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Insurance (Categorization (as per point of view) (Risk (Property…
Insurance
Categorization (as per point of view)
Business
Life
Contract b/w Insurer & customer => customer pays premium
=> insurer pays fixed amount at death or expiry =>compensates title holders against loss of income =>Term certain, event uncertain
General
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Insurance of property against fire, burglary, etc
Social
Protect weaker sects of society (unable to pay premium) =>Forms: Pension Plans, Disability Plans, Unemployment Benefits, Sickness Insurance, Industrial Insurance =>Obligatory duty of nation for masses
Risk
Property
Property of customer is insured against a specified risk
Types
Marine Insurance
(insures goods transported via inland waterways)
Ocean Marine
=>Protects ocean going ships & vessels =>Cargo insured only after being loaded on ship
Inland Marine
=>Covers goods transported by various carriers on inland waterways =>Extends cover to communication equipments, radio and power transmission lines
Fire Insurance
(Insurance Covered against loss or damage to property by fire, explosion, lighting, windstorm, etc)
Miscellaneous Insurance
(Protecting goods and risk to life against society borne problems)
Burglary (against theft/dacoity)
Crop (Insuring crops against natural calamities)
Vehicle (against losses due to accident/thefts)
Personal Accident (Rs 12 p.a => Rs. 12000) (Covers accidental death, partial/ total disability)
Cattle (against loss of cattle due to diseases)
Others (Crime, Medical, Health, Bullock Cart, Jewellery, Cycle Rickshaw, Radio, etc)
Liability
Insurer pays the compensation against losses directly to the third party => Eg: Workmen Compensation, Third Party Motor, Proffessional Indemnity, Third Party liability, theft, fidelity and machine insurances (Extent of insurance limited to an extent)
Fidelity
Adopted as precautionary measure, Covers losses caused to employers by fraud, dishonesty, misappropriation of funds, goods or damages to property caused by employees in exchange of complete info about employees and service condition
Credit
Protects businessman (selling goods on credit terms) and Covers loss arisen due to insolvency of their debtors caused by bad debts/non-payment of dues =>Enables business to utilize peak and cyclic selling periods and safely expand into new product lines and territories
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