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TYPES OF INSURANCE — Economics Keypoint

TYPES OF INSURANCE

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MOTOR VEHICLE INSURANCE

Insurance associated with protection against loss damage or accident that may befall motor vehicle owners, Motor vehicle insurance is of two types namely 

  1. Comprehensive motor vehicle insurance: which means indemnity paid to motor vehicle owners against any Justifiable loss by the insurance company.
  2. Third party insurance: Which means protection against third party insurance in respect to injuries or damage done by the motor/vehicle.

FIDELITY GUARANTEE INSURANCE

employers carry out this type of insurance against the risk of fraud/ misappropriation

FIRE INSURANCE

Insurance policy mostly carried out by businessmen against the risk of fire that might ravage their premises, property or stock of goods.

BUGLARY INSURANCE

Insurance carried out against the risk of theft.

MARINE INSURANCE

Insurance associated with foreign trade which covers loss that may crop up from sea ports as a result of transporting goods by sea. 

ACCIDENT INSURANCE

Insurance that covers the risk of injuries sustained as a result of accident. 

LIFE ASSURANCE

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.

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