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How to classify the insurance?

Date: 2016-03-20

According to the subject matter of insurance, insurances are classified as property insurance and personal insurance.

i. Property insurance

Property insurance refers to the insurance with the property or related interests as the subject matter of insurance, including property loss insurance, liability insurance and credit insurance.

1. Property loss insurance refers to the insurance with various tangible property as the subject matter of insurance, mainly including such types as corporate property insurance, family property insurance, conveyance insurance, cargo transportation insurance, engineering insurance, special risk insurance and agricultural insurance.

2. Liability insurance means the insurance that takes the liability to indemnity of the insured to the property loss or personal injury of the third party pursuant to the laws as the subject matter of insurance, mainly including public liability insurance, product liability insurance, employer liability insurance and professional liability insurance.

3. Credit insurance refers to the insurance with various credit behaviors as the subject matter of insurance, mainly including general commercial credit insurance, export credit insurance, contract guarantee insurance, product guarantee insurance and fidelity guarantee insurance.

ii. Personal insurance

Personal insurance is an insurance that takes the life and body of persons as the subject matters of insurance, including the life insurance that takes the life of the insured as the subject matter of insurance and for which the payment of insurance benefit is conditioned on the death or the survival of the insured (during the period of insurance), as well as health insurance and accidental injury insurance, etc.

1. Life insurance is a kind of insurance that takes the life of the insured as the subject matter of insurance, and takes the death or the survival of the insured as the condition for the payment of insurance benefit, mainly including such types as term life insurance, whole life insurance, endowment insurance, annuity insurance, investment-linked insurance, participating life insurance and universal life insurance.

2. Health insurance is a kind of personal insurance that takes the body of the insured as the subject matter of insurance, thereby the insured can be compensated for the expenses or losses incurred from disease or accident, mainly including medical insurance, diseases insurance and income compensation insurance, etc.

3. Accidental injury insurance is a kind of personal insurance with the body of the insured as the subject matter of insurance, for which the payment of insurance benefit is conditioned on the death or disability of the insured, including general accidental injury insurance and specific accidental injury insurance.