Merritt Personal Lines Manual: Types of Insurance
The charts below details the major types of insurance and insurance policies. There are many other specialty policies offered by insurance companies that are available, but are too numerous to cover here.
| Life | Health/Disability | |
| Individual | Term Whole Life Universal Life Variable Life Variable Universal Life Specialty Policies Family Maintenance Family Income Joint Life Modified Life Split Life Adjustable Life Industrial Life Credit Life Annuities |
Medical Expense Disability Dental Expense Vision Care Long Term Care Accidental Death Travel Accident Credit Disability Specified Disease |
| Group | Term | Medical Expense Disability Dental Expense Vision Care |
Policies can cover either personal or commercial lines; they can be intended to cover individual types of risks exposures such as for an individual's own car or home or they can be intended to cover risks faced by businesses.
They can also either be covering property or casualty risks. Casualty Insurance is primarily concerned with the legal liability for losses caused by injury to persons or damage to the property of others. Property Insurance indemnifies a person with an interest in physical property for its loss or the loss of its income producing abilities. Insurance can also cover life and health risks, but these are not the subject of this course.
Package Policies combine property and casualty coverages so that all the risks, both for property losses and liability losses are covered in one policy.
| Property Policies | Casualty Policies | Package Policies (Both Property & Casualty) |
|
| Personal | Dwelling | Personal Auto | Homeowners Personal Watercraft Specialty Vehicles Personal Umbrella |
| Commercial | Commercial Property Flood Earthquake Inland Marine Ocean Marine |
General Liability Commercial Auto Workers Compensation Crime Professional Liability Excess Liability |
Commercial Package Businessowners Boiler and Machinery |
