Question

Match the following

• A. Whole Life Policy
• B. Duration < 1 year
• C. Hull Insurance
• D. Crop Insurance

Answer 1

* Life Insurance: It is related to two types of risks:
1. Risk of dying too early.
2. Risk of dying too late.
There are two kinds of life insurance policies:
a. Whole Life Assurance Policy
b. Endowment Life Assurance Policy
Whole Life Assurance Policy, the insured sum is paid only on the death of the insured. It means the policy is to run for the whole life of assured.
*Fire Insurance: It is a contract under which one party in return for a consideration (premium) agrees to indemnify the other party (insured) for the financial loss which the latter may suffer due to damage to the property insured by fire during a specific period and up to a specific amount.
*Marine Insurance: An arrangement under which the insurer undertakes to indemnify the insured in the manner and to the extent thereby agreed against marine losses. The different types of marine insurance policies are:
a. Cargo Insurance
b. Hull Insurance
c. Freight Insurance
*General Insurance: The risk involved in uncertain. The person may suffer a loss, or he may not suffer a loss. It contains the element of protection. The premium may be altered at the time of renewal of the policy.