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The different types of insurance in Lebanon

3 key elements to remember
Insurance is a way for the insured to better manage risk and to receive financial and other assistance in the event of a claim. If you would like to learn more about insurance and the various benefits it provides, contact an insurance lawyer.

According to Insurance Companies Lebanon, the total amount paid out for weather-related claims has increased considerably due to the various natural disasters that have occurred. The same is true for health-related benefits. Here is a detailed review of the different types of insurance and their respective characteristics.
Insurance is a service, mandatory in some cases and optional in others. It generally involves two parties, including the insured and the insurer, and is governed by an insurance contract. The insured and the insurer are bound to respect the commitments stipulated by the contract, namely the payment of a contribution or the payment of compensation in the event of a claim.

The advantages of taking out insurance
Insurance is an operation that has been introduced to simplify life. Indeed, it allows to meet the needs of a family in case of death of the subscriber, to realize a project, to pay back the health expenses and/or to drive a vehicle.

An insurance policy is usually taken out at the insurer’s premises or at the premises of an insurance intermediary, which may be a broker, a banker or a general agent. It is also possible to sign an insurance contract at a trade show. In some cases, especially when canvassing, the insurance can be taken out at home, at your office or at any other place of work. In a distance sale, insurance can also be purchased by phone, online or by mail.

Our advice: what to do before buying insurance
Before signing an insurance contract, ask the insurer or its representative for all the documents related to your subscription, especially those that mention your rights and obligations towards the insurer. Read all the terms of your contract carefully and ask for more information on any points that seem unclear.

The different types of insurance
In general, insurance contracts are divided into two main groups. These are life and health insurance and property and casualty insurance.

Insurance of persons
The insurance of persons or ADP is a form of insurance set up to cover the physical persons, the insured. It can be taken out as individual insurance, i.e. on the initiative of the person concerned, i.e. pension insurance, death and disability insurance, supplementary health insurance, home key insurance or life insurance. You can also subscribe to a group provident insurance, i.e. intended for the members of the same community, in particular the employees of a company. This includes group retirement insurance, employee savings plans or group insurance for severance pay. The ADP is generally taken out “in case of life”. It takes the form of a contribution that is returned to the policyholder or beneficiaries at a specified date.

Damage insurance
Property and casualty insurance provides compensation to the insured in the event of a loss. In terms of insurance law, a claim refers to the circumstances provided for and mentioned in an insurance contract. This includes theft, fire, shipwreck, death of the policyholder or a beneficiary or water damage. This type of insurance gives rise to the payment of an indemnity equal to the amount of the damage caused by an involuntary or unexpected loss. There is usually third party insurance, business interruption insurance or property insurance. If the latter concerns the protection of real estate or furniture, it is called home insurance or premises insurance. If the latter is concerned with the protection of real estate or furniture, it is called home insurance or premises insurance, while if it is concerned with the protection of a car or motorcycle against accidents, it is called car insurance or motorcycle insurance. These different types of insurance can be combined in one contract, which is the comprehensive insurance.