Types of insurance

Types of insurance include statutory insurance, which arises when there are facts at specific dates with which the law connects origination of insurance irrespective of the will of the insured person or the insurer, and it continues for the whole time such facts persist irrespective of the will of the parties (e.g. employer’s insurance for liability for occupational injuries and sicknesses), no insurance contract is entered into, compulsory contractual insurance , which originates based on an expression of the insured’s and the insurer’s free will; however, the taking out of the compulsory insurance is required by law in light of a public interest (e.g. motor third party liability insurance, tax advisors’ damage liability insurance), and voluntary contractual insurance , which arises as an expression of the parties’ free will, where the insured is in no way limited in deciding whether to enter into the insurance contract or not.