Types of Insurance Business are;
- Life Insurance or Personal Insurance.
- Property Insurance.
- Marine Insurance.
- Fire Insurance.
- Liability Insurance.
- Guarantee Insurance.
- Social Insurance.
Life Insurance is different from other insurance in the sense that, here, the subject matter of insurance is the life of human being.The insurer will pay the fixed amount of insurance at the time of death or at the expiry of the certain period.
The general insurance includes Property Insurance, Liability Insurance, and Other Forms of Insurance.
Under the property insurance property of person/persons are insured against a certain specified risk. The risk may be fire or marine perils, theft of property or goods damage to property at the accident.
Marine insurance provides protection against loss of marine perils.The marine perils are a collision with a rock, or ship, attacks by enemies, fire, and captured by pirates, etc. these perils cause damage, destruction or disappearance o’ the ship and cargo and non-payment of freight.
Fire Insurance covers the risk of fire. In the absence of fire insurance, the fire waste will increase not only to the individual but to the society as well.