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Types of Insurance

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16 views10 pages

Types of Insurance

Uploaded by

m.mathivanan
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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TYPES OF

INSURANCE

UNIT 1
Marine and Marine insurance
Aviation • Covers ships and goods against the danger
Insurances at sea
• Include fire, theft of goods, piracy,
capture/seizure/detention by governments,
bad weather, collision.
• Covers freight and owners’ liability

Aviation insurance

• Covers losses or damages to aircrafts,


accidents and public liability to both people
(passengers/crew), cargo
Fire Insurance

• Covers domestic (ie home) and business premises


and their contents
• Factors to be considered:
-Value on the building
- types of materials used to construct premises
- source of electricity
- contents in the premises
- fire fighting facilities
- surrounding types of building
- record of the insured if previous claims were made
Motor Insurance
• Comprehensive – covers bodily and property
damages to the insured and third party
- covers loss of vehicle due to theft and
fire
• Third party – covers bodily and property
damages to the third party
• Factors for consideration:
- type of vehicle
- sum to insure
- age and driving experience of driver
- driving record of driver and his occupation.
Accident insurance – risks not provided
under fire, life, marine and motor insurance
Insurance of liability
• Employer’s liability for accidents at work
• Professional indemnity against professional negligence, errors and omission
• Public liability for loss, damage to properties or injuries towards member of public due
to negligence of the insured or their employees
• Personal liability to cover claim by third party arising from negligence of insured

Property insurance

Personal accident insurance


• Against total or partial disablement or death

Workmen’s compensation
• Compulsory to cover workers who sustain injuries, loss of limbs or lives while working
Air Travel insurance
Covers:
• Hospitalisation and medical bills up to an
agreed amount, should the insured fall sick
while on holiday overseas
• Loss of luggage or money during holiday
• Cancellation charges if the insured cancels
holiday due to illness
• Cancellation of holiday due to strikes, bad
weather, transport breakdown
Other insurance
Burglary and Theft Fidelity Guarantee Business
• Covers loss of • Covers against • Comprehensive
content due in loss of money insurance
the residence or due to misdeed coverage for
property of employees entrepreneurs
• Must disclose and businessmen
contents insured against
against and their unforeseen
value circumstances
Life Assurance – payment upon
death
• Endowment policies eg Education insurance
- more like savings policies with higher yield (bonus)
- covers insured over a fixed period of time with an
agreed amount assured at the end of the maturity
period
- high premium
• Whole life policies
- sum assured is paid to beneficiary upon death of
insured
- option to surrender before death, surrender value is
based on number of year policy has been in existence
Riders – pay small additional premium and bonus accumulated
to give a wider range of coverage for • Term policies
personal accident and disablement
benefits - covers insured for a fixed number of years without
Life Assurance

Factors affecting the premium:


- Sum assured
- Type of policy
- Age and gender of the insured
- Insured’s occupation and
occupational hazards
- Insured’s health status and medical
history of family members
Mortgage loan insurance
• Mortgage loan – loan taken to pay for the property which
is then pledged to the bank or financial institutions
• Insurance to cover:
- balance of the loan debt in the event home owner dies
- fire insurance to protect the property

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