Forms and types of insurance

Forms and types of insurance

Insurance - a set of special closed redistributive relations between its members over the formation of the target due to cash contributions to an insurance fund intended to compensate for possible damage caused to a business entity, or alignment loss of family income due to the effects occurred insurance cases.

Insurance - specific sphere, which has its links:

1) Social security;

2) Personal insurance;

3) Property insurance;

4) liability insurance;

5) Insurance business risks.


Due to differences in the objects of insurance totality of insurance relations can be divided into five sectors: property, social, personal, liability insurance, insurance of business risks.

Social security: a system of relations by which are formed and spent funds of funds for material support of persons who do not have the physical ability to work, or dispose of, but are unable to implement it for different reasons. Types of social security:

· Sickness insurance

· Pension insurance

· Insurance against accidents at work

· Unemployment insurance.

Property insurance - real estate insurance legal acts in various forms. The property includes money and securities, as well as property rights to things or other property to meet other people.

   The economic content of property insurance is to organize a special insurance fund for compensation for damage to its participants, which arose as a result of the injury. Insurers are not only the owners, but also those responsible for safety. For insurance purposes to classify assets by types of economic entities to which it belongs. There are property of industrial enterprises, agricultural enterprises, property of citizens.

Personal insurance - a form of protection against the risks that threaten human life, disability and health. Insurance amounts are determined in accordance with the wishes of the insured on the basis of its material capabilities. personal insurance contract may be mandatory or voluntary, long-term and short-term. Classification of personal insurance is made according to different criteria:

   Life insurance is a type of life insurance is the most common and familiar. It is issued by the contract by which one party, the insurer, undertakes through the receipt of insurance premiums paid by the insured, pay the due sum insured, if during the term of insurance provided by an insurance case occurs in the insured life. Collective insurance is a group of people united by a common feature, produced a policy.

Liability Insurance. The object of insurance in favor of the insured liability under the law or by the contractual commitments to third parties for causing harm. To distinguish liability insurance, professional liability insurance, product quality, environmental and others.