What are the three main categories into which the insurance industry groups risks?

Property and Casualty (P&C), Life, and Health

Explain the difference between property and casualty insurance using the example of a car accident.

Property insurance covers damage to your own car, while casualty (liability) insurance covers damage you cause to another person's car or property.

Because the range of potential outcomes and costs in casualty events is unknowable and can be very high.

To provide additional liability coverage above the limits of your existing auto or home insurance policies.

Property risk: damage to a company's stock. Casualty risk: liability for a product causing harm.

Grade 11th Grade · Economics · 70 min

I can describe different types of insurance and their benefits.

Primerli · 4:39

Insurance Industry Overview - Insurance Products

3 key concepts

1
An insurance policy is a contract that defines included and excluded risks and the amounts paid if a risk event occurs.
2
The three main categories of insurance are Property and Casualty, Life, and Health.
3
Casualty insurance, also known as liability, covers responsibilities to others, while property insurance covers things you own.

12 questions · Multiple choice & Short answer

Quick comprehension check

“Name and describe the three main categories of insurance discussed, and give one example of each.”

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