Types of Insurance are; Life Insurance or Personal Insurance, Property Insurance, Marine Insurance, Fire Insurance, Liability Insurance, Guarantee Insurance. Insurance is categorized based on risk, type, and hazards.
General insurance includes Property Insurance, Liability Insurance, and Other Forms of Insurance.
Fire and Marine Insurances are rigorously 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 dedication insurance, whereby the insurer compensates the loss to the ensured when he's under the liability of payment to the third party.
Life Insurance is different from other insurance in the sense that, then, the subject matter of insurance is the life of a mortal being.
The insurer will pay the fixed quantum of insurance at the time of death or at the expiry of a certain period.
At present, life insurance enjoys maximum compass because life is the most important property of an existent.
Each and every person requires insurance.
This insurance provides protection to the family at the unseasonable death or gives an acceptable quantum at the old age when earning capacities are reduced.
Under particular insurance, a payment is made at the accident.
The insurance isn't only a protection but is a kind of investment because a certain sum is returnable to the ensured at the death or the expiry of a period.
Under the property insurance property of person/ persons are ensured against a certain specified threat. The threat may be fire or marine threats, theft of property or goods damage to property at the accident.
collision with a rock or ship, attacks by enemies, fire, and captured by pirates, etc. these perils cause damage, destruction or disappearance of the ship and cargo and non-payment of freight.
So, marine insurance insures ship (Hull), cargo and freight.
Previously only certain nominal risks were insured but now the scope of marine insurance had been divided into two parts; Ocean Marine Insurance and Inland Marine Insurance.
The former insures only the marine perils while the latter covers inland perils which may arise with the delivery of cargo (gods) from the go-down of the insured and may extend up to the receipt of the cargo by the buyer (importer) at his go down.
The general Insurance also includes liability insurance whereby the insured is liable to pay the damage of property or to compensate for the loss of persona; injury or death.
This insurance is seen in the form of dedication insurance, machine insurance, and machine insurance,etc.
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 isn't losing important.
The existent is preferred from similar losses and his property or business or assiduity will remain roughly in the same position in which it was before the loss.
The fire insurance doesn't cover only losses but it provides certain consequential losses also war threat, fermentation, screams,etc. can be ensured under this insurance, too.
The general Insurance also includes liability insurance whereby the insured is liable to pay the damage of property or to compensate for the loss of persona; injury or death.
This insurance is seen in the form of dedication insurance, machine insurance, and machine insurance,etc.
The social insurance is to give protection to the weaker sections of the society who are unfit to pay the decoration for acceptable insurance.
Pension plans, disability benefits, severance benefits, sickness insurance, and artificial insurance are the colorful forms of social insurance.
Insurance can be classified into 4 orders from the threat point of view.
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