what is Insurance?| Types of insurance ?|General Insurance|Fire Insurance|cargo insurance|helmet insurance|double insurance|freight insurance|Types of marine insurance?

 Insurance

Insurance is a contract between the insurer and the insured person in which the insurer agrees to compensate the insured's loss in the event of an event by considering a regular payment called a premium.

(i) Work

(a) Protection

(b) Risk-sharing

(c) Competition

(d) Specialization

()Use of capital by baling

(f) promotes foreign trade;

(g) Credit facility

(h) Capital formation

(i) Social welfare

(ii) Principles

(a) The principle of extreme. good intentions

(b) Principle of incurable interest

(c) Principle of compensation

(d) Principle of contribution

(e) Principle of subordination

(f) Theory of the next imposition

(g) Principle of harm reduction

 

 Types of insurance:

 

Insurance contracts are of the following types

(i) Life Insurance Can be defined as a contract in which the insurer considers a fixed premium either lump sum or other periodic payments. Convince or agree to pay the person for whom the policy has been taken. The life insurance lily is related to two types of risks

(a) Risk of dying early

(b) Risk of late death

The types of life insurance policies are given below

(a) Whole life policy The sum insured under this policy is paid only on the death of the insured person, which means that the policy will be forfeited for a lifetime;

(b) Endowment life insurance policy Under this policy, the insurer pays a special amount in the event of the person's death or upon reaching a certain age. 

c) Joint Life Policy: This policy ′ two. More has been taken by individuals. The premium is paid jointly or in instalments.

(d) Annuity Policy The insured amount or policy under this policy is payable a certain amount, which is received after the insured age in the month. quarterly. biannually.

(i) Child endowment policy

This policy is taken by a person to cover their education or marriage expenses.

(ii)  General Insurance

(A) Fire Insurance Is a contract under which one party agrees to compensate the other party for financial losses in liee of consideration.

The types of fire insurance policies are as follows:

specific policy

double insurance

sure

b) Marin Insurance is a contract between the marine insurance insurer and the insurer. The insured may be the owner of the cargo or the shipowner or the catastrophic receiver.

There are different types of marine insurance

cargo insurance

helmet insurance

freight insurance