Insurance in USA is big business. Every entity carrying a price tag attached to it has been insured in the country; as a result a large number of solutions are available to service. They range from basic life and health insurance to something not very famous outside America such as kidnap or ransom insurance. So, here we will restrict our knowledge to the top 5 common insurances applicable in rest of the world, as well as America.
Let us take up the health Insurance first - in United States of America this perhaps scores highest position of health insured people in the world. Approximately 85% of the countrys population is insured. Out of this 85%, nearly 80% of the population is insured under company or employee sponsored schemes including privately held firms, governmental bodies and defence. Only approx 8 to 9% gets sold off as privately purchased individual policies. Generally, this covers all critical illness and a shield against hefty hospital expenses. The policies recently encountered a dip in premium sales as these mainly were linked with employment levels and as recession took over, many employers did not pay for the employees as survival of business surety was less. Other forms of famous
health insurance USA include expatriate health insurance, evacuation insurance, medical travel insurance and others.
Next on the list will be auto / vehicle insurance schemes. There are three aspects with respect to insurance of vehicles, typically covering a) Property coverage for the damage or theft to the vehicle b) Third party insurance provisions to provide liability coverage for legal responsibility to injure people or damage property. c) Medical claims for treating injuries.
Next on the list will be home insurance. Another very important form that emerged in last the decade. Home insurance covers the home aspects of the policy owner against theft or damage due to natural calamities, etc.
Life insurance would be the second biggest monetary value corpus for any company. It provides monetary benefit to the family of descendant and will specifically allow the option of proceeds in lump sum cash or as an annuity.
Last but not the least after recession, two policies have become very famous i.e. Unemployment policy and Home Loan Policy. These two policies cover the basic need for any individual to financially survive even if the economy is not doing good. Insurance industry in USA is quite vast and characterized by several multinational banks. While health and life insurance score the top positions in most purchased policies, other schemes like expatriate health insurance, medical travel insurance, evacuation insurance etc. are also quite famous.
