Classification of Insurance
Can be classified in several ways insurance. First, as found by the State, its supervisory function or the private insurance business is divided into social insurance and private insurance.
* Social Security: Social insurance aims to protect the working class against certain risks such as death, accident, disability, illness, unemployment or maternity. Are required premiums are paid by the insured and employers, and in some cases the state also contributes to its contribution to finance the compensation. Another feature is the lack of a policy, the rights and obligations of the parties, as these are set by insurance laws and regulations by decree, which specifies the rights and obligations.
The insured up to the beneficiary of insurance and whether that designation is missing your heirs will benefit, like a property, in order and in the proportion established by the Civil Code. Therefore, the occurrence of the death of the insured the National Savings and Insurance pays the insurance amount to the beneficiaries instituted by him or his heirs.
The forecast system of retirement funds is not technically insurance, although its purpose is similar. Lets enjoy an income for retirees and covers the risks of neglect that may be the spouse and minor children of a person entitled to retirement, ordinary or extraordinary, to the date of his death.
* Private insurance: The insurance which the insured voluntarily contract to hedge certain risks, by paying a premium which is exclusively responsible. In addition to these features we can say:
* The private insurance led to the issuance of a policy – the instrument of the insurance contract – which contains the rights and obligations of the insured and insurer.
* In our country, private insurers are exploited, mostly by private companies, cooperatives and mutuals. But the State, through the National Savings Fund and safe, makes various types of insurance. And in some provinces, there officers insurance.
According to its purpose of private insurance can be classified in insurance and insurance on those things.
Insurance on people: The insurance on persons includes life insurance, accident insurance and insurance against illness. Actually, it’s just a group called life insurance, as insurance against accidents and illness are but one option for life insurance.