Type of Life Insurance

Human life is pricious .once it is lost, it can not be recouped.But the financial loss cost by life life insurance can bu recouped by perchasing life insurance policy. We may find viriety of people of differents income group,family structure and risks. As required by insurance ( Bassically, life insurance policies can be classified as given bellow: The clients insurers provide differert types of life insurance policy their convinience. there are numberous variations ofl life policy provided by insurer. The combinations of two types of life term insurance is given as:

1. whole life insurance
2. Endoment life insurance

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Differaence in Condition Insurance

It is called DIC insurance DIC insurance is short. This insurance policy covers all other perils not insured by the basic property insurance . So once property is additionally insured purchasing DIC insurance,no any type of policy is needed for that property. However DIC is less expensive than the purchase the separate policies for flood and earthquake etc. It costs less because it is excess over the underlying coverages, and it does not require either coinsurance or insurance to full value. DIC insurance is written as a separate contract to supplement the coverage provided by the underlying contracts. As such, it excludes perils covered by the underlying contracts malicious mischief and sprinkler leakage.Most other insurable perils are also covered . The policy can also be written to include coverage for flood, earthquake ,and building collapse.

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Marine Insurance

Fire insurance is the insurance of good in transit. Since it covers good in transit again must pure risks conected with trasportation insurance. Marrine insurance can be classfied into two categories :

Ocean Marine Insurance : Ocean Marine insurance provides protection of all type of risksof goods on transit in ship. All legal liabilities of the owners and shippers can also be covered in ocean Marine insurance.

AInland Marine Insurance: Inland marine insurance porvides financial security og goods are imported shipped on land. when goods are imported exported or domestically shipped, land Marine insurancecovers all types of goods in transitt. this coverage includes the loss by accident, theft, robbery ,fire etc.

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Life insurance and Health Insurance

It is the insurance of public life and health . In this insurance the insurers are extermely important in providing financial secutity to individuals and families. there are mainly two types of policy in this category. They are liffe insurance and haelth insurance . In life insurance , the insurers has to pay the insurered amount to designated beneficiaries when the insured the dies . Other death benefits can also be designed in the life policy. The death benefits can be designed to pay for funeral expenses. Insured medical bills estate taxes, and other expenses as a result of death. The death proceeds canbe arranged to provided periodic income payments to the daceased's dependents. Life insurers also sell both group and individual retirements plans that pay retirement benefits. In addition life and health insurers sell individuals and group health insurance plans that cover medicalexpense from seekness or injury.

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Condominion Insurance

There is many residential flat in an apartment building. There are many owener for each flat of an apartment building. They have common wall,roof plumbing ,heating and air conditioning systems. So the owner of individual residental flat have also common interest in the whole building. The condominiom insurance covers the building and equipment used to maintain or servive the building such as fire extinguisher, equipment and outdoor fornitune.if required by the condominiom association agreement the from also covers fixtures improvements and alterations that are part of the building, land apliances within individual units such as a refrigerenetor, washing machine, private computer, dishwasher etc.However insurance on the building owner's personal property such as furnitune , and household contents. In addtion, the form covers business personal property and the personal property of others in the named insured's care and costody.

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Economic Justification of Life Insurance

We must all die, but the time of death is uncertian. If the breakwinner dies prematurely, it will financially disturb the whole depended fimaly members. life INsurance policy is that pays a stated sum to a named beneficiary and is not a contrat of indemnity. The insured evnt is the uncertainly od the time of death. If the insurance earns an income and other dependent on that earning capacity for at least part of teir financial support, the purchase of the life injsurance is breakwinner dies prematurely without standing financial obligations and dependents to support it may rsult in financial insecurity for the serviving dependents. Life insurance can be sued to restore the family's share of the income of decreased breadwinner.

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Difination of Insurance

human life is full of risk and uncertainty. Each and every step of lifeo of risks. we can cot eliminate risks .however . we can make provision for financial security against risks. Insurance is the means to get financial security against risks. Insurance is a way of reducing uncertainty of an event. Insurance is an investment , from which we get return only when certain loss uccured from priditerminded incident. Insurance has wide scope and area nowadays. So there is no single defifnition of insurance. Insurance can be defined from the viewpoints of several disciplines. The defination of insurance can be expressed from the viewpoints of law, economics history, sociology and risk theory. Insurance has been efined as a plan by which large number of people are associated themselves and transfer to shoulder of all , risks to attach andividuals.

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