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Insurance - Definition ,Types ,Important 2022

Insurance - Definition ,Types ,Important

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Insurance ,collateral systems are methods of mitigating risks to a person's entity or assets during his or her lifetime.

The Essence of this means is that cooperation is achieved with the participation of persons exposed to some of them, by paying each of them a donation or a premium, and the monies collected are subsequently donated to individuals affected by the calamity.

The disaster's effects on those involved in such cooperation are thus realized. 

Insurance is a practical reality and one of the best means of enabling a person to mitigate the effects of disasters, whether caused by the person himself or herself, by omission or neglect, or by the act of others. 

It is a means of safety consistent with the spirit of modern times in which the demands of life have abounded and the machine's danger has increased and the dangers of evolution have become apparent.

Definition of insurance 

1-Life Insurance 

This type of Life insurance in its multiple forms protects individuals from the risk of dying early or reaching old age and exposes income to income. 

It also provides a guarantee to the individual if they survive a certain age and to the heirs in the event of the death of their breadwinner.

Is insurance important?

The effectiveness of insurance, as the modern means of responding to risks and their effects.

was the most significant reason for its prosperity, diversity, evolution, and extension to different fields, to secure individuals from every risk they face both in their money and in their people. 

The effectiveness of insurance has also led some DOLs to impose some types of insurance to ensure that some categories of people receive compensation for a particular accident.

Is insurance legal?

The insurance system presupposes a legal tool regulating the insured's relationship with the insured, the insurance contract.

However, insurance is not limited to this aspect. In addition, insurance is a technical process in which insurance companies use technical means so that they can achieve their goals of covering the risks that occur. 

It uses technical elements that are necessary to manage insurance operations, such as rules derived from statistical science. Risk reduction system and the application of the law of abundance, in addition to financial management rules. 

This enables you to achieve the objective of covering the risks to the insured, while at the same time enabling the insurer, the insurance company, to manage the insurance project for its investment purposes, to make some profit, and contribute to the purposes of the national economy.

2-Health Insurance

Health insurance provides the insured with medical care benefits and services and related expenses under the scope of the agreed coverage and is available in two images:

  1. Individual health insurance: grants to individuals and their families and separate contracts
  2. Collective health insurance: is granted to Employees of institutions, bodies, companies, and trade unions in the form of a single collective contract.

3-Fire Insurance

This type of Fire insurance provides protection to compensate for losses and damage to movable (contents) and immovable property.

(factories, commercial offices, residential homes) caused by fire hazards, explosions, or lightning, which can be secured through the model fire insurance policy. 

Coverage can also be extended to other types of hazards within additional supplements issued with the original hazard policy.

4-Automotive Insurance

It is two types:

  • Compulsory insuranceLiability insurance arising from the vehicle's use includes a use requiring the legal accountability of the insured driver by causing bodily or material injury to others.

  • Comprehensive insurance: includes liability insurance for the insured and others and for material and physical damage and death

5-Engineering Insurance

This type of Engineering insurance provides extensive cover protection for civil works, site and machinery erection, work accidents, work injuries, project damage, and others.

6-Marine Insurance

This type of Marine insurance provides the protection needed by trade where cargo is secured by sea, air, road, or rail. 

This insurance is focused on compensating cargo owners for losses to their goods due to their exposure to insured risks during transport or shipment.

General Accident Insurance

  • Theft Insurance.
  • Public liability insurance.
  • Cash insurance during the transfer from bank to customers.
  • Securing breach of trust.
  • Comprehensive Bank Insurance Policy provides comprehensive cover for banking operations.
  • Professional Liability Insurance.
  • Workers' Compensation Cover.
  • Livestock Insurance.

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