Division of insurance in terms of duration

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Insurance in terms of length of validity (term of the document) is divided into long-term and short-term insurance.

 Long-term insurance Long-term business /
Insurance is valid for two years or more and includes life insurance of all kinds.

 Short-term business / short-term insurance
Insurance is valid for one year or less and the insured has the right to renew or not renew it. It includes non-life business and is also called general insurance. The policy is usually one year for this insurance or less than one year (short term).

 It is worth noting that the English law classifies insurance to long-term insurance and short-term insurance (life insurance and life insurance) on the basis of the type of risk, meaning that the fire document is considered a short-term insurance, which means that the duration of the fire document is one year or five years All that is said is that the fire insurance is short-term insurance and that the term of the document is long-term (five years).
  • The following are the main types of general insurance:
1. Securing the bodies of ships and aircraft

 2. Cargo insurance (marine, land and air transport insurance)

 3 Property insurance

 4. Fire insurance and natural hazards such as earthquake

 5.Car Insurance

 6. Engineering Insurance

 7. Accident Insurance

 8. Insurance of civil liability

 8. Financial insurance ((credit - breach of trust - loss of profits))

 10. Judicial expenses.

 Illness insurance (medical treatment).
General insurance is divided into marine insurance and marine insurance.
Marine insurance includes marine / hull, freight and marine / cargo insurance.
Aviation insurance may be included in the insurance department of the insurance company.
Marine insurance includes insurance of property, vehicles, fire, robbery, accidents, liability, financial insurance, and medical treatment.

 Insurance companies are mainly divided into:
Life insurance companies.
Life insurance companies or public insurance companies.

 Under the principle of separation of assets and liabilities, an insurance company that operates more than one type of insurance (life and sea, for example) must distinguish between the assets and liabilities of each type separately in a separate fund for each type. To pay the marine insurance liability (s).

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