1.2 Classification of Insurance

The branches' tree (the exam's catalogue): Life vs non-life (the great divide): the life insurance (the person's life-and-body — the benefit contract: the sum assured's payment, not the loss's indemnity) vs the non-life/general (the property-and-liability — the indemnity contract: the loss's compensation); The life branch's faces: the whole-life, the endowment, the term (the 5507-U3's full craft); the annuities; the group life; the health-linked faces; The non-life branch's faces: the fire (the property's classic); the motor (the vehicle-and- third-party — the compulsory face); the marine (the hull-cargo-freight — the oldest branch); the engineering (the contractor's-all-risks, the machinery); the aviation; the miscellaneous (the personal accident, the burglary, the liability, the crop-and-cattle, the micro-insurance faces); The functional faces: the first-party (the own-loss cover) vs the third-party (the liability cover); the personal vs the commercial; the obligatory vs the optional; The reinsurance (the insurers' insurance): the risk's further spreading — the treaty-and- facultative faces (Unit 3.5's craft); The distribution faces: the conventional vs the micro-insurance (the poor's access — the inclusive face); the takaful-type cooperative faces (the mutual-and-community forms).