Classification of personal insurance

 

 

Classification of personal insurance

Personal insurance - a form of protection against the risks that threaten the life of man, his ability to work, to health.
Contract of personal insurance - civil law, according to which the insurer undertakes to obtain them through insurance premiums, in the case of an insured event, to indemnify in the specified line damage or make payment of insurance capital, rents, or other specified payments.
Classification of personal insurance is made in different categories.
By volume of risk:
- Insurance of survival or death;
- Disability insurance or disability;
- Medical expenses insurance.
By type of personal insurance:
- life insurance;
- Insurance against accidents.
According to the number of persons specified in the contract:
- Individual insurance;
- Collective insurance.
For the duration of insurance coverage:
- Short-term (less than one year);
- Mid-term (1 - 5 years);
- Long-term (6 - 15 years).
The form of payment of insurance coverage:
- A one-time payment of the sum insured;
- The payment of the sum insured in the form of rent.