Insurance and Its Type

abhishreshthaa

Abhijeet S
LIFE INSURANCE

The Life insurance is a contract between the assurer and the assured whereby the assurer agrees to compensate to the assured a certain agreed sum on the expiry of a certain period, or on death, whichever is earlier, for a consideration, i.e. a premium.


LIFE INSURANCE POLICIES


 Whole Life Policy

 Limited Payment Life

 Convertible Whole Life Policy

 Joint Life Endowment Policy

 Double Endowment Policy

 Jeevan Saathi

 Money Back Policy

 Annuity Plans

 Group Insurance Policy

 Bima Sandesh

 With or Without Profit Policy



FIRE INSURANCE


A fire insurance contract is an agreement whereby the insured in return for consideration (premium) undertakes to indemnify the insured against loss to property due to fire.



FIRE INSURANCE POLICIES


 Specific Policy

 Valued Policy

 Average Policy

 Floating Policy

 Excess Policy

 Blanket Policy

 Reinstatement Policy

 Comprehensive Policy

 Consequential Loss Policy



MARINE INSURANCE

Marine insurance is a contract under which the insurer undertakes to indemnify the insured against losses, caused due to perils of sea. It maybe defined as a form of insurance contract covering loss or damage to vessels or cargos or passengers during transportation on the high seas


MARINE INSURANCE POLICIES


 Time Policy

 Voyage Policy

 Mixed Policy

 Valued Policy

 Unvalued Policy

 Fleet Policy

 Blanket Policy

 Floating Policy

 Composite Policy

 Port Risk Policy

 Specific Cover Policy

 Open Cover Policy



The depth of a product mix refers to how many variants are offered of each product in the line
In the insurance sector, one policy can be made available in different variations. Some of the examples are as follows:


WHOLE LIFE SCHEMES



Whole life Limited Payment Whole Single Premium
with profit Policy Life policy Whole Life



These product mix dimensions permit the company to expand its business.
E.g.: It can add new product lines thus widening its product mix.
 
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