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Insurance Issues
Regarding to risks
plurality, insurance conventions are in different types. To distinguish
between different kinds of insurance, different methods are applicable.
Generally, insurance is provided in social and commercial fields.
In most of the countries,
insurance is offered in social and commercial aspects.
Social security is the duty of governments and usually social insurance
companies provide this secure. Because of limit coverage which provided by
social insurance, commercial insurance is offered by insurance companies.
Generally, commercial
insurance is divided into these groups:
-
Property Insurance:
-
Fire
Insurance:
This policy
indemnifies damages to movable and immovable property, including
residential, commercial, industrial units which caused by fire, explosion
and lightening.
In addition of the mentioned hazards, damages arise from earthquake, flood,
typhoon, storm, burst pipe, water damage and subsidence, impact of external
objects, glass breakage, theft and
will be covered by additional premium.
-
Marine Insurance:
Coverage for goods in transit
including export, import
and domestic transportation which are loaded by land, sea and air based on
the conditions and clauses mentioned in the policy.
Different types of insurance coverage are divided into three groups:
-
Clause A:
All risks
which may cause damage in transportation process except the exclusions
which are mentioned in the policy.
-
Clause B:
The insurer
will undertake the damages arise out of risks which are mentioned in the
policy. (Clause B in compare with clause A offers less coverage.)
-
Clause C:
This policy
just covers the particular risks which are mentioned in the policy. (Clause
C in compare with clause B offers less coverage.)
-
Motor
Insurance:
This type
of insurance will cover physical damage and bodily injury caused by car
accidents as follows:
-
Body (Hull) Policy:
In this
type of policy, damages to insured vehicle are covered.
-
Third Party Policy:
In this
type of policy, physical damage and bodily injury to third party is
covered.
-
Passenger Policy:
In this
type of policy, indemnity for bodily injury on the basis of allowed
capacity is covered.
-
Personal Insurance:
-
Life
Insurance:
Generally,
life insurance is divided into two groups:
-
Term
Assurance:
In this
type of policy, in the case of insured death during the policy period the
sum insured, will be paid to beneficiary.
-
Endowment
Life Insurance:
In this
field, in the case of insured death during policy period, sum insured will
be paid to beneficiary and in the case of insured survival at the end of
the policy period, the sum insured will be paid to the insured him/her
self.
-
Mortgage
Protection Life Insurance (Decreasing Term Insurance):
This type
of policy covers a range of mortgage repayment periods so that in the case
of insured death or permanent disability, outstanding balance of mortgage
loan will be paid off by insurance company to the mortgagee.
-
Group
Permanent Health Insurance:
In this
type of policy, the hospital and surgeries expenses and
will be covered
in the following cases:
-
Providing expansion for eye surgery expenses with different
kind of laser by the aim of eye refraction defects removal.
-
Providing all of the hospitalization and surgeries expenses
arise from accident and illness.
-
Providing natural childbirth and caesarean expenses.
-
Providing paraclinic and standing surgeries expenses.
-
Providing patient transfer expenses with Ambulance which
ends to hospitalization.
These
type of policies are often purchased by Organizations, Institution,
Companies and
for employees and their family members.
-
Health Insurance for Passengers Left For Abroad:
This type
of policy is just purchased by the passenger left for abroad and includes
following covers:
-
Payment of hospital expenses including medical care,
surgeries arise from the accidents and illnesses occurrence during the
trip.
-
Payment of dentistry urgencies expenses.
-
Payment of claims charges in accordance with policy clauses.
-
Guidance and assistance in the case of theft or getting lost
of passenger documents.
-
Accidental
Insurance:
Payment of
defined indemnity in the case of insured death and disability and
indemnification of the medical expenses arise from accident will be covered
under this policy. This policy comprises in two forms: individual and group
forms.
-
Liability
Insurance:
Public
liability is based on this concept that each individual who cause damage to
other is liable to compensate it. Therefore, each person according to
his/her occupation can protect his/her liability by purchasing liability
policy .This coverage is divided into three main groups:
-
Professional Liability:
This cover
arising out of professional negligence. This can arise where lawyers,
accountants, doctors, insurance brokers and a whole range of professional
men do or say things that result in others suffering in some sense.
-
Contractual Liability:
This
reflects to any one who as a party (within a contract) fails to fulfill
his/her obligations and thus causes damage to the other party such as
liability of tenant against owner or vise versa, liability of carriers
including transportation by land, air, sea,
-
General Liability:
This
liability reflects to each natural or legal person relative to third
parties which is not produced by policy conditions, nor by his/her
profession like: city halls liability, fire liability and
-
Engineering
Insurance:
These
policies will cover damages arise from construction and erection of
constructive plans and other projects. The most significant types of
insurance in this field are as follows:
-
Contractors All
Risk Insurance
-
Erection All Risk Insurance
-
Mechanical
Insurance Breakdown
-
Goods
Deterioration
-
Electrical
Equipment Insurance
-
Computer
Insurance
-
Others:
Particular risk relative to other types of insured
activity will cover under this type of policy such as: Aviation, marine
hull insurance, cash in safe and cash in transit, credit insurance and
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