Historical Perspective . Insurance began in China where merchants who had to travel on the dangerous Yangtze River spread their goods on several ships, so if a ship went down, no one person would lose all of their goods. Distributing the costs among a large group of people to share the losses incurred by a few. Four Major Types of Insurance Life insurance handles the risk of financial loss because of an unexpected death or the risk that the person may outlive the financial resources. Health and Disability insurance handles risk of financial loss due to illness, injury, or medical bills.
Property insurance includes many types of insurance that handle damage or loss of property.
The money that they would have made from normal business that they did not make because they had to shut down for a few days is loss of income. The extra expense due to the loss of the article. Extra expense would be the cost of renting the temporary building. Types of property insured include homes, businesses, electronic equipment, animals, sporting goods equipment, furniture, jewelry, clothing, furs, guns, etc. Casualty insurance includes a variety of different insurance coverages.