2.2 Nature and Classification of Insurance: Life Insurance, Non-Life Insuranceand Re-Insurance

Life insurance — the human life's contingency: the sum paid on death-or-survival (the benefit form — not indemnity: the life's not valued in money); the savings-and-protection blend. Non-life(general) insurance — the property-and-liability world: fire, motor, marine, engineering, aviation, the miscellaneous faces; the indemnity form (the loss restored, no profit from misfortune). Re-insurance — the insurer's insurance: the risk's further spread (the ceding insurer- and-the reinsurer); the treaty-and-facultative forms; the follow-the-fortunes doctrine's lore; the regulator's reinsurance rules (the retention-and-abroad cession balances). The classification'slegal significance: the indemnity-vs-benefit divide (the life policy's payment regardless of the "loss" measurement); the regulatory segmentation (the life-and-non-life separation; the composite ban).