Liability insurance is a part of the general insurance system of risk
financing to protect the purchaser (the "insured") from the risks of
liabilities imposed by lawsuits and similar claims. It protects the
insured in the event he or she is sued for claims that come within the
coverage of the insurance policy. Originally, individuals or companies that faced a common peril,
formed a group and created a self-help fund out of which to pay
compensation should any member incur loss (in other words, a mutual
insurance arrangement). The modern system relies on dedicated carriers,
usually for-profit, to offer protection against specified perils in consideration of a premium.
Liability insurance is designed to offer specific protection against
third party insurance claims, i.e., payment is not typically made to the
insured, but rather to someone suffering loss who is not a party to the
insurance contract. In general, damage caused intentionally as well as
contractual liability are not covered under liability insurance
policies. When a claim is made, the insurance carrier has the duty (and right) to defend the insured.
The legal costs of a defense normally do not affect policy limits unless
the policy expressly states otherwise; this default rule is useful
because defense costs tend to soar when cases go to trial.
Insurance
Insurance is the equitable transfer of the risk of a loss, from one entity to another in exchange for money. It is a form of risk management primarily used to hedge
against the risk of a contingent, uncertain loss. An insurer, or
insurance carrier, is selling the insurance; the insured, or
policyholder, is the person or entity buying the insurance policy. The
amount of money to be charged for a certain amount of insurance coverage is called the premium. Risk management, the practice of appraising and controlling risk, has evolved as a discrete field of study and practice.
The transaction involves the insured assuming a guaranteed and known
relatively small loss in the form of payment to the insurer in exchange
for the insurer's promise to compensate (indemnity) the insured in the case of a financial (personal) loss. The insured receives a contract, called the insurance policy, which details the conditions and circumstances under which the insured will be financially compensated.
Health insurance
Health insurance is insurance against the risk of incurring medical expenses among individuals. By estimating the overall risk of health care and health system
expenses, among a targeted group, an insurer can develop a routine
finance structure, such as a monthly premium or payroll tax, to ensure
that money is available to pay for the health care benefits specified in
the insurance agreement. The benefit is administered by a central
organization such as a government agency, private business, or
not-for-profit entity. According to the Health Insurance Association of America,
health insurance is defined as "coverage that provides for the payments
of benefits as a result of sickness or injury. Includes insurance for
losses from accident, medical expense, disability, or accidental death
and dismemberment"
Pet insurance
Pet insurance pays, partly or in total, for veterinary treatment of the insured person's ill or injured pet. Some policies will pay out when the pet dies, or if the pet is lost or stolen.
As veterinary medicine is increasingly employing expensive medical
techniques and drugs, and owners have higher expectations for their
pets' health care and standard of living than previously, the market for
pet insurance has increased.
The first pet insurance policy was written in 1890 by Claes Virgin.
Virgin was the founder of Länsförsäkrings Alliance, at that time he
focused on horses and livestock. In 1947 the first pet insurance policy was sold in Britain. As of 2009, Britain has the second-highest level of pet insurance in the world (23%), behind only Sweden.
In 1982, the first pet insurance policy was sold in the United States,
and issued to television's Lassie by Veterinary Pet Insurance (VPI).
Pet
A pet or companion animal is an animal kept primarily for a person's company or protection, as opposed to working animals, sport animals, livestock, and laboratory animals,
which are kept primarily for performance, agricultural value, or
research. The most popular pets are noted for their attractive
appearances and their loyal or playful personalities.
Pets commonly provide their owners physical and emotional benefits. Walking a dog
can supply both the human and pet with exercise, fresh air, and social
interaction. Pets can give companionship to elderly adults who do not
have adequate social interaction with other people. There is a medically
approved class of therapy animals,
mostly dogs or cats, that are brought to visit confined humans. Pet
therapy utilizes trained animals and handlers to achieve specific
physical, social, cognitive, and emotional goals with patients.
The most popular pets are likely dogs and cats, but people also keep house rabbits, ferrets; rodents such as gerbils, hamsters, chinchillas, fancy rats, and guinea pigs; avian pets, such as canaries, parakeets, and parrots; reptile pets, such as turtles, lizards and snakes; aquatic pets, such as tropical fish and frogs; and arthropod pets, such as tarantulas and hermit crabs.
Some scholars and animal rights organizations have raised concern over pet-keeping with regards to the autonomy and objectification of nonhuman animals.
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