The Basics Of Insurance Products
Insurance--first offered in 1850 in the United States--is a risk management product
that protects against a specified occurrence under strict circumstances. Many protection products exist, such as health, automobile or wage protection. However, the insurance industry has created some interesting products--alien abduction insurance, for example--that address concerns outside the traditional policy's scope. Insurance Morristown products range from commercial insurance to personal or individual products. The New Jersey Department of Banking and Insurance, which enforces strict guidelines with regard to how the industry operates, regulate the New Jersey insurance industry. The most popular protection products purchased in Morristown include family health insurance, automobile insurance and products offered by employers.Health insurance pays for medical events and preventative medicine through a private, government or employer sponsored program. Typically, self-employed persons purchase private protection policies, which can be costly. Nearly 60 percent of Americans obtain health insurance through an employer-sponsored program according to the data collected by the US Census Bureau. Health insurance policies vary greatly and offer increasing "benefits" based on the level of coverage. Policies cover the cost of preventative visits, dental procedures, major operations, hospital stays and other emergency procedures. New Jersey offers a health care program for persons not covered with pre-existing conditions. Called NJ Protect, the program costs less that the average private policy.
Commercial insurance includes products that protect businesses and professionals. For example, fleet insurance covers companies that own a fleet of vehicles. The minimum automobile insurance requirements must be met in addition to other regulations affected by the type of business. Key person, errors, and omissions insurance are examples of products that protect businesses from a loss of knowledge or legitimate mistakes. Insurance Morristown products include health, automobile, property and commercial products, which can be obtained by working closely with an insurance agency or broker in Morristown.
Automobile insurance covers damage to property, persons and vehicles damaged in an accident. New Jersey requires protection and offers three separate plans: the standard, basic and special automobile insurance policies. The standard policy provides coverage at a higher level than the basic policy. While the basic policy costs significantly less, it works well for individuals with little familial or income related responsibilities. For example, a single person without income from a job may consider the basic policy. The special policy is available for those eligible for the federal Medicaid program with hospitalization. Persons must be enrolled in Medicaid and can obtain the policy through an insurance agency approved by the Department of Banking & Insurance.
Insurance products protect individuals and businesses from events that can cause severe financial distress. The New Jersey Department of Banking and Insurance enforces state regulations and provides a listing of approved insurance agencies.
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