The branch of the law which examines the insurance relation and regulates the work and activities of the enterprises engaged in insurance and scrutinizes the insurance rules in a specific system is called the Insurance Law.
In the broadest definition possible, the Insurance Law can be divided into Private Insurance Law and Social Insurance Law.
The Private Insurance Law is a risk guarantee the individuals take out on their own discretion for their private benefits against various risks.
Social insurance is a compulsory insurance most of the time established by law in order to ensure the social security of certain groups of people. (For example, the insurance for the self-employed).
People's all entities and enterprises are under the threat of uncertainties called risks. Insurance meets the damage resulting from the risks, so that one’s future becomes financially sound. Insurance provides trust to individuals and institutions, thus making it possible for the future to be planned and encouraging entrepreneurship.