Types Of Insurance
- Life Insurance or Personal Insurance.
- Property Insurance.
- Marine Insurance.
- Fire Insurance.
- Liability Insurance.
- Guarantee Insurance.
- Social Insurance.
Life insurance : Life insurance is a contract between an insurer and a policyholder in which the insurer guarantees payment of a death benefit to named beneficiaries upon the death of the insured. The insurance company promises a death benefit in consideration of the payment of premium by the insured.
Property insurance: Property insurance refers to a series of policies that offer either property protection or liability coverage. Property insurance can include homeowners insurance, renters insurance, flood insurance, and earthquake insurance, among other policies.
Marine Insurance : Marine insurance covers the loss or damage of ships, cargo, terminals, and any transport by which the property is transferred, acquired, or held between the points of origin and the final destination.
Fire insurance: Fire insurance is property insurance that covers damage and losses caused by fire. The purchase of fire insurance in addition to homeowner’s or property insurance helps to cover the cost of replacement, repair, or reconstruction of property, above the limit set by the property insurance policy
Liability insurance: Liability insurance (also called third-party insurance) is a part of the general insurance system of risk financing to protect the purchaser (the “insured“) from the risks of liabilities imposed by lawsuits and similar claims and protects the insured if the purchaser is sued for claims that come within the coverage of ..
guarantee insurance: What is guarantee insurance? Guarantee insurance is used as security for the performance of a piece of work, which has been agreed upon in a contract. It is also used as security for advance payments or payments on account for services agreed upon in a contract.
Social insurance : Social insurance is any government-sponsored program with the following four characteristics: the benefits, eligibility requirements and other aspects of the program are defined by statute