Explain in detail about Types of Insurance.
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Life Insurance
Life Insurance is different from other insurance in the sense that, here, the subject matter of insurance is the life of a human being.
At present, life insurance enjoys maximum scope because life is the most important property of an individual.
This insurance provides protection to the family at the premature death or gives an adequate amount at the old age when earning capacities are reduced.
This insurance provides protection to the family at the premature death or gives an adequate amount at the old age when earning capacities are reduced.Under personal insurance, a payment is made at the accident.
The insurance is not only a protection but is a sort of investment because a certain sum is returnable to the insured at the death or the expiry of a period .
General Insurance
General insurance includes Property Insurance, Liability Insurance, and Other Forms of Insurance.
General insurance includes Property Insurance, Liability Insurance, and Other Forms of Insurance.Fire and Marine Insurances are strictly called Property Insurance. Motor, Theft, Fidelity and Machine Insurances include the extent of liability insurance to a certain extent.
The strictest form of liability insurance is fidelity insurance, whereby the insurer compensates the loss to the insured when he is under the liability of payment to the third party.
The strictest form of liability insurance is fidelity insurance, whereby the insurer compensates the loss to the insured when he is under the liability of payment to the third party.Property Insurance
Under the property insurance property of person/persons are insured against a certain specified risk. The risk may be fire or marine perils, theft of property or goods damage to property at the accident.
Marine Insurance
Marine insurance provides protection against the loss of marine perils.
Fire Insurance
Fire Insurance covers the risk of fire.
Fire Insurance covers the risk of fire.In the absence of fire insurance, the fire waste will increase not only to the individual but to the society as well.
Fire Insurance covers the risk of fire.In the absence of fire insurance, the fire waste will increase not only to the individual but to the society as well.With the help of fire insurance, the losses arising due to fire are compensated and the society is not losing much.
Fire Insurance covers the risk of fire.In the absence of fire insurance, the fire waste will increase not only to the individual but to the society as well.With the help of fire insurance, the losses arising due to fire are compensated and the society is not losing much.The individual is preferred from such losses and his property or business or industry will remain approximately in the same position in which it was before the loss.
Fire Insurance covers the risk of fire.In the absence of fire insurance, the fire waste will increase not only to the individual but to the society as well.With the help of fire insurance, the losses arising due to fire are compensated and the society is not losing much.The individual is preferred from such losses and his property or business or industry will remain approximately in the same position in which it was before the loss.The fire insurance does not protect only losses but it provides certain consequential losses also war risk, turmoil, riots, etc. can be insured under this insurance, too.
Liability Insurance
This insurance is seen in the form of fidelity insurance, automobile insurance, and machine insurance, etc.
This insurance is seen in the form of fidelity insurance, automobile insurance, and machine insurance, etc.Social Insurance
The social insurance is to provide protection to the weaker sections of the society who are unable to pay the premium for adequate insurance.
Personal insurance
The personal insurance includes insurance of human life which may suffer a loss due to death, accident, and disease
The personal insurance includes insurance of human life which may suffer a loss due to death, accident, and diseaseTherefore, personal insurance is further sub-classified into life insurance, personal accident insurance, and health insurance.
Property Insurance
The property of an individual and of the society is insured against loss of fire and marine perils, the crop is insured against an unexpected decline in deduction, unexpected death of the animals engaged in business, break-down of machines and theft of the property and goods.
The property of an individual and of the society is insured against loss of fire and marine perils, the crop is insured against an unexpected decline in deduction, unexpected death of the animals engaged in business, break-down of machines and theft of the property and goods.Guarantee Insurance
The guarantee insurance covers the loss arising due to dishonesty, disappearance, and disloyalty of the employees or second party. The party must be a party to the contract.
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