Insurances can be classified in many ways. For analytical purposes they can be considered as falling into four categories related to the risks covered: insurances of the person; of property; of liability; and of monetary losses.
Insurances of the person include life insurance and health insurance, that is to say insurances providing benefits if the insured person dies or is disabled by accident or sickness.
Property insurance provides against loss of or damage to insured property such as ships or their cargoes, buildings or their contents, motor vehicles or any other class of property such as aircraft or oil rigs.
The Health & Safety Executive are an independent regulator and act in the public interest to reduce work-related death and serious injury across Great Britain's workplaces and can be found at www.hse.gov.uk.
Liability insurance includes insurances effected by enterprises or individuals to protect them against being legally liable to pay compensation for injury or damage for which they may be sued by some other party. There are many examples. A motorist may knock down and injure a pedestrian. Employers may be liable to their employees for injury in an accident at work which the employer could have prevented. The owners or occupiers of buildings may be responsible for accidents happening on their premises through some defect there. Manufacturers and suppliers of defective products or services may be liable for resultant injury or damage. A ship may cause damage to another by a collision resulting from faulty navigation. Often there is a doubt as to which of several parties is liable for an accident. For example, if two aircraft collide in mid-air the collision may have been caused by the negligence of one or both of the pilots, by a fault in the instrumentation of one aircraft, or by incorrect instructions given by an air traffic controller. To settle the questions raised expensive litigation may be necessary.
Insurers try to fix their rates of premium so that each insured pays a sum proportionate to the risk he presents. To take an example from life insurance, women on the average live longer than men. A woman may therefore expect to pay less for a whole life insurance but more for an annuity on her life.
Similarly a steeplejack is more likely than an office worker to have an accident.
So the steeplejack who effects an insurance for benefits if he is prevented from working as the result of an accident will pay more than the office worker for similar cover.
Whether any given... see: Premiums And Insurability
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