DO YOU KNOW HOW MANY TYPES OF INSURANCE ARE THERE?

DO YOU KNOW HOW MANY TYPES OF INSURANCE ARE THERE?

Ask how many different types of insurance is like asking how many types of cars available on the market. Question trap? Maybe a little.

In this article we are not going to make a list of all the products that you can find in the insurance market, but that we are going to see the different categories of insurance that there is. It is now a little easier. If you want to return to the example of cars, would be how to explain that there is petrol, diesel, electric cars and hybrids.

The insurance can be grouped into three different categories: people or personal insurance, damage or property and services.

1 - PERSONAL INSURANCE

In personal insurance, the insured object is the person. Therefore, personal insurance protect the individual against the occurrence of an event that affects you directly.

When we talk about certain people or personal insurance we refer to life, insurance of personal accidents insurance, insurance of health or disease, insurance dependence and pension plans.

1.1 - Life Insurance

The fundamental characteristic of life insurance is that the payment of the amount agreed upon in the contract. This amount depends on the death or survival of the insured.

In this sense, life insurance may include:

Death insurance, also called insurance risk: If the insured dies before the end of the contract, the beneficiaries receive payment from the insurance according to capital or income agreed.

Survival insurance, insurance savings also called: If the insured lives at the end of the contract, the insurance pays beneficiaries capital or income contracted.

Mixed insurance: combine the previous two.

1.2 - Personal Accident Insurance

Personal accident insurance guarantee the provision of compensation in the event of accidents causing the death or disability of the insured.

1.3 - Safe Health or Disease

Health or illness insurance provide coverage health and care, and in some cases also economic in nature, illness or infirmity.

There are three types of health insurance:

Health care: the insured receive coverage by doctors and clinics included in the concerted medical box.

Reimbursement of medical expenses: the insured may go to any doctor or hospital anywhere in the world. The insurance will pay the Bills previously paid by the insured.

Compensation: The insured receives a quantity fixed in case of certain health-related situations.

1.4 - Pension Plans

Pension plans are not insurance, but savings products. But they are included in this category because they guarantee certain benefits upon reaching the age of retirement. In this sense, the benefits are economic law of the beneficiaries of pension plans as a result of the occurrence of a contingency covered by these.

2 - INSURANCE OF DAMAGE OR PROPERTY INSURANCE

Damage insurance or property insurance are those that have as main purpose repair loss of an insured may suffer in their heritage after an accident.

The case of the insurance of vehicles, agricultural insurance, insurance of fire, secure pecuniary loss, theft insurance, credit and suretyship insurance, civil liability insurance, insurance of transport, engineering and is multirisk in general.

These insurances can belong to some of the following groups, or both:

2.1 - Sure Things

The things insurance aims to compensate the insured for material losses directly sustained in a well of their heritage.

2.2 - Insurance of Civil Liability

The object of liability insurance is to guarantee to the insured against civil liability that may be incurred to third parties by acts that are responsible to protect their heritage as well.

3 - SECURE SERVICES

Insurance services are those in which the insurer undertakes to provide a service to the insured and, in the cases containing the policy, also to pay financial compensation. It is the case of legal expenses insurance, travel assistance insurance and death insurance.