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Question
Explain the following term/concept.
Marine Insurance
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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.
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| Group A | Group B |
| A. Sprinkler policy | 1. provides a regular percentage of the sum assured |
| B. Child insurance | 2. marketing |
| C. Money back policy | 3. demand made by insured to insurer for loss occurred due to mishap |
| D. Claim | 4. profit |
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| 6. protection from financial loss | |
| 7. for voyage | |
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Explain the following term/concept.
Life Insurance
Distinguish between Life Insurance and Fire Insurance.
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Insurable Interest
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Life Insurance and Fire Insurance
Life Insurance and Fire Insurance.
Distinguish between LIfe insurance and Fire insurance.
Distinguish between Life Insurance and Fire Insurance.
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