According to comprehensive news from WorldWay:Safety hazards exist at all times, and unintentional mistakes can also cause harm to others. WorldWay experts advise: In daily social life in the United States, if anyone accidentally causes harm to a third party, the victim will file a lawsuit in court requesting damages. The amount of such damages is usually very large and cannot be borne by an individual's capacity. As the saying goes: It is better to be safe than sorry. No one can predict when or where they will be involved in such disputes. If you are insured, the insurance company will handle the claims when an incident occurs. WorldWay experts introduce that there are five types of insurance projects most closely related to daily life: auto insurance, health insurance, homeowners insurance, life insurance, and commercial insurance. —— Auto insurance, health insurance, homeowners insurance, life insurance, and commercial insurance.
Homeowners Insurance
This is the insurance most closely related to daily life; those who rent apartments can also purchase homeowners insurance. What is most relevant to the average person is Home Owner Insurance. If you have a house for rent, you should purchase Tenant Insurance (Fire Policy). Home Owner Policy provides a very wide range of coverage. In addition to comprehensive insurance for the house itself, this insurance also includes liability for accidents caused by personal life. Therefore, not only do homeowners need to purchase this insurance, but those who live in rented apartments can also join the ranks of policyholders.
Insurance items include:
☆ Damage caused by fire
☆ Damage caused by theft
☆ Damage caused by lightning strikes
☆ Damage caused by cars crashing in or airplanes crashing
☆ Damage caused by falling objects
☆ Damage caused by windstorms
☆ Damage caused by vandalism or riots
☆ Damage caused by plumbing issues
☆ Damage from theft of property inside a car
☆ Damage to property carried outside
Except for accidents caused by floods, earthquakes, and tsunamis, which are not covered, other disaster compensation is almost entirely covered by this insurance. Regarding compensation amounts, cash does not exceed $100, securities do not exceed $500, and jewelry and watches do not exceed $500. Valuables such as artwork and fur products worth more than $500 must be registered separately and classified as property insurance, with additional premiums paid.
Health and Medical Insurance
In the United States, the cost of seeing a doctor and being hospitalized is expensive. Without insurance, once you get sick, your lifelong savings may be wiped out. General American companies provide health insurance benefits because group insurance through a company results in very low premiums. Some companies cover the entire premium, and employees do not have to pay. However, since the insurance content of each insurance company is different, you should pay attention to whether the company's insurance includes the costs of childbirth and dental treatment. Those without company insurance should try to purchase general family health insurance, especially families with many children, as the chances of going to the hospital are higher. Not buying insurance is equivalent to going against your hard-earned money. Health insurance in the United States is subdivided into three categories based on its content: medical insurance, dental insurance, and income compensation insurance.
Dental Insurance
Dental treatment costs are usually not included in medical insurance. People with dental problems should purchase this insurance separately.
Auto Insurance
Auto insurance in the United States is not mandatory; each state has different regulations. If you need to borrow money from a bank or loan company when buying a car, purchasing insurance is a mandatory condition for borrowing money. In this case, you must purchase full coverage. WorldWay experts remind you that if you do not borrow from a bank, you have the right to choose to buy full coverage or only liability insurance.
Generally, so-called full auto insurance includes the following six main items:
1 Bodily Injury Compensation for bodily injury caused to others
2 Property Damage Compensation for property damage caused to others
3 Medical Payments Payment of medical expenses when others are injured
4 Uninsured or under Insured Compensation for losses when the other party has no insurance or insufficient insurance coverage in a car accident
5 Collision Deductible Compensation for repair costs for collisions to your own car
6 Comprehensive Comprehensive insurance
Income Compensation Insurance
This insurance guarantees that if the policyholder becomes disabled and unable to work due to illness or accidental injury, the insurance company will compensate a certain amount of money per month (usually 50% to 60% of income) for a period of time (usually six months). The premiums for this insurance vary depending on the risk level of the industry.
Life Insurance
In the United States, life insurance has become a system for people to protect their own and their family's lives. From the president to the average citizen, they use the bank's money while alive, and must use the insurance company's money after death. Life insurance in the United States is roughly divided into two categories: whole life insurance and term insurance:
Whole Life Insurance
This insurance is what is generally known as savings life insurance. The policyholder pays a certain premium monthly according to the insured amount. If the policyholder unfortunately dies before the expiration of the insurance period, the insurance company will compensate the beneficiary according to the insured amount. If the policyholder is still alive after the expiration, they can receive the accumulated dividends and Cash-Value in installments or in a lump sum, which can be used for retirement or as children's education expenses.
Term Insurance
This insurance is what is generally known as short-term insurance, usually divided into one-year, five-year, and ten-year terms depending on the length of the insurance period. The policyholder pays a certain premium within a certain period. If the policyholder dies within the period, the insurance company will compensate the beneficiary according to the insured amount. After the expiration, it will automatically become invalid, and there will be no interest, dividends, or cash value to be recovered. The premiums for this insurance are relatively cheap, but the premiums increase periodically.
Generally speaking, American employers or companies have the benefit of purchasing group life insurance for employees. However, based on tax law, employers can purchase $50,000 in insurance for each employee, and the premiums can be tax-deductible. When it exceeds $50,000, if the employer uses all premiums for tax deduction, the excess premiums can be used to reward employees. The insured amount depends on the length of service; the longer the service, the higher the insured amount. It is usually $5,000 or $10,000. This amount is actually not very secure. You must clarify the company's insurance system and then plan to purchase additional insurance as appropriate. As for how much insurance to buy, there is no unified standard; it is usually one-third of a person's assets or three to five times their annual income. Especially when children are young, it is even more important to arrange it carefully.
Commercial Insurance
To bear the losses of commercial litigation, companies purchase commercial insurance. This insurance is roughly divided into the following four items:
1Property
2Workers' Compensation
3Liability Compensation
4Commercial Auto
Property refers to compensation for damage to company property caused by natural disasters such as floods or theft. The content is roughly the same as homeowners insurance;
Workers' compensation insurance is mandatory. If you hire employees, you must purchase this insurance. In case an employee is injured at work, the insurance company is responsible for compensating the employee's losses;
Liability compensation is the liability insurance that everyone is most concerned about. In recent years, the number of cases in which the American public has filed lawsuits against corporate groups has surged. A more representative case is the verdict against the Pinto brand small car manufactured by the Ford Motor Company. Because the fuel tank of this brand of car had design problems, it caused passengers to die in car accidents. The US court's verdict ordered Ford to pay a compensation of $3.5 million. WorldWay immigration experts warmly remind you that, generally speaking, the US government's requirements for products are quite strict, so product liability insurance is highly valued in the United States.
Editor: WorldWay
