Describe the coverage of the following classifications of insurance: automobile insurance, group insurance, homeowners' insurance, key-person insurance, and title insurance.

Question

What will be an ideal response?

Answer 1

Different classifications of insurance have different kinds of coverage:•Automobile insurance-This may cover damage to automobiles resulting from specified hazards or occurrences (such as fire, vandalism, theft, or collision). It normally provides protection against liability for personal injuries and property damage resulting from the operation of the vehicle.•Group insurance-This provides individual life, medical, or disability insurance coverage but is obtainable only through a group of persons, usually employees. The policy premium is paid either entirely by the employer or partially by the employer and partially by the employee.•Homeowners' insurance-This protects homeowners against some or all risks of loss to their residences and the residences' contents or liability arising from the use of the property.•Key-person insurance-This protects a business in the event of the death or disability of a key employee.•Title insurance-This protects against any defects in title to real property and any losses incurred as a result of existing claims against or liens on the property at the time of purchase.