Individual insurance and floater insurance are both types of policies which help protect against the risks associated with different kinds of events or activities. The main difference between an individual policy and a floater policy is what they cover and how they cover it.
Individual insurance is designed to cover specific individuals. Usually, the policy provides coverage for only one person, although it may extend to family members of the insured person as well. Individual insurance policies cover medical expenses, financial losses, and other types of losses that an individual might experience.
Floater insurance, on the other hand, is designed to cover multiple people, usually a group or family. Floater policies provide a single policy for the group or family, and all the members of the group are covered under this single policy. This allows the policyholder to customize their coverage based on the needs of their group. Floater policies may cover medical expenses, financial losses, and other risks associated with activities such as travel and outdoor recreation.
In conclusion, the main difference between individual and floater insurance is the level of coverage they provide and the number of people they cover. While individual insurance covers a single person, floater insurance covers multiple people under one policy. Floater policies allow policyholders to customize their coverage, while individual policies typically provide fixed coverage for individuals.