Insurance Types, Coverages and Rights

There are three types of insurance: property, personal and liability.

Property insurance protects against unexpected events, people’s belongings such as: car, house, company, furniture, among others.
such as: the car, the house, the company, the furniture, among others.
Personal insurance protects against events that may affect life or personal integrity. In this group we find: life insurance, personal accident insurance, disability insurance, life insurance, disability insurance, furniture insurance, among others.
There are also mandatory insurances, which are established by law.
For example, the liability insurance for owners of cars and motorcycles, and the Labor Risks Insurance, which must be taken by employers to protect their workers from accidents or illnesses at work.

Insured’s rights

Receive clear, truthful and timely information about the insurance they intend to purchase and obtain answers to their concerns.
To freely choose the insurance company with which he/she wishes to be insured.
Receive the insurance policy or the policy certificate, as applicable.
Present your complaints and claims so that they may be resolved in a timely manner.

Duties of the insured

Declare the truth about the condition of the person or property being insured.
To read carefully the contents and conditions of the insurance policy.
To preserve the insured property or living conditions and to notify any change in the same.
To give notice to the insurance company of the occurrence of the insured event.

Basic Insurance Concepts

Coverage: Events that are protected by insurance.
Exclusion: Specific condition stated in the insurance policy that is not covered and for which the insurance does not pay
Premium: The value or price of the insurance.
Insured value: The maximum amount of money that can be received by the affected party for a loss claim.
Claim: A request for payment or indemnity after a loss has occurred.