Type of Insurance in full detail

Type of Insurance

(1) Life Insurance: 

(A) Whole Life Insurance:

A contract that promises to pay a fixed amount to the heirs of the person who has taken out insurance is called life insurance.  

The insured pays the fixed premium for a fixed period of time and for a lifetime. Life is priceless so its value cannot be determined.  - The principle of compensation does not apply. 

At the time of death of the person, if the cause is not suspected, the insurance company is obliged to pay the full amount of the policy. 

(B) Endowment Insurance:  

Survival insurance is an insurance contract that promises to pay a fixed amount to the insurance company at the end of the term of the person or if the person dies before the expiry of the term is in return for this promise, the insured pays a fixed premium for a fixed period of time. 

(2) General Insurance: 

There are three types of general insurance: (A) Goods Transportation Insurance (B) Fire insurance (C) Other general insurance.  

(A) Goods Transportation Insurance: 

There is a risk of complete or partial loss of goods from one place to another Insurance 

(I) Marine Insurance (II) Air Insurance (III) Road Insurance or Railways |  Known as road insurance.  

(I) Marine Insurance: 

Shipping is very cheap;  But it is also protracted and dangerous.  Before the 18th century, most international trade took place by sea.  Hence this type of insurance is the oldest and ubiquitous.  

Marine insurance was introduced by an organization called Lois of London.  The organization has maintained its credibility for over 325 years.  

(II) Air Insurance: 

Air insurance began to be shipped by air in the late 19th century.  Air transport is very fast but expensive and dangerous.  

This transports valuable and light weight goods through air transport.  Air insurance premium rates are higher compared to marine and road insurance.  

(III) Road Insurance or Railways |  Rail Insurance: 

Road transport includes land and railway.  The dangers of transporting goods by land and railways are especially theft, robbery, loss of goods, etc.  Road insurance is taken out to protect against these risks.  

(B) Fire Insurance: 

Fire insurance is an agreement to obtain a premium in lieu of a promise of compensation in case of complete or partial loss or destruction of property or property as a result of a certain fire.  

In fire insurance the principle of insurable interest is enforced.  The insured must have an uninsured interest in the property when insuring as well as when the property is damaged by fire.  

(C) Other Insurance: 

Due to the diversification of insurance business, many new types of insurance have come into existence, special insurance for the singer from his throat, third party insurance to compensate others for the loss caused by the use of vehicles, non-worker insurance, workers.  

Insurance for, general and social harm to the student body - compensation insurance, medical service - compensation insurance for nursing care, insurance for loss of profits from business closure, loss to employers due to employee fraud - compensation insurance, sports competitions natural or  There are many types of insurances in place, such as insurance for damage that cannot be held or postponed due to unnatural factors, and there is a high cost to maintain and treat a person's health.  

Mediclaim Insurance to the policyholder as per the conditions laid down by the insurer.