The types of insurance are classified according to the nature, purpose, object, requirements of insurance laws and regulations and historical habits of insurance operation. There are no fixed principles and unified standards for the classification of insurance business in the world. Countries usually adopt different classification methods according to their own needs. According to the different subject matter of insurance, it can be divided into personal insurance and damage insurance. The insurance money paid by the insured due to disability, illness, accidental death or loss of work ability, old-age retirement or the expiration of the insurance contract belongs to personal insurance, including death insurance, life insurance, annuity insurance and endowment insurance. Economic compensation for property or interest damage caused by disasters and accidents is damage insurance, including property insurance, liability insurance, guarantee insurance and credit insurance.
What's the difference between health insurance and critical illness insurance?
1. The coverage of these two insurances is different. Critical illness insurance only covers the critical illness agreed in the contract, while health insurance does not limit diseases, and the coverage is wider.
2. Different payment methods. Health insurance is paid after the accident, and critical illness insurance is paid first.
3. The insurance period is different. Health insurance is short-term insurance, usually one year, and critical illness insurance can be guaranteed for one year or for life.
4. Different functions, health insurance is compensation insurance, which is generally a supplement to medical insurance; Critical illness insurance is compensation insurance, mainly to compensate for the expenses caused by physical damage.