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Insurance can be divided into property, liability and other forms of
insurance.
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(1) Property Insurance |
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Under the property insurance property of a person is insured against a certain specified
risks. The risk may be fire or marine perils, theft of property or goods, damage
to property at accident. Examples of this are: |
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- Home insurance |
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- Business insurance |
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- Commercial insurance |
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Marine Insurance |
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Marine insurance provides protection against loss of marine perils. The marine perils
are collision with rock, or ship attacks by enemies, fire and capture 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. Types of policies are:
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- Voyage policies |
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- Time policies |
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- Valued policies |
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- Hull insurance |
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- Cargo insurance |
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- Freight insurance |
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Fire Insurance
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Fire insurance covers risks 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 protected from such losses and
his property or business or industry will remain 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. Policies available in this insurance are: |
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- Consequential loss policy |
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- Comprehensive policy
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- Valued policy
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- Valuable policy
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- Floating policy
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- Average policy
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Miscellaneous Insurance
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The property, goods, machine, furniture, automobile, valuable goods etc., can be
insured against the damage or destruction due to accident or disappearance due to
theft. There are different forms of insurances for each type of the said property
whereby not only property insurance exists but liability insurance and personal
injuries are also insured. Miscellaneous insurance covers: |
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- Motor
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- Disability |
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- Engineering and aviation risks |
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- Credit insurance |
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- Construction risks |
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- Money insurance |
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- Burglary and theft insurance |
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- All risks insurance
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(2) Liability Insurance
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The general insurance also includes liability insurance whereby the insurer is liable
to pay the damage of property or to compensate the loss of personal injury or death.
The examples of this type of insurance are fidelity insurance, automobile insurance
and machine insurance. Examples are: |
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- Third party insurance |
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- Employees insurance |
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- Reinsurance
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(3) Other Forms
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Besides the property and liability insurances, there are certain other insurances,
which are included under general insurance. The examples of such insures are export
credit insurances, state employees insurance, etc. whereby the insurer guarantees
to pay certain amount at the happening of certain events. Examples are: |
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- Fiduciary insurance |
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- Credit insurance |
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- Privilege insurance
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