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Diff between life, fire and marine insurance.pptx
- 3. Differences between Life, Fire and Marine Insurance
- 4. Differences Risk 1 Maturity or death is sure Risk is uncertain Risk is uncertain Life Ins. Fire Ins. Marine Ins.
- 5. Differences Perio d 2 Long term contract Short term (1 year) Short term (1 year) Life Ins. Fire Ins. Marine Ins.
- 6. Differences Insurable Interest 3 Life Ins. Fire Ins. Marine Ins. Must be present at the time of taking the policy but not necessary at the time of death Needed only in the event of loss Must be present on taking policy and at the time of loss
- 7. Differences Premiu m 4 Life Ins. Fire Ins. Marine Ins. Premium paid is returned with or without bonus to the insured Will not be returned Will not be returned
- 8. Differences Payment of Premium 5 Life Ins. Fire Ins. Marine Ins. Monthly, quarterly, half-yearly or yearly instalments At the time of taking policy At the time of taking policy
- 9. Differences Indemnit y 6 Life Ins. Fire Ins. Marine Ins. Not applicable, as loss on the death cannot be measurable Loss can be measured and the insured is indemnified Loss can be measured and the insured is indemnified
- 10. Differences Objectiv e 7 Investment and protection Protection against loss only Protection against loss only Life Ins. Fire Ins. Marine Ins.
- 11. Differences Surrender Value 8 It has surrender value No surrender value No surrender value Life Ins. Fire Ins. Marine Ins.
- 12. Differences 9 Can enjoy the benefit of double insurance No Chance No chance Double Insurance Life Ins. Fire Ins. Marine Ins.
- 13. Differences Policy Amount 10 One can insure for any amount Only up to the value of property Only up to the value of property Life Ins. Fire Ins. Marine Ins.