Classification on the basis of nature of insurance

Classification from business point of view

Classification from risk point of view

Life insurance Fire insurance Marine insurance Social insurance Miscellaneous insurance

Life insurance may be defined as a contract in which the insurance, in consideration of a certain premium, either in a lump sum or by other periodical payments, agrees to pay to the assured ,

or to the person for whose benefit the policy is taken, the assured sum of money,on the happening of specified event contingent on the human life or at the expiry of certain period.

Life insurance pays a death benefit when the insured party dies and the money can be given to his or her friends,family.

Non Life Insurance covers objects for theft or damages including home, property and cars.

Marine insurance covers the loss or damage of ships, cargo, terminals, and any transport or cargo by which property is transferred, acquired, or held between the points of origin and final destination.

Cancer Insurance Cancer insurance will pay you if you are

diagnosed with cancer. The policy will pay you different amounts depending on the type and duration of the treatment you receive.

Pet Insurance Pet insurance provides money to pay

for the veterinarian bills for your beloved pets. It works much the same as an ordinary plan for humans, and typically provides for annual checkups and common vaccinations.

Antiques Insurance Antiques insurance protects your

valuables. If a covered item is damaged, stolen or otherwise made worthless, the insurance policy will pay you a lump sum based on the item's appraised value.

Event insurance, often called wedding insurance, will reimburse you for your expenses if your event does not proceed as planned, or does not take place at all. Since many of the costs for weddings and other events are due in advance and are non-refundable, organizers risk significant financial loss if something goes away.

Life insurance General insurance

General insurance or non-life insurance policies, including automobile and homeowners policies, provide payments depending on the loss from a particular financial event. General insurance typically comprises any insurance that is not determined to be life insurance.

Personal insurance Property insurance Liability insurance Fidelity guarantee insurance

Personal insurance refers the loss to life by accident, or sickness to individual ,which is covered by the policy.

The insurer undertakes to pay the sum insured on the happening of certain event or maturity of the period of insurance & sickness insurance.

Contract of property insurance is a contract of property. Proof by the assured of loss is an essential element of property insurance.

Liability insurance is the major field of general insurance whereby the insurer promises to pay the damage of property or to compensate the loss of third party.

In this type of insurance ,the insurer undertakes to indemnify the assured in consideration of certain premium, for loss arising out of fraud, or embezzlement on the part of employees.