Associate Level Material
Appendix E

Insurance Matrix

Type of Insurance Functions Example of Company Coverage Characteristics
Auto This kind of insurance defends your car against responsibility and property dangers. AAA, State Farm, Geico, Farm Bureau Insurance. This assists you to pay for the damages to a person’s own car and others. This also insures personal injuries that happened in a car mishap. It additionally reduces the responsibility for asset dangers.
Home This kind of insurance coverage defends against responsibility as well as property dangers of a home. AAA, State Farm, Liberty Mutual. Assists to protect or decrease the sum of damage from things like fire, and criminal damage. This might also decrease the sum up front.
Health A typical health insurance plan provides four primary functions: provisions for routine care, emergency medical assistance, chronic condition treatment and pharmaceutical care Kaiser, Humana, Blue Cross Blue Shield Health insurance covers the cost of medical or hospitalization care as a result of an illness or injury that occurs or is manifested while the policy is in force. Like other kinds of insurance, the benefits are payable in return for the insured paying a premium.
Disability Disability insurance protects against the loss of income due to disability. Colonial Life, AIG, Liberty Mutual It provides a source of replacement income, for a stated period of time, when the insured is unable to work because of an illness or an accident if that illness or accident is not excluded from the scope of coverage.
Life In business, it plays a major role in strategic planning for future operations. Families purchase life insurance primarily as a hedge against future loss, although some buy whole life plans that accumulate cash value that can be used as collateral. MetLife, State Farm, Prudential Life insurance provides payment in the event of death, enabling surviving family members to grieve without the worry of financial ramifications