Washington DC Insurance
The Insurance Bureau of the Department of Insurance, Securities and Banking (DISB) is the regulating authority which protects the interests of consumers in Washington D.C. and ensures that the insurance companies and their products, policies or schemes are licensed and qualified according to the Insurance Law of the Washington D.C. It monitors and controls over these companies and addresses the complaints of the consumers. It also checks the rates and reviews the policies of various insurance companies.
Insurances provide safety against financial loses against some bad happenings and unavoidable circumstances. Insurance industry consists of insurers, agents and brokers. Insurers are big companies which provide insurance after assessing the risks involved in the policy. There are mainly two types of insurances:
a.) Primary insurances
b.) Reinsurances
Primary insurance include initial policies annuities. In primary insurance, there are many varieties of insurance policies. Reinsurances assumes all or some part of the risks with the already existing insurances originally given by some another insurance provider.
Auto insurance: Auto insurance companies firstly do insurance risk selection to determine the total risk in the policy and what rate of the premium is to be charged. The premium of the policy depends on various factors like the vehicle characteristics, the coverage included in the premium and the total usage of the vehicle (calculated by the annual distance covered by the vehicle). It also depends on age, sex, marital status, location.
Classification of the auto insurance includes three categories:
Driver Insurance: It includes the model of the vehicle, model, and value etc. characteristics of the vehicles to be considered.
Vehicle Insurance: It includes age, sex, marital status and other things.
Coverage in the premium of the policy: It includes the liabilities, types of loses covered and also the other uninsured driver with which the accident happens.
Home insurance: It provides the financial protection from any kind of perils and disasters. A basic home insurance policy insures about the home as well the things inside it. It covers the damages of the properties and the injuries to the peoples. The standard home insurance policy covers:
a.) Covers the structure of the Home
b.) Liability coverage
c.) Covers the persons living or belongs to the home
d.) Temporary living expenses, for example after any disaster like fire.
Life Insurance: Life insurance can be utilized as an important tool for the coverage or protection of the unknown risks of the life by which your family and loved ones can be affected. It can be used for fulfilling the plans of education of the children, marriage of a family member. It provides financial benefits to the beneficiaries of the insured person like his wife, children, parents and other loved ones, on the death of the person. But there are various factors which should be considered before purchasing any life insurance plan:
a.) The amount of the insurance to be assured
b.) Benefits of the insurances
c.) Claim history of the company
d.) Cost of administrations
e.) The prices of various competitors
