Normal activities of daily living carry a huge risk of financial loss. Many people are willing to pay a small amount for protection against certain risks, as this protection offers valuable security. The concept of insurance describes any measure taken to protect against risks. If the insurance takes the form of a contract in an insurance policy, it is subject to legal, regulatory and judicial requirements. An insurance undertaking is able to do business if it is authorised for the sale of insurance in that particular State and if it acts within the framework of its statutes. Insurance contracts were traditionally concluded on the basis of each type of risk (risks were defined extremely narrowly) and a separate premium was calculated and calculated for each of them. Only the individual risks expressly described in the policy or “foreseen” were covered; This is why these guidelines are now described as “individual” or “calendar” guidelines. [13] This system of “designated hazards”[14] or “specific hazards”[15] did not proven to be sustainable in the context of the Second Industrial Revolution, as a typical large conglomerate could present dozens of types of risks against which it must insure itself. For example, in 1926, an insurance industry spokesman stated that a bakery had to take out a separate policy for each of the following risks: production companies, elevators, teamster, product liability, contractual liability (for a secondary track connecting the bakery to a nearby railway), operating liability (for a retail business), and owner protection liability (for negligence of contractors responsible for modify buildings).

[13] Many other types of insurance are also issued. Group health insurance is usually offered by employers to their employees. A person may take out supplementary insurance to cover losses exceeding a specified amount or going beyond the coverage of a given insurance policy. Air travel insurance provides life insurance benefits to a designated beneficiary when the insured is dying as a result of the indicated flight. Flood insurance is not included in most homeowners` policies, but can be purchased separately. Mortgage insurance requires the insurer to pay mortgages if the insured is unable to do so due to death or disability. However, in recent years, insurers have changed increasingly company-specific standard forms or refused to change standard forms[33]. For example, a review of household insurance revealed important differences between the different provisions. [34] In some areas, such as executive liability insurance[35] and private roof insurance[36], there is little industry-wide standardization.

Motor vehicle liability insurance: agreements in which the consultant uses one or more vehicles to supplement the workload may require proof of motor vehicle liability insurance. . . .