TYPES OF INSURANCE

Lakshay BANSAL
MBA (FYIC);Sec-B
ROLL NO-130433716

CONTENTS
What is Insurance
Principles of Insurance
Types of Insurance
Life Insurance
Marine Insurance
Fire Insurance
Auto Insurance
Home Insurance
Conclusion




What is Insurance?
Insurance is a legal contract that
transfers risk from a policy holder
to an Insurance provider.

Principles of Insurance
Insurable interest :
This means you can only insure something, if
they benefit from its existence and will suffer if
it ceases to exist.

Utmost good faith :
It is assumed by the insurance company that
the facts you disclose on a proposal form are
accurate.

Indemnity :
This means the insured cannot make a
profit from a insurance claim.

Subrogation :
This means the insurance company has
a legal right to claim compensation for
any other party that caused the
accident.

Types of Insurance
Life
General
Marine
Fire Auto Home
Life Insurance
Life insurance is a
contract between an
insurance policy holder
and a insurer, where the
insurer promises to pay a
designated beneficiary a
sum of money (the
benefits) upon the
death of the insured
person.
In the event of death, a Life Insurance
Policy could:
Provide income to your family members so
they can maintain their lifestyle.
Provide for your childrens college education
Pay for the final expenses of a funeral.
Provides an emergency fund to handle an
unexpected financial crisis.
Provide for settlement of your personal debts.

Procedure to get a Life Insurance
Policy

Proposal

Medical Examination
Acceptance of Proposal
Payment of Premium
Kinds of Life Insurance Policies
Whole Life Policy
Endowment Policy
Joint life policy
Family Protection Insurance Policy
Convertible Whole Life Policy
Max New York
Life Insurance
Advertisement
As we have seen in the add. that if
something happens to your near and
dear ones, the family members are first
to get affected by it. In the add. the wife
got scared only by the idea of her
husbands death. The whole motive of
this advertisement is just to inform
people that one must have life
insurance because after the death of a
family member its the whole family
that suffers emotionally and financially.
Marine Insurance is concerned with overseas trade.
There are many dangers during the transshipment.
The persons who are importing the goods will like to
ensure the safe arrival of their goods. The shipping
company wants the safety of the ship. So marine
insurance insures the coverage of all types of risks
which occur during the transit.

Marine Insurance has two
branches
Ocean Marine
Insurance
Inland Marine
Insurance
Subject Matter
to be Insured by
Marine Insurance

Kinds of Marine Insurance Policy
Voyage Policy
Time Policy
Mixed Policy
Valued Policy
Unvalued Policy
Floating Policy
Fire Insurance
A fire insurance is an
agreement between two
parties i.e., insurer and
insured, whereby
insurer undertakes to
indemnify the loss
suffered by the insured
in consideration for his
(insured) paying of
certain sum called
premium.
Fire Insurance must
satisfy two conditions
There must be actual fire.
The fire should be accidental. The
property must be damaged or
burnt by fire. If the property is
damaged by heat or smoke without
ignition it will not be covered
under fire insurance.
Types of Fire Insurance Policies
Specific Policy
Comprehensive Policy
Valued Policy
Floating Policy
Replacement Policy
Various factors that causes Fire
Lightning
Aircraft damage
Riot ,Strikes
Storm, Cyclone,
Flood
Overflowing of
water tanks
Auto Insurance
An Auto insurance
policy is a contract
between you and an
insurance company.
You pay a premium,
and in exchange, the
insurance company
promises to pay for
specific car-related
financial losses during
the term of the policy.
Why do we
need
Auto Insurance
To cover the risk of damages that you cause to your own
property as well as damages to someones else property.
They will also give you and your passengers medical and
related expenses caused by injuries from a car accident.
How to buy Auto Insurance?
Buying auto insurance means making
important but sometimes confusing
choices about coverage amounts. If we
choose amounts that are too high we end
up paying extra coverage we may not
need. On the other hand, if we choose
amounts that are too low, our risk
remains uncovered in case of an accident.
Home
Insurance
A basic home policy
covers perils, which
are specifically
named risks such as
lightning, theft, fire,
smoke and wind.
Coverage
Dwelling which includes Residence,
attached / built-in garage.
Other structures include structures you own
that are not attached to the house, such as
storage sheds, etc. Motor vehicles such as
your grass cutter or motorized wheelchair
are covered, but your automobile must be
covered by a separate auto insurance policy.
Personal property covers damage, theft or
destruction of items such as television,
stereos, furniture, etc.
Additional living expenses covers the
additional costs of living in case you have
to move out of your home and live in a
hotel while it is being repaired for a
covered loss.
Lightning damage to trees, plant, shrubs
and lawns.

Insurance is an integral part of any personal financial plan.
The type of insurance and the amount of coverage you obtain
all depends on your financial and family circumstances, and
must be evaluated carefully. When considering purchasing
coverage, you should review all the potential risks and the
financial impact of these risks on your financial health. What
you need to keep in mind is that you do not want to be
underinsured or overinsured, which means you have to do
your homework before you buy.