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Industrial Life Assurance - Coggle Diagram
Industrial Life Assurance
Personal accident insurance
The intention of the basic policy is to provide compensation in the event of an accident causing death or injury.
In the event of permanent total disablement an annuity is paid.
Personal accident and sickness policies are renewable annually
Permanent health insurance
devised to overcome the limitation of 104 weeks' maximum benefit under the personal accident and sickness policies.
provides benefits for those who are disabled for longer periods or who, due to accident or illness, have to change to a lower paid occupation.
Motor insurance
The minimum requirement by law is to provide insurance in respect of legal liability to pay damages arising out of injury caused to any person.
Policies with various levels of cover are available
Third party, fire and theft policy: providing cover as above and in
addition including cover for damage to the vehicle from fire or theft.
hird party, fire and theft policy: providing cover as above and in
addition including cover for damage to the vehicle from fire or theft.
Comprehensive policy: providing cover as above and in addition including
cover for accidental loss of, or damage to, the vehicle itself.
Marine and transport insurance
Marine policies relate to three areas of risk
the hull
cargo
freight
Fire insurance
The basic intention of the fire policy is to provide compensation to the insured person in the event of there being damage to the property insured.
special perils
storm
tempest or flood
burst pipes
earthquake
riot, civil commotion
explosion
impact
Theft insurance
intend to provide compensation to the insured in the event of loss of the property insured
The property to be insured, for a commercial venture, will be the same as under the fire policy except of course the buildings.