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Question
Explain the following term/concept.
Marine Insurance
Solution
Marine insurance policy gives protection against the losses on account of the dangers of sea. It may cover loss to vessels, cargo, passengers during marine transportation. The types of marine insurance policies are voyage policy, time policy, mixed policy, valued policy, blanket policy, port risk policy, composite policy, single vessel policy, fleet policy and block policy.
RELATED QUESTIONS
Distinguish between the following:
Life insurance and Fire insurance
Explain the types of Life Insurance Policies?
In ________ policy, several ships belonging to one owner are insured under the same policy.
Explain the following term/concept.
Insurance
Study the following case/situation and express your opinion.
| Mr Jagan is a salaried person. He wants to take policy for his two children which assures them protection as well as completes their financial needs once they become major by age. |
- Suggest him a policy which can satisfy the requirements of his children.
- Who are beneficiaries of policy?
- In the above case which principle is involved?
State four life insurance policies?
Justify the following statement.
Principle of subrogation is applicable to all contracts of indemnity.
Explain marine insurance policies.
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In ___________ policy subject matter is insured for specific voyage irrespective of time.
Explain the following term/concept.
Life Insurance
Study the following case/situation and express your opinion.
Mr. Sadagopan is a businessman he has two factories in Indore and Bhopal. He lives in Bhopal with his wife and two daughters aged 5 and 8 years.
- Can Mr. Sadagopan take life insurance policy for two children?
- Is child insurance is suitable for a wife of Mr. Sadagopan?
- Which type of insurance should Mr. Sadagopan take for protecting his factories from loss due to fire?
Distinguish Between:
Fire Insurance and Marine Insurance
Give one word or phrase for the following sentence:
Name of the policy where several ships belonging to one owner are insured under the same policy.
Find the odd one:
Distinguish between Life Insurance and Marine Insurance.
Distinguish between Life Insurance and Fire Insurance.
Life Insurance and Fire Insurance.
