Intro to Insurance

Risk that is measurable is also insurable. Particular types of risk that have the potential to lead to a claim is called a peril. A policy issued to an insured will spell out specifically what perils are included in the policy, which is known as "being covered." This same policy will detail any peril that is not part of being covered as well. Here we will discuss different kinds of insurance that one can purchase. While this isn't a complete list, it does cover the more well known kinds of policies. One policy might overlap the things that can be covered under other policies. An example would be when car insurance covers not just the theft of a car, but any damage to it caused by an accident. Another example would be when a homeowner's insurance policy covers any damage to property and home, but also covers medical needs for anyone staying as a guest or is otherwise injured while on the homeowner's property.  
 
Then there is business insurance, which comes in more than one type, from liability insurance for professional people, known as "PI", or professional indemnity, to "BOP", which is business owner's policy and covers the needs of the business owner. These are closely akin to homeowner's insurance, but with a business slant.