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hankronYou are charged a fee when someone pays you (a small and not unreasonable percentage, much like if you accepted credit cards).
'Verified' means that the person is fully signed up and there is full proof of the validity of the address. Most unverfified people are okay and there are no problems shipping to them. Paypay's insurance only applies when the buyer is verified. It's safest to shipped to the verified address only.
3) Not sure what you mean by personal account-- as opposed to what other type of account? In an eBay auction, there will be an automatic button for the person to pay. Also, one only needs to know the seller's PayPal email address to pay.
Paypal is very convenient for buyer and seller, the seller can accept credit cards from anyone in the world, payment is instantanious, PayPal keeps good records of all your payments and is easy to use and access (ala look up an old buyer's address). You can receive money as easily money from someone in London as you can from someone in Chicago. When it works well, you will receive an email saying just paid you $XX, what for and the address for shipping.
There has been a problem where some buyers receive the item and say they never got it-- so PayPal returns the money. If the item is shipped to a verified memember and signed for as required by PayPal, this won't happen. Otherwise, you should think over what you want to do beforehand. These cases are rare, but are pain when they happen. I have used PayPal for a long time and this has not happened, but it has happened to a few board memebers.