Insurance is a means that most people rely on in order to mitigate the effects of risks that occur against their control. Some of these risks threaten their lives and others threaten their property. The insured pays a monthly subscription to the insurer (the insurance company), and when he suffers a specific loss, this company pays him compensation for the losses that he incurred. This is what is known as an insurance contract.
Types of insurance:
Death insurance: The insurance company pays the insurance amount upon the death of the insured.
Marriage insurance: The insurance company pays the insurance amount to the insured if he gets married before a certain date.
Birth insurance: The insurance company pays the insurance amount to the insured if he has a baby.
Insurance on things: It is insurance on the insured’s money.
Cooperative insurance: A group of people who share an interest, and if one of them suffers any damage, the rest of the group members compensate him for the losses he suffers.
Private insurance: done by an individual to insure his property or life by choice.
Social insurance: The state provides it to compensate the working group in society for the damages and losses it has been exposed to, and this type is compulsory.
Marine, river, air and land insurance: This type of insurance is based on compensation for damages resulting from maritime transport (such as the sinking of a ship or damage to its goods), or resulting from air (the plane falling and crashing), and the same applies to land and river insurance.
Mixed insurance: The insurance company pays the insurance amount to the insured on a specific date, or after his death for a specific period.
Supplemental insurance: This type of insurance occurs if the insured is unable to continue paying premiums to the insurance company.
Group insurance: One individual out of a group of individuals covers the risks and damages to which one of the members of the group is exposed, such as the owner of the factory and its workers (workers).
Health insurance: This type covers childbirth expenses (natural or caesarean section), hospital stay costs, and surgical operations as well.
Sickness insurance: If the insured suffers from a disease, this type of insurance covers the costs of his treatment.
Accident insurance: This type of insurance covers accidents to which the insured is exposed.
Liability insurance: If the insured causes damage or error to others, this insurance is responsible for compensating him for it.
Insurance with a fixed subscription: The insurance company (the insurer) pays the insured a certain amount in the event that he is exposed to an accident in exchange for the subscriptions he pays to it.