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Principles of Risk Management and Insurance, 13th Edition by Michael McNamara, George E. Rejda

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Types of Insurance

Insurance can be classified as either private or government insurance. Private insurance includes life and health insurance as well as property and liability insurance. Government insurance includes social insurance programs and other government insurance plans.

Private Insurance

Life Insurance

At the end of 2013, 850 life insurers were doing business in the United States, down from a peak of 2,343 in 1988. The decline is the result of mergers and consolidations to reduce operating and general overhead costs and to increase efficiency.5

Life insurance pays death benefits to designated beneficiaries when the insured dies. The benefits pay for funeral expenses, uninsured medical bills, estate taxes, and other expenses. The death ...

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