Insurance classification

Classification of insurance is a system of dividing the insurance industry, the types of varieties, shapes, insurance relations system. The basis of this division is the difference in the objects of insurance categories of policyholders, insurance cover and form of insurance.

 

By the type ,the insurance is distinguished:

  • mandatory, carried out on the basis of requirements of the legislation of the country within a specified list of conditions and insurance. State establishes mandatory form of insurance when the insurance protection of various objects connected with the interests not only of individual policyholders, but also the whole society;
  •  voluntary, carried out by mutual agreement of the insurer and the insured, types and conditions of which are determined by the insurers on the basis of capacity, demand for insurance, etc. in conformity with applicable legislation in the country.

 

Insurance industry considered the top echelon of insurance classification. Based on the objects of insurance, there are three insurance industries:

  1. property;
  2. private;
  3. liability insurance.

The next link of classification - sub-sector insurance. The basis of division into sub-sectors of property insurance is form of property, personal property and categories of policyholders.

 

Hence subsectors property insurance are:

property insurance of agricultural enterprises;

  • insurance of buildings;
  • insurance of fixed and working capital;
  • citizens property insurance;
  • cargo insurance;
  • insurance of construction - installation work
  • insurance of land transport;
  • insurance of air tansporta;
  • insurance of water transport;
  • security of state property leased;
  •  property insurance industry, etc.

 

In personal insurance division into sub-sectors performed depending on the extent of liability, long or short term insurance. Accordingly, private insurance is divided into three sub-sectors:

  • life insurance (mixed life insurance, life insurance, endowment insurance, life insurance in case of death, annuity insurance, insurance of children, wedding insurance - insurance of children, etc.)
  • insurance against accidents and diseases (personal accident insurance, accident insurance of employees of enterprises, insurance children from accidents, etc.).
  •  medical insurance.

In liability insurance division into sub-sectors may be used depending on the amount of third party liability. Hence subsectors liability insurance are:

  • citizens insurance of vehicle owners;
  • liability insurance carrier;
  • professional liability insurance of notaries;
  • auditors' liability insurance; 
  • professional liability insurance for builders

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Insurance classification

Classification of insurance is a system of dividing the insurance industry, the types of varieties, shapes, insurance relations system. The basis of this division is the difference in the objects of insurance categories of policyholders, insurance cover and form of insurance.

 

By the type ,the insurance is distinguished:

  • mandatory, carried out on the basis of requirements of the legislation of the country within a specified list of conditions and insurance. State establishes mandatory form of insurance when the insurance protection of various objects connected with the interests not only of individual policyholders, but also the whole society;
  •  voluntary, carried out by mutual agreement of the insurer and the insured, types and conditions of which are determined by the insurers on the basis of capacity, demand for insurance, etc. in conformity with applicable legislation in the country.

 

Insurance industry considered the top echelon of insurance classification. Based on the objects of insurance, there are three insurance industries:

  1. property;
  2. private;
  3. liability insurance.

The next link of classification - sub-sector insurance. The basis of division into sub-sectors of property insurance is form of property, personal property and categories of policyholders.

 

Hence subsectors property insurance are:

property insurance of agricultural enterprises;

  • insurance of buildings;
  • insurance of fixed and working capital;
  • citizens property insurance;
  • cargo insurance;
  • insurance of construction - installation work
  • insurance of land transport;
  • insurance of air tansporta;
  • insurance of water transport;
  • security of state property leased;
  •  property insurance industry, etc.

 

In personal insurance division into sub-sectors performed depending on the extent of liability, long or short term insurance. Accordingly, private insurance is divided into three sub-sectors:

  • life insurance (mixed life insurance, life insurance, endowment insurance, life insurance in case of death, annuity insurance, insurance of children, wedding insurance - insurance of children, etc.)
  • insurance against accidents and diseases (personal accident insurance, accident insurance of employees of enterprises, insurance children from accidents, etc.).
  •  medical insurance.

In liability insurance division into sub-sectors may be used depending on the amount of third party liability. Hence subsectors liability insurance are:

  • citizens insurance of vehicle owners;
  • liability insurance carrier;
  • professional liability insurance of notaries;
  • auditors' liability insurance; 
  • professional liability insurance for builders
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