Quick Answer: What Is The Classification Of Insurance?

What are the six general types of insurance?

A basic auto insurance policy is comprised of six different kinds of coverage, each of which is priced separately (see below).Bodily Injury Liability.

Medical Payments or Personal Injury Protection (PIP) …

Property Damage Liability.

Collision.

Comprehensive.

Uninsured and Underinsured Motorist Coverage..

What are the two types of insurance companies?

Insurance companies are classified as either stock or mutual depending on the ownership structure of the organization. There are also some exceptions, such as Blue Cross Blue Shield and fraternal groups which have yet a different structure.

What are the classes of insurance?

7 Types of Insurance Business are;Life Insurance or Personal Insurance.Property Insurance.Marine Insurance.Fire Insurance.Liability Insurance.Guarantee Insurance.Social Insurance.

What are the 7 types of insurance?

7 Types of Insurance You Need to Protect Your BusinessProfessional liability insurance. … Property insurance. … Workers’ compensation insurance. … Home-based businesses. … Product liability insurance. … Vehicle insurance. … Business interruption insurance.

What are the 4 types of insurance?

Most experts agree that life, health, long-term disability, and auto insurance are the four types of insurance you must have.

What are the 3 main types of insurance?

Then we examine in greater detail the three most important types of insurance: property, liability, and life.