Which of the following is an example of personal insurance?

Study smart for the Manitoba Insurance Exam. Dive into multiple choice questions with hints and detailed explanations. Equip yourself with the knowledge needed to excel in your exam!

Health insurance for a family is a prime example of personal insurance because it directly covers the financial risks associated with medical expenses incurred by individuals and their family members. Personal insurance is designed to protect individuals against losses that affect their personal finances, and health insurance is a critical component of this protection. It provides benefits for medical expenses such as doctor visits, hospital stays, and prescription medications, thereby safeguarding the family's health and financial stability.

In contrast, the other options represent types of insurance that are typically associated with business operations or commercial activities. Liability insurance for a business protects against claims resulting from injuries and damages that occur during business operations, property insurance for a store covers losses related to physical assets owned by the business, and workers' compensation insurance provides benefits to employees who suffer job-related injuries. While these are all important forms of insurance, they do not fall under the category of personal insurance, which specifically focuses on individual or family-related coverage.

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