LIST TYPES OF INSURANCE RELEVANCE TO MARKET
Insurance can be divided into two main parts;
1. Assurance/ Life Insurance
2.General Insurance
ASSURANCE/LIFE INSURANCE
Refers to Insurance against human life i.e
-Death
-Old age for specific years
POLICY UNDER LIFE INSURANCE
Endowment policy
The money is paid to his relatives at his death or when the period expected whenever is earlier.
Whole life Policy
This requires payment of premium throughout life of Insured, therefore compensation after death and money will be given to beneficiaries.
TERMS OF LIFE INSURANCE
Surrender Value
This is the money paid back to the Insured part when he decides to cancel the Insurance agreement before the period specified.
General Insurance
This is the Insurance properties when the property of the cause death varies, etc.
TYPES OF GENERAL INSURANCE
1. Marine Insurance
2.Fire Insurance
3. Accident Insurance
MARINE INSURANCE
Refers mainly to the Insurance of ships and the goods in the ships
TYPES OF MARINE INSURANCE
Voyage Policy
The policy will specify the given route i.e
– Four route
-Two route
-Or ten route (journey)
Time Policy
The policy will specify only a given period i.e
-Two weeks
-Two months, etc
Mixed Policy
The policy will specify a given route at a specific period of time e.g
-Two route for two months,etc.
Floating Policy
Covers losses associated with a particular ship or ship with a particular route.
Port Policy/Open Cover Policy
This is cover to a ship during the period of off load (dis embark)
Fire Insurance
Is the type of Insurance which cover against fire and acts of God like
-Flooding
-Lightning
FIRE POLICY
–Fire
–Theft and Burglary
-Floods
-War
-Rioting
-Loss and profit liability
-All risks of household
ACCIDENT INSURANCE (ASSURANCE)
This department mainly Insures vehicles.
MOTOR POLICY
(a) Motor
The motor policy may be third part or comprehensive
-Third party
Is the motor policy where by cover the risk against person and accidents/death or injury
Comprehensive
This is based on property (car) and person
(b) Goods or Cash in Transit
(c) Fidelity guarantee
Insurance against the destination of an employee for keeping money.
(d) Workers’ compensation
Machinery breakdown and consequential loss.
(e) Aviation and Aviation hull
Insurance against aeroplanes.
Aviation hull includes the properties and the passengers.
TYPES OF LOSSES
Total Loss
Occurs when property is destroyed completely.
Partial Loss
Occurs when property is destroyed but there is some particles remaining it can be taken into the Insurance for repair.
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