According to Article 1 of Law 50/1980 “the insurance contract is one for which the insurer undertakes, by charging a premium and if the event occurs whose risk is hedged to indemnify, within agreed limits, the damage to the insured or meet capital, income or other agreed services ” .
Who is involved in an insurance contract?
Insurance company is the company that provides services and is obliged to indemnify the insured in cases where a loss occurs.
Employer: The person signing the policy. It may be a natural or legal person. It is the party responsible for paying compensation insurance.
Insured: the insurance contract holder and the person who is exposed to covered by the policy, either on their person or property risk. In addition to the contractual obligations that might arise, always assumes the rights. In any case, it is the person who is interested in that the incident will not occur.
Beneficiary: the person designated to receive the compensation or provision of the contract, usually in personal insurance. Designates the policyholder, and under Article 84 of the Law of Insurance Contracts can modify it as many times as appropriate estimate without consent of the insurer and by writing to it or will as long as there not expressly waived this faculty.
How many types of insurance exist?
Because the needs of people are not the same and not all are exposed to the same circumstances, insurance companies have adapted their services by offering several types of insurance:
Personal insurance. They understand all the risks that may affect the existence, physical integrity or health of the insured.
Life insurance: allows insurance beneficiaries have a minimum economic security against the risk of death of the insured or absolute or permanent disability.
Personal accident insurance: the one that is founded on the health and economic support to the insured, if it has suffered an injury or disability caused as a result of an accident.
Health insurance or illness: is the one that provides health coverage and financial compensation in case of illness by the insured.
Health care insurance: it is the one that covers physical or mental limitation, medically proven that prevents the insured performing basic activities of daily life and makes you need the help of a second person to carry them out.
Insurance or property damage. Cover the risks to which are subject the interests of the insured assets.
Car insurance are those that cover the risks created by driving cars in case of causing an accident. They are required to circulate.
Engineering insurance: are those covering damage to property to consequences of accidents, having regard in this concept those caused by forces of nature, manmade, action of things, always except natural wear
Multi – risk insurance are those that cover a wide variety of risks by hiring a single insurance policy.
Credit insurance: they are those covering losses as a result of the definitive insolvency of the debtor.
Theft insurance: the goal of coverage is the illegal removal by third parties of the things insured.
Transport insurance: cover material damage of goods, means of transport or other objects.
Fire insurance: they are those covering damage caused by fire in the insured object.
Liability insurance: cover the risk of compensation claims.
Insurance service delivery. They are those in which the insurer’s obligation is providing a service to the insured.
Travel assistance insurance: different cover unforeseen risks during the course of a trip, or prior to it.
Death Insurance: is that insurance that covers the costs of the funeral of the insured also can include all the steps and procedures that are necessary to perform at the time of death.
Legal expenses insurance: they are those whose hedged services are legal and extrajudicial assistance.
In addition to all these, within each type we find a variety of insurance.