Types of insurance

By taking out insurance you are protecting your life, health and property from future risks

By taking out insurance, you are protecting your life and property from future risks and in this way, you are transferring future costs to the insurer.

When concluding an insurance agreement, it is good to know what these basic terms mean:
  • Insurer—the legal person who provides insurance services; that is, performs insurance operations on the market
  • Insured person—the person whose liability; that is, property interest is insured and who is entitled to the insurance agreement rights
  • Insurance beneficiary—the person entitled to indemnity from the insurer in case of occurrence of an insured event in accordance with the insurance agreement concluded
  • Insured event—an incident caused by the insured risk.
  • Sum insured—the amount for which a thing, property interest or person is insured
  • Insurance premium— the monetary amount which the policy holder pays to the insurer under the insurance agreement
  • Insurance policy—a written document on the concluded insurance agreement, issued by the insurer
  • Insurance agent—a person who carries out the activities of initiating, proposing, drawing up or concluding insurance agreements on behalf and for the account of one or several insurance companies.

Types of insurance
Types of insurance:
  • Life insurance—life insurance, life annuity and supplemental life insurance
  • Non-life insurance—personal accident insurance, health insurance, motor vehicle insurance, insurance of railway rolling stock, aircraft insurance, vessel insurance, insurance of goods in transit, insurance against fire and natural disasters, motor vehicle liability insurance, aircraft liability insurance, vessel liability insurance, credit insurance, warranty insurance, insurance against various financial losses, legal expenses insurance and travel insurance.

Life insurance
Life insurance provides protection against financial losses that might be incurred as a consequence of unpredictable events in any person’s life. By taking out life insurance, we are protecting ourselves and persons close to us, while at the same time also saving and planning for the future.
Health insurance
Includes several types of insurance:
  • Daily hospital cash benefit insurance
  • Sick pay insurance
  • Voluntary health insurance of persons during travel and stay abroad

Compulsory insurance within the transport sector
You can learn more about compulsory insurance within the transport sector in our article

Compulsory insurance within the transport sector.

Insurance companies’ obligations
Before insurance agreement conclusion, the insurance company is required to inform the future policy holder about the general terms and conditions of the insurance, insurance duration, premium amount and method of payment, as well as conditions for agreement termination and other important information.

If a change in the insurance company’s information occurs (company name, registered office, organizational structure, etc.) during the insurance agreement period, the insurance company is obliged to inform the policy holder of this change. The insurance company is also obliged to inform the policy holder of the share in profit once a year. 

The consumer; that is, the insurance beneficiary, is entitled to submit a written complaint to the insurance company with which it concluded the insurance agreement if the insurance company is not complying with the contractual terms and conditions.