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InterviewSolution
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Explain the various types of life insurance policies. |
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Answer» The most important types of Insurance: 1. Life Insurance: Insurance is a provision which a prudent man makes against fortuitous or inevitable contingencies, loss or misfortunes. It is a form of spreading risks Types of life insurance policies: 1. Whole life policy or ordinary life policy 2. Endowment policy 2. Fire insurance: Fire insurance is a contact under which the insurer undertakes to indemnify or compensate the insured for actual loss caused to him by the destruction or damage of the insured property by fire in return for a consideration called the premium. 3. Marine insurance: Marine insurance is a contract between two parties under which one party agrees to compensate the other party against the loss arising from certain Marin risks in consideration of a certain payment. 4. Health insurance: Health insurance is a type of insurance which provides insurance cover for financial loss associated with illness and injuries. |
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