Insurance can be classified in various ways. First, according to whether by the State, in its role of enforcing or private insurance activities are divided into social insurance and private insurance.
Social insurance: social insurance aims to protect the working class against certain risks, such as death, accidents, disability, illness, unemployment or maternity. They are required premiums are paid by the insured and employers, and in some cases the state also contributes its contribution to the financing of compensation. Another feature is the lack of a policy; the rights and obligations of the parties since such insurance are established by law and regulated by decrees, where these rights and obligations are required.
The insured establishes the beneficiary of the insurance, and whether that designation will be missing their legal heirs beneficiaries, like a community property, in the order and in the proportion established by the Civil Code.
This insurance are the insured voluntarily contract to hedge certain risks, by paying a premium that is at its sole expense. Besides these features we can say:
- Private insurance are realized by issuing a policy – the instrument of the insurance contract – which consist in the rights and obligations of the insured and insurer.
- But the State, through the National Savings and insurance, makes various types of insurance.
- According to their private insurance object can be classified into insurance and insurance for people over things.
Insurance on people
The insurance on persons includes life insurance, accident insurance and insurance against disease. In fact, they constitute a single group called life insurance, because insurance against accidents and illnesses are but a variant of life insurance.