It is a method on which most people rely on to mitigate the risks beyond their control and mitigate the effects that they may be exposed to, including these risks that may threaten their lives, property, or businesses, and many others, as the insured pays a monthly subscription to the insurer (often The insurance company), and all the insurers ’money is paid to whoever suffers an accident beyond his control to compensate for his losses, and this is what the insurance companies are based on today.
Types of insurance
Insurance in terms of form: This type refers to the parties, parties, or bodies that assume the responsibility of undertaking the insurance process.
Cooperative insurance: This type is where the insuring party and the insured party have one party, as this process is carried out by a number of people who are linked to a specific interest, and it is possible to expose them to a specific risk, and they work to mitigate the effects of the damages that a particular subscriber may suffer, from the subscriptions and premiums that It is pushed by a specific party.
Fixed subscription insurance: The insurer pays an amount of money to the insured upon exposure to a specific accident, in exchange for the value of the contributions that the insured used to pay to the insurance company.
Subject matter insurance:
Marine, river, air and land insurance: This insurance covers and mitigates the effects of the risks that may be exposed to maritime transport (ship burning, cargo damage, shipwreck, ship hijacking, etc.), air transport (plane crashes, etc.), or river transport (In canals and rivers), or land transport that includes the previously mentioned types, but this insurance does not include the crew who work in the ship or plane, but rather is included in the land insurance.
Private insurance and social insurance: private is someone who takes out insurance for his property, life, or otherwise, in insurance companies, and the goal of it is mostly personal and optional, as for social insurance, it is the insurance that the state guarantees to cover the risks that may be exposed It has a working class in society and it is compulsory.
Damage insurance: This insurance is provided by the person to cover the risks that may be exposed to his property, and it does not include life insurance, which is of two types.
Insurance of things: insurance of the money of the insured.
Liability insurance: This insurance covers the costs of a mistake committed by the insured, for example if the insured destroys another person’s property in this case Liability insurance covers the costs of sabotage and prevents the other party from holding him responsible and referring to him.
People insurance: This insurance covers the costs of any risks to the insured person, and it is of several types.
Life insurance has several types:
In case of death: The insurance company pays the insurance amount upon the death of the insured.
For survival status: The insurance company pays the insurance amount at a specific time specified for the insured himself.
For marriage status: The insurance company pays the insurance amount to the insured if he gets married before a certain date.
For birth status: The insurance company pays the insurance amount to the insured if he has a baby.
Mixed insurance: The insurance company pays the insurance amount after the death of the insured within a certain period, or the insured for him at a certain date.
Supplementary insurance: occurs in the event that the insured is unable to continue paying insurance premiums for a specific reason.
Group insurance: in which a person responsible for a group of people pays premiums for this insurance, which covers the risks that any member of this group may be exposed to, such as the owner of a factory and the workers who work in it.
Sickness insurance: In the event that the insured is exposed to any disease, this insurance covers the costs of treatment.
Accident insurance: In the event that the insured is exposed to any accident, this insurance pays an amount to the insured, which covers physical accidents, death, disability, and so on.