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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
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