describe various types of insurance and examine the nature of risks protect type of insurance
Answers
Fire insurance protects the goods against the risk of fire.
Marine insurance protect the goods against the risk of loss in sea voyage.
Health insurance protects against unseen health problems
There are many types of insurance. Some of them are shown with the help of diagram given below.
Type of insurance
Life Insurance:
Life insurance is a contract,under which the insurer in consideration of a premium,agrees to pay a specified agrees to pay a specified amount on the death of the assured ,or on the expiry of a certain fixed period, whichever is earlier.
Type of Risk covered: It provides protection to the family at the premature amount at old age when earning when earning capacity is earning capacity is reduced
Fire insurance:
Fire insurance is a contract whereby the insurer,in consideration of the premium paid undertakes to compen sate the insured for any loss that may result due to the occurrence of fire.
Type of Risk covered: protects the goods against the risk of fire.
Marine insurance:
Marine insurance is a contract of insurance under which the insurer undertakes to indemnify the extent thereby agreed against marine losses.
Type of Risk covered:protect the goods against the risk of loss in sea voyage.
Health insurance:
Health insurance policy is a contract between and an individual or group in which the insurer agrees to provide specified health insurance at agreed upon price (the premium)
Type of Risk covered:protects against unseen health problems
Motor vehicle insurance:
It is a contract whereby the insurer agrees to indemnify the insured in consideration of a fixed premium,for a loss caused by theft,accident,earthquake etc.
Type of Risk covered: It protects the value of motor vehicles against risk of theft,accident and fire etc,is also accident and fire etc.it also covers the overs the owners liability to compensate who are killed or insured through negligence of the motorist.
Burglary insurance:
It is a contract whereby the insurer agrees to indemnify the insured in consideration of fixed premium,of loss due to theft ,burglary,house breaking and acts of similar nature.
Type of Risk covered:It covers the risk of loss due to theft burglary,house breaking and acts of similar nature.
Cattle insurance:
It is a contract whereby a sum of money is secured to the assured in the event of death of animals like bulls, buffaloes.cows and heifers.
Type of Risk covered: It covers risk of death of cattle due to accident disease or pregnancy.
Crop insurance:
It is a contract to provide financial support to farmers in case of crop failure due to drought or flood .
Type of Risk covered: It covers all risks of loss or damages to the crop.
Sports insurance :
It assures ad comprehensive cover available to amateur sportsmen covering their sporting equipment personal effects legal liability and personal accident risks.
Type of Risk covered: It is available to following sports angling badminton,cricket golf,lawn tennis,squash,use of sporting gun etc.
