Types Of InsuranceClassification On the basis of nature of Insurance Life Insurance Fire Insurance Marine Insurance Social Insurance Miscellaneous
Classification from Business point of view: Life Insurance General InsuranceClassification from risk point of view: Personal Insurance Property Insurance Liability Insurance Fidelity Insurance
Life InsuranceLife 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
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
Fire InsuranceFire 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
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 tanksTypes Of Fire Insurance:Specific PolicyAverage PolicyComprehensive PolicyValued PolicyFloating PolicyReplacement or Reinstatement Policy
Marine InsuranceMarine Insurance contract is an agreement whereby The insurer undertakes to indemnify the insured In the manner and to the extent Thereby agreed upon marine losesIn 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.
Types of Marine Insurance Policies Voyage Policy Time Policy Mixed Policy Valued Policy Open or Un-valued Policy Floating Policy Wagering or Honour Policy
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.
Miscellaneous Insurance Duty Insurance Accident Insurance Erection All Risks (EAR) Insurance Contractor’s All Risk Insurance (CAR) Machinery Breakdown Insurance Product Liability Insurance Refrigeration Plant Insurance Machinery Loss of Profits Policy Cash Insurance Business Premises Burglary Insurance Office Protection Insurance Shopkeeper’s Insurance Policy
Miscellaneous Insurance Motor Insurance Personal Package Insurance Policy for Executives/Businessmen Rural Insurance ( Cattle, sheep, Horticulture, Sericulture, Agriculture etc.) House Holder’s Insurance Policy Domestic Travel Insurance Rajeswari Mahila Kalyan Bima Yojna Special Contingency policy Sports Insurance Amartya Siksha Yojana Insurance Policy Engineering Insurance
Classification from Business point of view:•Life Insurance•General Insurance General Insurance includes fire, marine andmiscellaneous insurance business whether carried onsingly or in combination with one or more of them.Classification from risk point of view:•Personal Insurance•Property Insurance•Liability Insurance•Fidelity Insurance