Types of Insurance

Types of insurance 4
Automobile insurance 4
Aviation insurance 4
Boiler insurance 4
Builder's risk insurance 4
Casualty insurance 4
Credit insurance 4
Crime insurance 5
Crop insurance 5
Directors and officers liability insurance 5
Financial loss insurance 5
Health insurance 5
Disability insurance 6
Liability insurance 6
Marine cargo insurance 6
Purchase insurance 6
Life insurance 6
Total permanent disability insurance 7
Marine insurance 7
Environmental liability insurance 7
Pet insurance 7
Political risk insurance 7
Professional indemnity insurance 7
Property insurance 8
Title insurance 8
Travel insurance 8
Workers' compensation insurance 8
References 9
Preface
Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of a contingent loss. Insurance is defined as the equitable transfer of the risk of a potential loss, from one entity to another, in exchange for a premium.
In some sense we can say that insurance appears simultaneously with the appearance of human society. We know of two types of economies in human societies: money economies (with markets, money, financial instruments and so on) and non-money or natural economies (without money, markets, financial instruments and so on). The second type is a more ancient form than the first. In such an economy and community, we can see insurance in the form of people helping each other. For example, if a house burns down, the members of the community help build a new one. Should the same thing happen to one's neighbour, the other neighbours must help. Otherwise, neighbours will not receive help in the future. This type of insurance has survived to the present day in some countries where modern money economy with its financial instruments is not widespread.
An entity seeking to transfer risk (an individual, corporation, or association of any type, etc.) becomes the 'insured' party once risk is assumed by an 'insurer', the insuring party, by means of a contract, called an insurance 'policy'. Generally, an insurance contract includes, at a minimum, the...

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