Life is not the same every time and we never know what is there in store for us the very next minute. Tragedies can strike in anytime and the most imp
Life is not the same every time and we never know what is there in store for us the very next minute. Tragedies can strike in anytime and the most important factor here is to stay protected. You may not stop a tragedy from occurring but you can definitely take precautionary measures to get back into a stable condition even after the tragedy. This is where an insurance policy plays its role.
The aftermath of something worst is the financial consequences and money is something that can at least help you to equilibrate a bad scenario. The valuation of the properties and lives need to be done correctly so that adequate compensation can be provided after the occurrence of the disaster. Here two specific questions come into mind.
- What is the actual definition of a worst case?
- How to assess the value of the properties that has to be covered under the insurance?
These two questions are quite important to be answered way before the insurance is prepared. One should be aware enough to understand the situations that might arise in case something bad happens. The definition of worst case is simply something that takes away the original form of living from someone, something you were enjoying before the occurrence of the incident and now deprived of the same.
Similarly, valuating the exact amount that should be compensated after the occurrence of the incident is also one important factor. You can choose from a number of tailor made insurance policies that offer a decent coverage and pay the premium accordingly. While choosing the worst case scenario insurance policy, it should always be remembered to look for the exclusion clauses properly so that no confusion is created during the time of claims.
What Is A Worst Case Scenario Insurance?
You must have heard of workmen compensation policy that gives coverage to the workers in the job. This policy comes into play when a contractor is hurt while performing duties within the delineated premises. Sometimes employers also cover for the burial and funeral expenses of the worker and other death benefits, like supporting the surviving family after the incident.
One more kind of worst case scenario insurance policy is the property insurance and homeowners insurance policy. While these sound little similar, both are quite different from each other. In a property insurance policy, a cluster of disasters arising out of natural perils and certain other perils are covered. You may opt for this policy rather than going for single coverage policies like fire, crime or electronic equipment. Again there is this homeowners policy that gives essential insurance coverage to the structure of your home, insurance for your personal belongings, liabilities and extra living expenses that you might have to incur temporarily because of the disaster. However there is one major difference between property insurance and homeowners insurance which is the exclusion clause. A homeowners insurance typically excludes natural disasters such as earthquakes, floods and other “acts of God”.