Revision: Logistics and Insurance Commercial Studies (English Medium) ICSE Class 10 CISCE

Fire insurance is a contract under which the insurance company (insurer) agrees to identify the insured in return for the premium against damage or loss. To property caused by fire during an agreed period of time and up to a specified amount. A fire insurance policy provides protection against damage or loss to property, i.e., buildings, furniture, goods, etc., caused by fire.

Marine insurance is one of the oldest types of insurance. It plays a vital role in foreign trade by providing protection against the perils of the sea. Sea perils include piracy, collision, capture by the enemy, seizure, restraint, jettison, barrage, etc. Jettison means throwing goods overboard in order to avoid sinking a ship, while barratry refers to a fraudulent breach of duty by a master or staff of the ship. Sinking the ship after being hit by a rock and loss of cargo due to seawater or heat are other examples of sea perils. Thus, marine insurance may be defined as a contract whereby the insurer agrees to indemnify the insured in a manner and to the extent agreed upon against marine losses.

Life insurance is a contract under which the insurance company (called the insurer) agrees to pay the specified amount (called sum assured) on the death of the insured person or upon the expiry of a specified period, whichever is earlier, in consideration of the regular premium. Life insurance is the most popular form of insurance because it plays a vital role in the lives of the public.