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New York

Life Insurance

Many families nowadays rely on cash for day-to-day survival. As a result, untimely death in a family can result in a financial crisis in the household. Life insurance is one method of providing security if a family's income is lost due to death. A life insurance policy is an agreement between an insurance policyholder and an insurer in which the insurer is obliged to pay a sum of money to named beneficiaries upon the death of the policyholder. The policyholder traditionally pays a premium, either on a regular or lump sum basis. The cost of insurance is calculated by actuaries using mortality tables. An actuary is a business professional who deals with uncertainty and risk measurement, and management. Other events, such as terminal illness or critical illness, may also cause payment depending on the agreement. Sometimes even funeral costs may be covered by the benefits. 

Property Insurance

Property insurance is a broad term for a set of policies that protect property owners from most risks to property, such as fire, theft, and some weather damage. As a result, property insurance can cover a variety of policies, including homeowners insurance, renters insurance, flood insurance, and earthquake insurance. Property insurance compensates the owner or renter of a structure and its contents in the event of damage or theft, as well as a person other than the owner or renter who is injured on the property. There are two types of property insurance: open perils and named perils. Open perils cover all causes of loss that are not expressly excluded in the policy. Named perils necessitate the inclusion of the actual cause of loss in the policy in order for insurance to be provided. 

Replacement cost, actual cash value, and extended replacement costs are the three types of property insurance coverage. Replacement cost coverage pays the cost of repairing or replacing property. Premiums for this type of coverage are calculated using replacement cost values rather than actual cash value. Actual cash value coverage pays for the cost of replacement minus depreciation. Extended replacement costs will pay more than the coverage limit if the costs for construction have gone up; however, this usually won't exceed 25% of the limit.