THE INSURANCES

brief description about insuranceS

An insurances is a contract, called an insurance policy, by which an Insurances Company (the insurer) is obliged, by charging a premium and in the event that the event occurs whose risk is subject to coverage to indemnify, within the agreed limits, the damage caused to the insured; either through a capital, an income, or through the provision of a service. This contract involves: The insurer, which must always be an insurance company, which is the entity responsible for the coverage in the event of an accident, The policyholder, who is the owner of the insurance policy and responsible for paying the premium corresponding, the insured person who is the person to be insured (either to her or her property or interests, and the beneficiary who is the person who will receive the corresponding compensation in case of accident. Not all three figures must always be the same person can be all different, by way of example: A company (policyholder) that pays life insurance for its employee (insured) to charge their children (beneficiaries) in the event of their death.

There may also be one more figure, the mediator, who is the person who mediates between the Policyholder and the insurance company before the purchase of the insurance policy, at the time of formalization (purchase) and after purchase (modifications that are necessary, claims handling, etc).

The amount of money charged for insurance is called a premium. The premium guarantees that the insurer is obliged to comply with the benefits promised to the Policyholder.

Risk management, which is the practice of its evaluation and control, has developed as a discrete field of study and practice.

The transaction implies that the insured assumes a relatively small and known loss in the form of payment of a premium to the insurer in exchange for the insurance company’s guarantee to compensate (indemnify) the insured in the case of a financial or commercial loss. .

The insured receives a contract, called the insurance policy, which details the conditions and circumstances in which the insured will be compensated.

From a mathematical point of view, insurance transforms the risks to which people are subjected to bearable probabilities through an organization. Insurance is configured as a basic piece of the current social structure.

The insurances institution has two major manifestations in society

Social Security, which is a mandatory system of coverage, administered by the State, aimed at providing protection and welfare to citizens, which usually guarantees an economic benefit in case of retirement, disability, death, unemployment, etc.

Private insurances. that cover and protect the people or entities that you hire, and may be mandatory or voluntary subscription. Examples of private insurance are theft or fire insurances of a property or car or accident insurances.

Types of private insurances

  • A wrecked car in Copenhagen
  • Private insurance can be classified as personal insurance, property insurances or damage and service insurance, although they are also differentiated as personal injury insurance and material damage insurances.
  • In the insurances that covers damages to people, if we refer to the personal ones, the person is covered before any situation or unforeseen that affects him. These include life insurances, private and accidental medical insurances, which covers the insured in case of illness and the integrity of the person in an accident. Insurances against property damage partially or totally covers the loss of assets due to an accident or catastrophe, and may be home insurances, theft insurances, car insurances, fire insurances and civil liability insurances.

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