Definition - What does Private Insurance mean?
Private insurance is insurance that is offered by private companies as opposed to government entities. It is an alternative to public insurance.
Whether a person obtains private or public insurance, their goals are usually the same: to receive financial protection for various types of risk.
Insuranceopedia explains Private Insurance
There is a wide range of private insurance companies who offer private insurance. In order to obtain private insurance, a person generally has to pay premiums. The more coverage that a person wants, generally, the more expensive the premiums are.
There are private insurers who provide coverage for health, life, auto, property, business, and other types of risk. There are also a number of public insurance options for many of these risks as well. Whether or not a person qualifies for public insurance often depends on their income level.
How Well Do You Know Your Life Insurance?
The more you know about life insurance, the better prepared you are to find the best coverage for you.
Whether you're just starting to look into life insurance coverage or you've carried a policy for years, there's always something to learn.