurance can be used to pay for hospitalization, doctor visits, prescription drugs, and other medical expenses.
Life insurance is insurance that pays out a death benefit to the policyholder’s beneficiaries in the event of the policyholder’s death. The death benefit can be used to cover funeral costs, pay off debts, or provide financial security for the policyholder’s loved ones. Life insurance policies can be purchased for individuals or couples, and they can be term life or whole life policies.
Property and Casualty Insurance
Property and casualty insurance is insurance that covers losses to property or injuries to people. It can be purchased for homes, cars, businesses, and other types of property. Property and casualty insurance can also be purchased as a package with other types of insurance, such as health insurance or life insurance.
Liability insurance is insurance that protects the policyholder from being sued for damages that they have caused to someone else. Liability insurance can be purchased for individuals or businesses, and it can cover damages caused by negligence, accidents, or errors.