Microinsurance

{
  "id": "MLC-T-INS-002186",
  "term": "Microinsurance",
  "field": "Insurance and risk management",
  "definition": "Insurance products designed to protect low-income individuals and families in developing countries against specific risks in exchange for regular premium payments proportionate to their income. These policies typically have low premiums and small benefits, covering risks such as illness, death, property loss, or crop failure. It aims to provide financial protection to populations traditionally underserved by conventional insurance markets.",
  "url": "https://mlchart.com/terminology/insurance/microinsurance/"
}