Summary

Insurers provide coverage for individuals' and businesses' loss exposures through a variety of policies. It's important to understand the basic types of coverage and how personal and commercial policies can be used to meet different needs.

Glossary

Loss exposure

Any condition or situation that presents a possibility of loss, whether or not an actual loss occurs.

Legal liability

The legally enforceable obligation of a person or an organization to pay a sum of money (called damages) to another person or organization.