Definitions of terms used throughout this site« Back to main page
Agricultural insurance has three sub-types:
Composite insurance is a product that bundles two or more types of insurance. For example, a composite insurance product may bundle health and life insurance into a single package.
Experimental design, also known as "randomized design" or "randomized control trials," involves gathering a set of individuals (or other unit of analysis) equally eligible and willing to participate in the program and randomly dividing them into two groups: those who receive the intervention (treatment group) and those from whom the intervention is withheld (control group). For more information on experimental designs, visit the World Bank's Impact Evaluation site.
Health insurance provides coverage for health care related costs linked to illness, injury, and medical treatment. Health policies offer many different options and combinations; policies include insurance for losses from accident, medical expense, disability, or accidental death and dismemberment.
Impact assessment refers to an evaluation off the change of economic or social parameters of insured clients or their households due to the introduction of a microinsurance product. Impact assessments are important for microinsurance and other development interventions to ensure that development funds are well-spent and that clients are receiving intended benefits.
Life insurance covers the policyholder and his or her family on the event of death and disability. The policy pays death benefits if the insured dies during a specified period. There are five main types of life insurance:
Microinsurance refers to the protection of low-income people against specific perils in exchange for regular premium payments proportionate to the likelihood and cost of the risk involved at the "micro" (i.e., smaller than national) level of society. As with all insurance, risk pooling allows many individuals or groups to share the cost of a risky event.
Non-experimental designs do not use a randomly assigned comparison group, as with experimental designs, nor do they use a comparison group constructed through matching or reflexive comparisons, as with quasi-experimental designs.
Property insurance provides coverage against loss or damage of assets.
Quasi-experimental designs construct a comparison group using matching or reflexive comparisons. For more information on quasi-experimental designs, visit the World Bank's Impact Evaluation site.