“Microinsurance” is the generic name given to certain type of insurance designed specially to cover some contingencies faced by low-income people. Microinsurances should have special characteristics, such as small insured sums and low premiums. This is because the insured sums should be according to the patrimony of a low-income person, and the premium should be affordable. Another microinsurance key feature is that it should operate with extremely simplified mechanisms that reduce as much as possible administrative costs in order to keep low premiums. (Churchill, 2009).