What are the different types of insurance? please provide categories and sub-categories
Dear Nasir,
There are two types of Insurance.
1) Life insurance- It is a contract where the insurer (insurnace company) undertakes to pay the insured or his beneficiary, in consideration of the premium, a certain sum of money either on the death of the insured or on the expiry of specified period.
2) General Insurance- It is an insurance which is not a life insurance. It includes fire, health, marine,motor insurance etc.
i) Fire insurance- It is a contract where the insurer undertakes to indemnify the insured, in consideration of money, against the damage caused to insured property due to an accidental fire.
ii) Health insurance- It is a contract where insurer provides protection to insured's health against various diseases, in consideration of a premium.
iii) Marine insurance- It is a contract where the insurer undertakes to indemnify insured for loss or damage to ship or cargo in marine adventure.
iv) Motor Insurance- It is a contract where an insurance company indemnifies the insured against the loss or damage to the vehicle, risk of injury or death to driver or third party due to accident, fire, theft etc.
Regards
There are two types of Insurance.
1) Life insurance- It is a contract where the insurer (insurnace company) undertakes to pay the insured or his beneficiary, in consideration of the premium, a certain sum of money either on the death of the insured or on the expiry of specified period.
2) General Insurance- It is an insurance which is not a life insurance. It includes fire, health, marine,motor insurance etc.
i) Fire insurance- It is a contract where the insurer undertakes to indemnify the insured, in consideration of money, against the damage caused to insured property due to an accidental fire.
ii) Health insurance- It is a contract where insurer provides protection to insured's health against various diseases, in consideration of a premium.
iii) Marine insurance- It is a contract where the insurer undertakes to indemnify insured for loss or damage to ship or cargo in marine adventure.
iv) Motor Insurance- It is a contract where an insurance company indemnifies the insured against the loss or damage to the vehicle, risk of injury or death to driver or third party due to accident, fire, theft etc.
Regards