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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.
RELATED QUESTIONS
Explain the types of fire insurance policies.
_____________ policy covers all types of risks of a vessel while it is anchored at the port for a particular period of time.
In ________ policy, several ships belonging to one owner are insured under the same policy.
Answer in one sentence.
What is 'subject matter' in insurance?
Correct the underlined word and rewrite the following sentence.
Insurance helps to maximize the risks in the business.
Explain the following term/concept.
Insurance
Mr. Amit is a businessman. He has his own factories in Pune and Nashik. He lives in Pune with his wife and 2 daughters aged 5 and 8 years.
- Can Mr. Amit take a life insurance policy for his wife and 2 children?
- Can Mr. Amit take a marine insurance policy for his factories?
- Which type of insurance should Mr. Amit take for protecting his factories from loss due to fire?
Justify the following statement.
Principle of subrogation is applicable to all contracts of indemnity.
Study the following case/situation and express your opinion.
Mr. Sadagopan is a businessman he has two factories in Indore and Bhopal. He lives in Bhopal with his wife and two daughters aged 5 and 8 years.
- Can Mr. Sadagopan take life insurance policy for two children?
- Is child insurance is suitable for a wife of Mr. Sadagopan?
- Which type of insurance should Mr. Sadagopan take for protecting his factories from loss due to fire?
Distinguish Between:
Fire Insurance and Marine Insurance
What is Fire Insurance?
Life Insurance and Fire Insurance.
Distinguish between Life Insurance and Fire Insurance.
Distinguish between Life Insurance and Fire Insurance
Distinguish between LIfe insurance and Fire insurance.
Distinguish between Life Insurance and Fire Insurance.
