What are Individual vs Group policies?

Insurance policies may cover individuals or groups of individuals for identified risk(s).

Example: Ralph purchases a life insurance policy to cover him individually. Sam purchases a group health policy to cover his entire family.

What are Personal vs Commercial policies?

Insurance policies may cover personal or commercial activity or property.

Example: ABC Corp purchases a property insurance policy to cover its business location and equipment. Quentin purchases a homeowners policy to cover damages caused to his home by wind, fire, etc.

What is Liability Insurance?

Liability insurance policies may indemnify the insured or categories of third parties from potential liability for losses incurred in a specific instance or situation. It is commonly associated with losses suffered as a result of negligent conduct, but also may cover property damages.

Example: Doug is a medical doctor. He purchases liability insurance to cover damages to a patient from negligent performance of his services.

What is Property & Casualty Insurance?

Property and casualty insurance generally insures against damage to the subject property.

Example: Dough purchases a policy that insures his home against damage from all natural elements, such as wind, fire, or ice.

A policy may cover any or all of the above types of contingent risk.