Insurance is a contract whereby one party (the insurer) undertakes, through a premium paid to the other party (the policyholder) to compensate an injury or if you meet the agreed delivery scheduled event occurs, as be an accident or a fire, among others.

The insurance contract may cover all types of insurable risks if there is interest, unless expressly prohibited by law. For example:

The risk of fires.

or risks of the crops.

The lifetime of one or more individuals.

or risks of the sea.

The risk of transport by air or land.

The insurer is usually an insurance company organized under the corporate form, but there are also cooperative and mutual insurance companies and even a government agency – The Savings and Insurance – performs operations. Also, in some provinces insurers operating officers.

The insurance contract is consensual, bilateral, and random. Because it is consensual is perfected by mere consent of the parties and produces its effects has been done since the convention, because it causes bilateral rights and obligations between the insurer and insured, and is random as it relates to compensation for a loss or damage caused by an event or an uncertain, because no one knows if there will be and in the case – like death – do not know when it has to happen.