What Are the Different Types of Individual Health Insurance Coverage?

The type of insurance is the type of insurance classified according to the nature, purpose, target, insurance regulations and historical habits of insurance operations. There is no fixed principle and uniform standard for the classification of insurance business internationally. Countries usually adopt different classification methods according to their respective needs. The classification method is first divided into two categories of life insurance and damage insurance according to whether the object of insurance is person or property. The insured pays insurance premiums due to illness, accident, disability, death or incapacity, old retirement or expiration of insurance contract. It is life insurance, including death insurance, survival insurance, annuity insurance, pension insurance, etc .; property Or if the interest is damaged by a disaster, giving economic compensation is damage insurance, including property insurance, liability insurance, guarantee insurance and credit insurance.

Type of insurance

It is divided into original insurance and reinsurance according to whether the insurer bears all the responsibilities. Reinsurance, also known as reinsurance, is where the insurer reinsures the insured insurance liability with another or several insurers to spread the risk. Reinsurance types include proportional reinsurance and excess loss reinsurance. The former can be subdivided into fractional reinsurance and excess reinsurance, and the latter can be subdivided into excess claims reinsurance and excess loss rate reinsurance. The form of reinsurance includes temporary reinsurance, fixed reinsurance and appointment reinsurance.

According to the nature of insurance operations, it can be divided into policy insurance and commercial insurance. Most insurances have commercial motivations. They are operated by insurance companies in accordance with commercial practices, while policy insurances are established in accordance with relevant government regulations or policies. They include social insurance, property insurance, and liability insurance. Economic or social policy services.

According to the implementation of insurance can be divided into voluntary insurance and compulsory insurance. Voluntary insurance is that the parties establish a contractual relationship on the basis of equality, mutual benefit, and willingness. The insured can decide whether to insure, the type, amount, and duration of the subject matter of the insurance. Compulsory insurance, also known as statutory insurance, is the government's compulsory regulation of the legal relationship between the insured and the insurer in the form of laws or policies. Within the specified scope, regardless of whether the parties are willing or not, insurance must be handled in accordance with regulations. For any subject that is required by law to be insured, its insurance liability begins automatically, and the amount of insurance is charged in accordance with the prescribed standards, and the insured may not choose it by itself. Another form of compulsory insurance is that the government requires certain industries or individuals to participate in certain business or other activities to participate in insurance, otherwise they are not allowed to practice.

In addition to different specific classifications according to relevant national laws and regulations, it can also be divided into individual insurance and group insurance according to the subject of insurance, and can be divided into single insurance, comprehensive insurance and all risks according to the scope of insurance coverage. However, most countries are classified into four categories: property insurance, life insurance, liability insurance and credit insurance.

Property insurance uses material wealth and related benefits as the subject matter of insurance. There are mainly marine insurance, cargo transportation insurance, engineering insurance, aviation insurance, fire insurance, automobile insurance, home property insurance, theft insurance, business interruption insurance (also known as loss of profit insurance), agricultural insurance, etc. (see property insurance).

Life insurance is a type of insurance subject to the human body. The main personal injury insurance, sickness insurance (also known as health insurance), life insurance (divided into death insurance, survival insurance and dual insurance), etc. (see life insurance).

Liability insurance takes the insured's liability for civil damages as the subject matter of insurance. The insured is responsible for the economic compensation for other people's damage according to the law, and is generally borne by the insurer, which is usually added to the damage compensation insurance, such as collision liability for ship insurance, automobile insurance, aircraft insurance, engineering insurance, and offshore oil development. Insurance, etc. have expanded third party liability insurance. The main are: public liability insurance, which covers the legal liability of the insured for personal injury or property damage to others; employers' liability insurance, also known as labor insurance, which covers the employer's personal liability to employees in accordance with the law or employment contracts Financial liability for casualties; Product liability insurance, which covers the liability of the insured for personal injuries or other losses caused to consumers or users due to defects in the quality of products manufactured or sold; professional liability insurance, which covers doctors , Lawyers, accountants, engineers and other freelancers due to work-related negligence caused by personal injury or other losses caused by other people; P & I insurance, the full name of protection and compensation insurance, the insured ship owner in operation in accordance with laws or contracts Liability for damages to others.

Credit insurance takes the third party's performance obligations to the insured as the target type of insurance. Mainly: Loyalty insurance, which covers the losses caused by the employer's wrongdoing; Performance insurance, which covers the economic responsibility of one of the parties to the contract for breach of contract.

In addition to the above types of insurance, with the economic and social development, new types of insurance continue to increase, such as comprehensive computer insurance, credit card theft insurance, package insurance, atomic energy insurance, and animal insurance.

Property insurance: corporate property insurance, engineering insurance, auto insurance, liability insurance, ship insurance, freight insurance, home property insurance, credit insurance, guarantee insurance, agricultural insurance

Life insurance: life insurance, accident insurance, health insurance, critical illness insurance

Wang Yongming and others: Property Insurance, China Finance Press, Beijing, 1985.

Zhou Qingrui: An Introduction to Reinsurance, China Finance Press, Beijing, 1988.

Guo Qizhuang, translated by Zhang Shu, "Life Insurance", China Finance Press, Beijing, 1986.

Edited by Dazheng Marine Insurance Company, translated by Yang Yongping, "Theories and Practices of New Insurance Types of Insurance", China Finance Press, Beijing, 1989.