Motor Vehicle Insurance:
Insurance associated with protection against loss, damages or accident that may befall motor vehicle owners. Motor vehicle insurance is of two types namely:
(a) Comprehensive Motor Vehicle Insurance: which means indemnity paid to motor vehicle owners against any justifiable loss by the insurance company.
(b) Third Party Insurance: which means protection against third party insurance in respect to injuries or damages done by the motor/vehicle.
Fidelity Guarantee Insurance
This type of insurance is carried out against the risk of fraud/misappropriation by employers.
Insurance policy mostly carried out by businessmen against the risk of fire that might ravage their premises, property or stock of goods.
Insurance carried out against the risk of theft.
Insurance associated with foreign trade which covers loss that may crop up from sea ports as a result of transporting goods by sea.
Insurance that covers the risk of injuries sustained as a result of accident.
This is the protection against loss caused by death. Under life assurance, the sum assured can only be claimed after the death of the assured.