AM I COVERED?

AM I COVERED?

Almost Family Inc.

Brief Outlines:

1. Introduction
1. Definition of Insurance
2. Types of Insurance
3. Self-Insurance
4. Benefits & pitfalls
5. Almost Family Inc.
6. Report to Congress about self-Insurance
7. Conclusion

Introduction:

Human resorted to various means to cover damages resulting from risks like savings, with the passage of time turned out to be insufficient to meet the dangers.

In the 14th century “loan Marine” appeared .

The first insurance company established in the field of marine insurance was in England, then the insurance business developed with the industrial revolution.

Definition of Insurance:

Insurance is a kind of risk management to protect against the risk of loss, is an equitable transfer of the risk of a loss from one entity to another in exchange for payment.

1. Risk management is the practice of estimating and controlling risks.
2. The insurer is a company selling the insurance.
3. The insured (policyholder) is the person or entity buying the insurance policy.
1. the insured, or policyholder, is the person or entity buying the insurance policy.

Types of Insurance :

Self-Insurance:

Self-insurance is a risk management method in which a calculated amount of money is set aside to compensate for the potential future loss.

Each month, instead of paying a premium to an insurer, some people pay a fixed amount into a special savings account reserved for a specific risk event.

For example a client puts $30 per month into a savings account to provide for the risk that a camera worth $1000 is lost or damaged.

If after a number of years, the camera is still fine, the savings account can be raided to buy a new camera, or a better lens.

If the camera is stolen, the contents of the savings account can be used to replace the camera or be applied to something else in an emergency.