Types of insurance | Classes and Types of it
What are the different types of insurance?
The world of insurance is that, the world! Thus, we began this good (hopefully) post about the different types of insurance there.
Trying to explain all sure that there we see impossible; certainly we miss any. It is a very wide range, not only depends on a factor but multiple as discussed below.
Types of Insurance
For the type of risk:
By type of insured:
By the number of insured:
By risk class:
For the premium rate:
Then once we made and the classification we will define each of them in order to know in each case covering:
The personal insurance covering risks affecting the existence (life insurance) or the integrity of persons. A turn can be classified into:
- Life Insurance: covers the risk of natural death or survival and disability.
- Accident Insurance: covers the risk of disability or death resulting from an accident.
- Health Insurance: covers the cost of medical care for cases of illness.
- Burial or Death Insurance: covers the expenses incurred by the heirs for funeral services.
The safe materials cover damage to those subject objects and animals. A turn can be classified into:
- Fire Insurance: covers damage caused by fire or as a result of trying to save them from the fire.
- Theft Insurance: covers the stolen items and damage caused as a result of it.
- Transport insurance: covers damage in both freight transport and content.
- Auto Insurance: covers risks varied depending on the type of policy subscribed.
- Agricultural Insurance: covers risks that affect agriculture, livestock and forestry.
The property insurance covering the risks they are subject the interests of the insured assets. They can be classified into:
- Liability insurance: covers risks that may unintentionally cause damage to third parties. These in turn can be:
Family insurance: covers the risk of damage that can cause the policyholder, spouse, minor children and / or relatives living with him.
Professional Insurance: covers the risk of damage resulting from the exercise of the profession.
Insurance products: covers risks that may arise from products manufactured, distributed, sold, etc.
Business Insurance: covers the risk of damage that may inadvertently cause a company in activity.
Employer insurance: ensuring economic compensation that may result from bodily injuries to employees of the insured as a result of accidents.
Credit insurance: covers the insured of the insolvency of their debtors.
Surety: aims to guarantee payment of an obligation
Loss of profits insurance: covers the employer for damages or economic losses resulting from an accident.
The private insurance covering risks of persons, families, etc.
The business insurance, covering risks that both employees and the company itself can be.
The individual insurance covers one head, and if more should be linked together by a special bond.
The group insurance protecting group or a group subject to the same risk if the policyholder contracts one taker. There needs to be a bond between all policyholders. The main groups are life insurance, accidents, illness and automobile, liability, etc.
The public insurance is those in which the state acts as an insurer.
They are usually mandatory insurance.
The private insurance is those in which the insurer is a corporation of Insurance, Mutual Insurance Company or Insurance Cooperative. Most private insurance is voluntary.
The temporary insurance covering risks during a specified period.
The industrial insurance refers to the risk of fire in industrial enterprises, factories, theaters, etc.
The temporary insurance premium indicates that the premium is paid for a certain period.
The annuity insurance premium indicates that the payment of the premium the insured shall always be effected to live.
The single premium insurance indicates that the premium is paid at once.
The regular premium insurance indicates that the premium is paid throughout the duration of the policy.
The land insurance cover objects on earth.
The marine insurance cover objects in the sea.
The aviation insurance cover objects in the air.
We can also meet with a type of insurance called combined insurance, which are those that bring together various insurance and therefore cover various risks in a single policy.
And you, what do you have insurance? What is the rarest sure you’ve met?