What are the business types of insurance companies? What scope is included?

The business scope of insurance companies is many, mainly divided into six categories. The following small series has compiled articles about the business scope of insurance companies for everyone, hoping to help you.

1. Property loss insurance refers to the insurance that takes the material property stored in a fixed place and in a static state and its related interests as the subject matter and takes fire, lightning, explosion, climate disasters and other natural disasters as the insurance liability. The main types of property insurance include: enterprise property insurance, family property insurance and foreign property insurance.

2. Liability insurance refers to a special type of insurance in which an insurance company bears civil liability for compensation due to the insured's tort. Liability insurance is the insurance company's liability for compensation for the losses caused to others by the insured due to tort liability within the validity period of the insurance contract. In the insurance contract, liability insurance is limited to tort liability insurance, but does not include contract liability insurance, because the contract liability can be controlled by the parties, and the insurance company cannot control or influence the performance of the parties, so it does not cover contract liability. Tort liability is often beyond the control and influence of the parties. Tort liability is often not the will of the parties. Therefore, they hope to transfer the loss of tort liability to the insurance company. After investigation, the insurance company believes that the risk probability of such tort liability is small, and the premium collected can fully meet the insurance compensation. Therefore, some tort liabilities are covered selectively, including employer liability insurance, carrier liability insurance, public liability insurance, product liability insurance, professional liability insurance, third party liability insurance and so on.

3. Guarantee insurance, including credit insurance and guarantee insurance, in which credit insurance refers to the insurer's guarantee responsibility for underwriting certain credit risks. If the debtor fails to perform its obligations in accordance with the contract, causing losses to the creditor, the insurer shall be responsible for compensation. This kind of insurance includes commercial credit risk insurance, prepayment credit insurance, guaranteed credit insurance, financial credit insurance and honest credit insurance. Guarantee insurance includes investment insurance and performance insurance (mainly project performance guarantee insurance). Among them, investment insurance refers to the loss of funds and income that the insured (investor) may suffer because of the political risk of the investment country. Investment-linked insurance generally has a strong national policy color and is underwritten by large state-owned insurance companies.

4. Life insurance refers to a large-scale insurance with the death or survival of the insured as the insurance subject. The insured pays the agreed premium to the insurer. When the insured dies or lives to a certain age during the insurance period, the insurer pays a certain amount of insurance money to the insured or his beneficiary. Life insurance can be divided into survival insurance, death insurance and life-and-death pension insurance. Among them, death insurance refers to the insurance that pays insurance money with the death of the insured and the person as the insurance subject; Survival insurance refers to the insurance that the insured lives to a certain age. Upon expiration, the insurer shall pay the insured a one-time insurance premium or annuity on schedule according to the insurance contract. Old-age security is a kind of insurance that combines death in a specified period with regular survival insurance. According to this insurance contract, the insured dies during the insurance period, and the insurer pays the death insurance money. When the insured survives until the agreed insurance payment period comes, the insurer pays the insurance annuity to the insured on time.

5. personal accident insurance refers to an insurance whose subject matter is the death or disability of the insured due to accidental injury during the insurance period. The insured insures himself or the person who has an insurable interest with him, and the insurance company will compensate for the agreed insurance accident during the insurance period; If there is no agreed insurance accident during this period, the premium paid will not be refunded. All kinds of insurance can be underwritten separately, or as an additional responsibility of life insurance.

6. Health insurance refers to an insurance that the insured needs to pay medical expenses, nursing expenses, be disabled due to illness, be temporarily unable to work due to illness or accidental injury, and reduce labor income.