Insurance type |Health insurance | Accident insurance

                                    Insurance type 2

                                             

insurance-type

          

Health insurance;                      

                                      They cover the risk of loss of the health of the insured person, that determines financial benefits (health insurance) or the provision of the service of doctors, hospitals and clinics, etc., until the insured person is cured (health care insurance).

Accident insurance;       

                                          Accident insurance covers the risk that, as a result of an accident, the insured suffers bodily harm or functional loss, or death. The accident is a violent, sudden, externally caused event that is beyond the intention of the insured.

               It, therefore, covers a heterogeneous risk (since the consequences of the accident can be multiple) and, in principle, stationary, although for advanced ages, this can influence the probability of occurrence.

             Accident insurance can be contracted in multiple

Modalities.

             Thus, depending on the scope of coverage, insurance companies, they offer professional, extra-professional, travel, vehicle occupant, aviation, etc. accident insurance.  

            Accident insurance generally covers death from accident, disability caused by it, injuries, healing expenses, etc.

Summarizing in a graph the four personal insurances that we have just defined, we could indicate the main lines of insurance according to whether the event covered is due to an accident or other natural causes, as follows:

                        

                          CLASSES OF PERSONAL INSURANCE

 

Risk Class                                     Cause of Event    

LOSS OF EXISTENCE     Accidental      Natural   Sure of Lifetime

  

LOSS OF INTEGRITY   Accidental   Natural   Disability Insurance

 

LOSS OF HEALTH      Accidental     Natural    Health insurance

 

                            Accident insurance

Death insurance;     

                                It is a special case of death insurance that covers, instead of capital or economic benefit in case of death of the insured as is the case of life insurance, the provision of a service, consisting of the procedures and cost of burial of the insured when he dies.

 

Damage Insurance;        

                                     Damage insurance can be defined as those whose purpose is to compensate the insured for the economic damage suffered by the interest that said insured has on an asset, in the event that the risk occurs.

            In damage insurance, which we can also, call insurance of things or insurance of things, the indemnity principle governs, unlike the life insurance we have just seen.

             That is, the insured assets have an objective value, and the entity insurer, when the loss occurs, compensates the economic losses actually suffered by the insured.   

                This, of course, as long as the insured assets have been valued for insurance purposes according to their actual value.         

                   Along with the main characteristic of damage insurance, defined as the indemnification the principle that we have just exposed, this class of insurance has other characteristics.       

                    In the first place, we can cite the separation that exists between the insured and the goods to be insured.   

                   In personal insurance, there is an identification between object exposed to risk and insured person, which does not occur in damage insurance, in which the insured person, who suffers the risk is a different entity from the insured object.    

                Therefore, the "properties" of the insured are not insured undifferentiated, or its patrimony in general, but an object or set of specific objects that can suffer a loss.

                 Damage to the object may consist of its breakage, ruin, or deterioration as a result of fire, natural phenomena such as floods, rain, snow, wind, etc. It can also refer to their disappearance as a result of the theft - robbery, theft - by third parties.

                    The objects to be insured can be of very different classes:

               Furniture, real estate, vehicles, merchandise, civil works, machinery, etc., which gives rise to different lines of insurance.

                    Within damage insurance we can therefore distinguish, following the legal classification of insurance lines and the scheme indicated below the following:

 

                         DAMAGE INSURANCE CLASSES 

 FIRE    Vehicles    other objects    Sure of Fires

STOLE    Vehicles       other objects        Sure of Stole

 

BREAK    Vehicles     other objects   Sure of Breaks

 

OTHER DAMAGES   Vehicles     other objects   Other Damage Insurance

 

 

·      Home insurance

                                                             Trade Insurance

                                                        Industrial Insurance

 Land, Maritime, Air                                             Vehicle Insurance 

Goods Insurance

Vehicle insurance;    

                                          It includes the damages suffered by vehicles, by collision, or other causes, by fire, glass breakage, etc. 

                     Within this section, you can also distinguish between vehicles non-rail land, rail vehicles, aircraft, and ships or boats.

     

Insurance of transported goods;   

 

                                                           It includes the damages suffered by different causes in merchandise, luggage and other types of goods to be transported, by any means, whether land, sea, or air.

 

Fire insurance and nature events;     

                                                             Covers the insured property from fire, explosion, storm, and other natural phenomena, such as floods, landslides, etc.

 

Theft insurance;

                               Covers illegitimate theft by third parties of the property insured.

 

Breakage insurance;

                                       Covers the risk of breakage of the insured objects.

 

Insurance for other damage to property;                         

                                                                          It includes the different modalities different from the previous ones, such as agricultural insurance, insurance for machinery breakdown, damage to electronic equipment and installations, assembly, and construction insurance, livestock insurance, etc.

 

PROPERTY INSURANCE;       

                                                The purpose of property insurance is to cover risks that, if they occur, will produce an obligation for the insured, or will entail a loss that does not affect a specific asset but all of their assets.

      Property insurance has an indemnity condition, like insurance on things. We can distinguish between the following modalities:

                      Credit insurance;

                                                      The insurance compensates for the losses suffered by the insured as a consequence of the insolvency of its debtors. Domestic credit insurance and export credit insurance are included in this modality.

 

Surety insurance;              

                                 The insurer undertakes, in case of default by the policyholder of the insurance of its legal or contractual obligations, to indemnify the creditor as compensation or penalty, the patrimonial damages suffered. Within this branch, the guarantee insurance for merchandise depositories is included, in favor of the public administration, guarantor guarantee, tenders and execution of works, etc.

Liability insurance;                        

                                   It covers the possible compensation that the insured is obliged to pay, as a consequence of having been declared civilly liable for damages caused to third parties. Within this group, we can cite;

                                                        Automobile civil liability insurance, and general civil liability insurance, among others. Within the general civil responsibility includes Professional Civil Liability, Product Liability, Family Civil Liability, etc.

 

Insurance for various pecuniary losses;             

                                                                               Covers losses in economic performance that could have been achieved if the loss had not occurred. For example losses due to suspension of shows due to bad weather, loss of rentals, deprivation of driving license, stoppage due to fire, loss of profits due to machinery breakdown, cancellation of trips, etc.

 

Legal defense insurance;                   

                                              The insurer guarantees the insured legal assistance in the extrajudicial actions or in legal proceedings against him, as well as claims for damages made by the insured. The main modalities are the insurance of legal defense of the consumer, the motorist, etc.

 

Travel assistance insurance;                    

                                                    The insurer makes immediate material assistance available to the policyholder or insured, in the form of an economic benefit or service, when they are in difficulties as a result of a fortuitous event during a trip.

 

MULTI-RISK INSURANCE;                     

                                              We have left this type of insurance until the end because this denomination includes policies that cover different risks to which an activity or insured good is subjected. These risks are about things and also property and personal, if applicable.

           The best-known examples are insurance for home, commerce, small and medium-sized businesses, homeowners' associations, workshops, hotels, etc., which bring together in a single insurance contract coverage of several lines: fire, theft, damage from other causes, civil liability, personal accidents, etc.