Insurance Basic Knowledge
Insurance means that the insured pays the insurance premium to the insurer according to the contract, and the insurer shall be liable for compensation for the property loss caused by the possible accident as agreed in the contract, or the death of the insured, A commercial insurance act that is responsible for the payment of insurance benefits when disability, disease, or reaching the age, time limit, and other conditions specified in the contract.
Commercial insurance can be broadly divided into: property insurance, life insurance, liability insurance, credit insurance, insurance, marine insurance.
Large categories are classified according to the scope of insurance coverage, and small categories are classified according to the type of subject matter insured.
According to the scope of insurance protection is divided into: personal insurance, property insurance, liability insurance, credit guarantee insurance.
1. Fire insurance is to cover property that is stored on land in a certain area and is basically in a static state, such as machines, buildings, various raw materials or products, loss of household appliances due to fire.
Marine Insurance is essentially a kind of transportation insurance, which is the earliest developed insurance in all kinds of insurance services. The insurer shall be liable for the loss of the subject matter of insurance caused by marine danger.
Cargo transportation insurance is the cargo transportation insurance except for the maritime transportation, which mainly covers the loss of goods in the process of inland, River, coastal and air transportation.
All kinds of transport insurance mainly cover the loss of various means of transport in the process of driving and parking. Mainly including auto insurance, aviation insurance, ship insurance, railway vehicle insurance.
5. Engineering insurance covers all accidental losses and personal injury and property loss of a third party during various projects.
Post-disaster benefit and loss insurance refers to the insurance liability of the insurer for all kinds of intangible benefit losses that may be caused by the property insurance accident.
7. Theft insurance covers the loss of property caused by acts such as robbery, robbery or theft.
Agricultural insurance mainly covers the loss of various crops or cash crops and various types of livestock and poultry caused by natural disasters or accidents.
Liability insurance is based on the insured’s liability for civil damages as the subject matter of insurance. Whether enterprises, groups, families or individuals, in the conduct of various production business activities or in daily life, due to negligence, negligence and other acts of damage to others, according to the law or contract, the financial compensation liability of the victim can be covered by the insurance company after the relevant liability insurance.
Public liability insurance covers the legal liability of the insured for personal injury or property damage caused by other persons.
11. The employer’s liability insurance covers the financial liability of the employer for personal injury or injury to the employee under the law or employment contract.
12. Product liability insurance covers the liability of the insured for compensation arising from personal injury, injury or other loss to consumers or users caused by defects in the manufacture or sale of products.
13. Occupational liability insurance covers the liability for compensation for personal injury or death and property damage caused by mistakes in the work of doctors, lawyers, accountants and designers.
14. Credit insurance insurance in which the party to the contract requires the insurer to bear the credit risk of the other party of the contract.
15. Guarantee insurance the obligation shall be taken as the insured, and the insurer shall, in accordance with the provisions of the contract, guarantee the insurance to the right holder that shall perform its obligations.
16. Periodic death insurance insurance that is subject to the payment of death during the insured’s insurance period.
17. Life-long death insurance insurance that is conditional on the lifetime death of the insured.
18. Two-full insurance insurance that is subject to the condition of payment of the insured’s death within the insurance period or survival after the expiration of the insurance period, has the nature of savings.
Pension insurance is based on the survival of the insured as a condition for payment, to ensure that the insured in a fixed period of time, according to a certain interval of payment insurance.
Property insurance is all kinds of material property as the subject matter of insurance, the insurer for the material property or the loss of the interests of the material property liability.
21. Life insurance is insurance in which the subject matter of insurance is the person’s body or life. The insurer shall bear the responsibility of paying the insurance money when the insured suffers personal injury or death during the insurance period, or when the insured suffers injury or death or survives during the insurance period. In addition to life insurance, personal insurance includes health insurance and personal accident and injury insurance.
22. Disease insurance, also known as health insurance, is the insurance in which the insurer pays the insurance money according to the agreement of the insurance policy for the medical expenses incurred by the insured due to illness or the incapacity for work due to illness.
23. Life insurance: referred to as life insurance, is a kind of life and death as the object of insurance, is the survival or death of the insured during the period of insurance liability, the insurer according to the provisions of the contract to pay insurance benefits of a kind of insurance.
24. Dividend insurance means that, after the end of each accounting year, the insurance company will pay a certain proportion of the distributable surplus of such dividend insurance in the previous accounting year in the form of cash dividend or value-added dividend, A type of life insurance that is assigned to a customer.
25. Investment-linked insurance is the capital (premium) that an insurance company will receive. In addition to the amount of insurance provided to the customer, it will also make a link to the target of the fund so that the customer can enjoy the profit of the investment.
26. Universal life insurance (also known as universal life insurance) refers to life insurance in which the premium can be paid at will and the amount of the death insurance benefit can be adjusted at will.
27. Reinsurance insurance in which the risks operated by an insurance company are the subject matter of insurance. According to the insurance cost points, there is a special type of insurance, namely free insurance, also known as zero insurance.
28. Free insurance is a type of insurance product that is given free of charge to a customer by an insurance company or insurance agency. In this way, the insurance company or insurance agency increases the customer’s knowledge of the insurance company or agency. It is a way to gain the trust of customers through their free experience of insurance products.