Академический Документы
Профессиональный Документы
Культура Документы
• Warranty
• Statement that becomes part of insurance contract and is guaranteed by the maker
to be true in all respects
• E.g Guard on premises all times, Automatic sprinklers system will be functional etc.
• Any breach allows the insurer to deny the claim
• Insurer cannot deny a claim unless breach of warranty increases the hazard
• Mitigation
• Wearling helmet while driving
• Drinking and Smoking after Health Insurance Policy
• Causa – Proxima
• Nearest Possible Cause
Types of Insurance Policies
• Life Insurance
• Whole Life Insurance
• Endowment Policy: Eventuality should happen during the course of Policy
• Joint life policy
• Annuity: Equal amounts given at equal intervals
• Term Insurance
• Children’s deferred Insurance: Parents invest and child gets n turning 18, 21 or
at marriage
• Policy with Profits- Unit linked Policy
• Policy without profit
• Group Insurance
• Janta Policy: Premium is very low. Protection of Minorities
Fire Insurance- Property
• Specific Policy: Specific assets esp on artifacts in museum
• Comprehensive Policy: Life too covered
• Floating Policy: Various properties across country
• Replacement Policy: Property is replaced. Unique properties are
excluded
• Valued Policy: Value at the time of taking the policy
• Unvalued Policy: Insurance based on present market value
• Loss of Profit policy: Possible profits are compensated
Marine Policy
• Voyage Policy: Nautical Miles ship needs to travel
• Time Policy: Days it takes to ship
• Mixed Policy
• Valued Policy
• Unvalued Policy
• Wagering Policy: Dummy Policy just for customs
• Floating Policy: Multiple Trips
• Block Policy: Valid from manufacture to shipment
Health Insurance & Riders
• Indemnity based
• Reimburse the incurred medical expense
• Claim till the insured amount is paid
• Individual Plans- Single person
• Waiting period for various diseases
• Family floater plans
• Age of eldest family member
• Group Insurance Plans: Employer to employee
• Protection Plans- Lumpsum claim on certain conditions
• Accident Plans
• Loss of Job
• Partial Disability etc