Answer: Insurance is defined as a legal written contract or agreement between two parties in which one party (generally insurance company i.e. insurer) agrees to compensate another party (policy holder or insured) for any type of losses or damages caused by the risk mentioned in the policy and in turn policy holder pays a fixed amount of money i.e. premium to the insurer.
Answer: Professional Indemnity (PI) Insurance is defined as a type of insurance which protects a professional person against any claims or compensation demanded by their client or customer due to their professional negligence.
Answer: Quite simply, indemnity is protection against future loss. This can be an explicit agreement between two parties, such as a renter and the landlord in a rental agreement. Indemnity can also be implied, as in the use of a sign that says “Proceed At Your Own Risk.”
Answer: HSA stands for a Health Savings Account. An HSA is another alternative to the traditional health insurance that we are used to. This is a type of savings product that provides another way for Americans to pay for their health care costs.
Answer: Disability Insurance is an insurance policy you buy that will pay you a specified amount (or percentage of income) should you be unable to work due to injury or illness. As with any type of insurance, each policy has its own terms, conditions and benefit periods.
