How do insurance companies do business?

0202020202020202 The Insurance Law stipulates that the business scope of an insurance company is divided into property insurance business and life insurance business.

0202020202020202020202 1. Property insurance business refers to the business of insurance companies with property and its related interests as the subject matter of insurance, including property loss insurance. Liability insurance, credit insurance and other insurance business. Property loss insurance refers to taking property as the subject matter of insurance. If the insured property suffers losses in an insured accident, the insurance company shall be liable for the loss of the property in accordance with the insurance contract. Liability insurance refers to property liability insurance, the subject matter of which is the economic compensation liability that the insured should bear for the third party according to law. The object of credit insurance is the credit of the insured to others.

020202020202022. Personal insurance business is an insurance business with people's life and health as the insurance subject matter. Personal insurance includes life insurance, health insurance and accident insurance. Life insurance takes the life of the insured as the insured object and death or survival as the insured accident. When an insurance accident occurs, the insurance company shall bear the responsibility of paying insurance benefits. Health insurance is based on the insured's illness, childbirth and disability or death caused by it. When an insurance accident occurs, the insurance company shall be responsible for paying the insurance premium. Accidental injury insurance takes accidental injury and the disability or death caused by it as the insured accident. When an insurance accident occurs, the insurance company shall be responsible for paying the insurance premium.

02020202020202020202 At the same time, the insurance law also stipulates that the business scope of an insurance company should be approved by the financial supervision and regulation department, and the insurance company can only engage in insurance business activities within the approved business scope.

Further reading: How to buy insurance, which is good, and teach you how to avoid these "pits" of insurance.