A contract that is typically designed as a means of protection to any unpredictable or uncertain financial loss of the policy holder is called as insurance. Most of the insurance products are designed, provided or given to the entity or individual called as the policyholder or insured, by the insurance carrier, insurance company or insurer. The various methods of insurance being offered by the people include the reinsurance, which is designed for situations when the insurance carrier passes the risks to another insurance carrier known as the reinsurer; the co-insurance, which is designed for situations wherein the risks are being shared between the insurers; the dual insurance, which is designed for the situations wherein the risks have two or more policies with the same scope or coverage; and the self-insurance, which is designed for situations where risk is not being transferred to the insurance carrier, instead it is being retained solely by the individuals or entities themselves. There are basically a lot of various types of insurance products, and some of the most common are property insurance, burial insurance, casualty insurance, life insurance, auto insurance, gap insurance, health insurance, income protection insurance, and liability insurance.
The property insurance and the auto insurance are basically the two most popular types of insurance products in every parts of the world. The auto insurance can also be called in various ways, such as motor insurance, vehicle insurance and car insurance, and this type of product is designed specifically for motor vehicles, such as trucks, cars, and motorcycles. The primary aim of the auto insurance is to provide or offer financial protection to the insured from any occurrences like car accidents or traffic collisions that may lead to death, physical damages and injuries to the body. The other purposes or uses of the vehicle insurance is that it can give financial protection to the insured against thieves, as well as protection from any damages to the vehicle due to keying and colliding with any stationary objects found in the roads or highways.
Property insurance is defined as the type of insurance that is designed to provide the insured the protection that they need against various risks to property, like theft, fire, earthquake, tornadoes and any other damages caused by the weather. The various forms of property insurance include the earthquake insurance, the boiler insurance, the fire insurance, the flood insurance, and the home insurance. HOI is the abbreviated term for home insurance, and that is because this specific form of property insurance can also be called as homeowner’s insurance, and it is typically designed and made to cover a privately-owned residential building. The HOI is typically designed to provide the insured with financial protection to the damages or losses of their house.