Types of Insurance

Insurance as an instrument is very useful, especially for people to protect themselves from the effects of risks and hazards. It involves transferring liability to an insurer, who will pay or repair the damage caused by certain unforeseen events. It includes the payment of a fee (insurance premium) in exchange for an economic benefit or a service when the circumstances provided for in the policy exist.

This premium amount will be determined by the risk to be hedged and the probability that it will occur over time. In the case where risks are insured for large sums of money, the figure of the reinsurance company can be used, which covers all or part of the risks by sharing a percentage with the insurer.

There are certain insurances that are required by law, such as car insurance, liability insurance, risky dog insurance, and home insurance for a property without a mortgage.

What types of insurance are there?

When we are going to obtain insurance, we must consider what type of insurance we want to take out depending on our personal or professional needs.

The types of insurance can be grouped into personal insurance, property insurance and service insurance.

Personal insurance.

In personal insurance, the insured person is the main concern. For this reason, personal insurance protects people against events that directly affect them.

In this case we are talking about life insurance, personal accident insurance, health insurance, dependency insurance and pension plans.

Property or damage insurance

-Car insurance.

-Engineering insurance.

-Multi-risk insurance.

-Credit and surety insurance.

Miscellaneous financial loss insurance.

-Theft insurance Transport insurance.

-Fire insurance.

-Liability insurance.

Insurance for the provision of services.

-Travel assistance insurance.

-Funeral insurance.

-Legal defense insurance.