Who is involved in an insurance contract?

Insurance company: the company that provides the services and is obliged to indemnify the insured in the event of a claim.

Contracting party: the person who signs the policy. It may be a natural or legal person. It is the party responsible for paying the insurance premium.

Insured: is the holder of the insurance contract and the person who is exposed to the risk covered by the policy, either in his person or in his property. In addition to the obligations under the contract, he/she always assumes the rights. In any case, it is the person who is interested in the loss not occurring.

Beneficiary: is the person designated to receive the indemnity or benefit of the contracted insurance, usually in personal insurance. He/she is designated by the policyholder, and according to article 84 of the Insurance Contract Law, he/she can modify it as many times as he/she deems appropriate without the consent of the insurer and communicating it in writing to the latter or in a will as long as he/she has not expressly waived this power.

How many types of insurances are there?

Due to the fact that people's needs are not the same and that not everyone is exposed to the same circumstances, insurance companies have adapted their services by offering various types of insurance:

Personal insurance. They cover all risks that may affect the existence, physical integrity or health of the insured.

Life insurance: allows the beneficiaries of the insurance to have a minimum financial security in the event of the insured's death or absolute or permanent disability.

Personal accident insurance: it is based on the provision of health and economic support to the insured in the event that he/she has suffered an injury or disability as a result of an accident.

Health or sickness insurance: it offers health coverage and financial compensation in the event of illness on the part of the insured.

Dependency insurance: covers medically proven physical or psychological limitations that prevent the insured from carrying out basic activities of daily living and require the assistance of a second person to carry them out.

Damage or property insurance. They cover the risks to which the interests of the insured's patrimony are subject.

Automobile insurance: these are those that cover the risks created by the driving of automobiles in case of causing an accident. They are mandatory in order to be able to circulate.

Engineering insurance: these cover damage to assets as a consequence of accidents, considering within this concept those caused by the forces of nature, acts of man, action of things, always excluding natural wear and tear.

Multi-risk insurance: these are those that cover a wide variety of risks through the contracting of a single insurance policy.

Credit insurance: these cover losses resulting from the definitive insolvency of debtors.

Theft insurance: the purpose of the coverage is the unlawful removal of the insured items by third parties.

Transport insurance: covers material damage to goods, means of transport or other objects.

Fire insurance: covers damage caused by fire to the insured object.

Liability insurance: covers the risk of claims for compensation.

Service rendering insurance. These are those in which the insurer's obligation consists of providing a service to the insured.

Travel assistance insurance: covers different risks of unforeseen events during the development of a trip, or prior to it.

Funeral insurance: this insurance covers the expenses derived from the burial of the insured, and may also include all the procedures and formalities that need to be carried out at the time of death.

Legal defense insurance: these are insurances whose object of coverage is legal and extrajudicial assistance services.