Types of Insurance Policies

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about different insurance policies

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Types of Insurance Policies:

Types of Insurance Policies Presented by : Veeresh Kumar R

Insurance is pooling of risks. In contract of insurance ,the insurer (insurance company) agree/undertakes, in consideration of a sum of money (premium) , to make good the loss suffered by the insured against a specified risk such as fire , accident etc or any contingency. :

Insurance is pooling of risks. In contract of insurance ,the insurer (insurance company) agree/undertakes, in consideration of a sum of money (premium) , to make good the loss suffered by the insured against a specified risk such as fire , accident etc or any contingency. Definition

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Types of Insurance Policies Insurance provides compensation to a person for an anticipated loss to his life, business or an asset. Insurance is broadly classified into two parts covering different types of risks : Long-term (Life Insurance ) 2. General Insurance (Non-life Insurance)

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Long-term Insurance: Long term insurance is so called because it is meant for a long-term period which may stretch to several years or whole life-time of the insured. Long-term insurance covers all life insurance policies. Insurance against risk to one's life is covered under ordinary life assurance.

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Types of Long-term Insurance Whole Life Assurance : In whole life assurance, insurance company collects premium from the insured for whole life or till the time of his retirement and pays claim to the family of the insured only after his death . 2. Endowment Assurance : In case of endowment assurance, the term of policy is defined for a specified period say 15, 20, 25 or 30 years. The insurance company pays the claim to the family of assured in an event of his death within the policy's term or in an event of the assured surviving the policy's term.

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3 . Term Assurance : The basic feature of term assurance plans is that they provide death risk-cover. Term assurance policies are only for a limited time, claim for which is paid to the family of the assured only when he dies. In case the assured survives the term of policy, no claim is paid to the assured. 4 . Annuities: Annuities are just opposite to life insurance. A person entering into an annuity contract agrees to pay a specified sum of capital (lump sum or by installments) to the insurer. The insurer in return promises to pay the insured a series of payments until insured's death. Generally, life annuity is opted by a person having surplus wealth and wants to use this money after his retirement.

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5 . Ulip: united linked insurance plan it is a new flavor of insurance which is a mix of investment as well as insurance. Insurance companies collects premium form client and invest the same into equity and debt markets. The returns generated by this investment are passing on to the inventors at the maturity. The insured person gets the benefit of risk cover as well as the investment gains. The product also offers the flexibility of partial withdrawal after certain period of premium payments. In case of death of Insured, the nominee gets the sum assured or fund value, which ever is higher.

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6. Money Back Policy: Money back policy is a policy opted by people who want periodical payments. A money back policy is generally issued for a particular period, and the sum assured is paid through periodical payments to the insured, spread over this time period. In case of death of the insured within the term of the policy, full sum assured along with bonus accruing on it is payable by the insurance company to the nominee of the deceased.

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2. General Insurance Also known as non-life insurance, general insurance is normally meant for a short-term period of twelve months or less. Recently, longer-term insurance agreements have made an entry into the business of general insurance but their term does not exceed five years. General insurance can be classified as follows:

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Health/ medical insurance: This cover only two type of benefits Re-imbursement of medical expenses related to specific diseases Hospitalization

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Some of policies are as Individual/Group Mediclaim policy Bhavishya Arogya policy Jan Arogya Bima Overseas medical cover

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Accidental insurance : The accidental insurance policies cover both death and any sort of disability arising from an accident. These plans cover a wide range of situations but not ones arising from using alcohol or drugs . Property insurance: Property insurance provides coverage against risks to property arising from fire, weather damage, or theft to name a few. This type of insurance can be further sub divided into fire insurance, earthquake insurance, flood insurance, and boiler insurance for example. The Standard Fire & Special Perils policy of SBI General Insurance is one of the major examples of such a policy .

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Vehicle insurance: Vehicle insurance is also referred to as auto insurance, car insurance, GAP insurance, and motor insurance. It is primarily bought for securing road vehicles such as cars, motorcycles, and trucks from physical damage from traffic accidents as well as any liability that may arise thereafter. Rural insurance: Rural insurance is meant to cater to the requirements of rurally bases businesses or individuals. These policies provide a wide range of coverage starting from life and health to protection against natural disasters that can have a negative effect on business.

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Industrial insurance: The industrial insurance policies are availed by various companies to get protection for important projects, construction, contracts, and equipment from situations like fire, theft and any form of damage or loss. Commercial insurance: Commercial insurance is availed in order to get security against theft, liability, and property damage. These plans also help in cases of employee injuries and business interruption.

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Fire Insurance: Fire insurance provides protection against damage to property caused by accidents due to fire, lightening or explosion, whereby the explosion is caused by boilers not being used for industrial purposes. Fire insurance also includes damage caused due to other perils like storm tempest or flood; burst pipes; earthquake; aircraft; riot, civil commotion; malicious damage; explosion; impact. Marine Insurance: Marine insurance basically covers three risk areas, namely, hull, cargo and freight. The risks which these areas are exposed to are collectively known as "Perils of the Sea". These perils include theft, fire, collision etc.

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3. Marine Cargo: Marine cargo policy provides protection to the goods loaded on a ship against all perils between the departure and arrival warehouse. Therefore, marine cargo covers carriage of goods by sea as well as transportation of goods by land . 4. Marine Hull: Marine hull policy provides protection against damage to ship caused due to the perils of the sea. Marine hull policy covers three-fourth of the liability of the hull owner (ship-owner) against loss due to collisions at sea. The remaining 1/4th of the liability is looked after by associations formed by ship-owners for the purpose (P and I clubs).

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Other form of insurance: Home insurance: Home insurance is also referred to as homeowner's insurance or hazard insurance and is primarily taken to cover private homes against various forms of losses and liabilities. Travel insurance : Travel insurance policies can be availed to cover both long and short trips as well as trips within the country as well as outside it. These plans cover medical and non medical expenses.

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Other Type of Insurance Aviation insurance Boiler insurance Builder's risk insuranc e Crop insurance Earthquake insurance

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Cont… Flood insurance Landlord insurance Surety bond insurance Terrorism insurance etc.

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Liability insurance/indemnity policies: Employee liabilities Employee state insurance liabilities Non-industrial risk Professional liabilities Product liability

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Thank you

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