6. Types Of Insurance
Classification On the basis of nature of
Insurance
Life Insurance
Fire Insurance
Marine Insurance
Social Insurance
Miscellaneous
7. Classification from Business point of view:
Life Insurance
General Insurance
Classification from risk point of view:
Personal Insurance
Property Insurance
Liability Insurance
Fidelity Insurance
8. Life Insurance
Life Insurance may be defined as a contract in
which
the insurer
in consideration of a certain premium
either in lump sum or by other periodical
payments
agrees to pay to the assured or to the person
for whose benefit the policy is taken
9. the assured sum of money
on the happening of a specified event
contingent on the human life
or at the expiry of certain period.
In life insurance, the risk ensured against is
death.
Life insurance provides protection to the family
at premature death or gives adequate amount
at the old age.
LI along with risk cover is also an investment
10. Fire Insurance
Fire insurance can be defined as a contract in
which
The insurer
In consideration of the premium paid
Undertakes to make good any loss or damage
Caused by fire
During a specified period
11. A fire insurance policy is normally for one year after
which it is to be renewed from time to time.
Eg. of risk covered-Aircraft damage, riots, strikes,
storm, cyclone, busting and/or overflowing of water
tanks
Types Of Fire Insurance:
Specific Policy
Average Policy
Comprehensive Policy
Valued Policy
Floating Policy
Replacement or Reinstatement Policy
12. Marine Insurance
Marine Insurance contract is an agreement whereby
The insurer undertakes to indemnify the insured
In the manner and to the extent
Thereby agreed upon marine loses
In this contract the insurer undertakes to compensate the
owner of the ship or cargo for complete or partial loss
at sea.
Eg. of losses – collision of ship with rocks, ship
attached by enemies, fire, capture by pirates, etc.
14. Types of Marine Insurance Policies
Voyage Policy
Time Policy
Mixed Policy
Valued Policy
Open or Un-valued Policy
Floating Policy
Wagering or Honour Policy
15. Social Insurance
Social Insurance has developed to provide
economic security to weaker sections of the
society are unable to pay the premium for
adequate insurance.
Pension plans, disability benefits,
unemployment benefits, sickness insurance,
and industrial insurance are the various forms
of social insurance.
18. Classification from Business point of view:
•Life Insurance
•General Insurance
General Insurance includes fire, marine and
miscellaneous insurance business whether carried on
singly or in combination with one or more of them.
Classification from risk point of view:
•Personal Insurance
•Property Insurance
•Liability Insurance
•Fidelity Insurance