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GENERAL INSURANCE POLICIES
AN OVERVIEW
INTRODUCTION
• General insurance has been taken up by General insurance Corporation of India through its five subsidiaries.
• The GIC was formed in 1972 as a holding company and general insurance is done by four subsidiary companies namely-
National Insurance Co. LtdNew India Assurance Co. LtdOriental Insurance Co. LtdUnited India Insurance Co. Ltd
CLASSIFICATION OF GENERAL INSURANCE POLICIES
CLASSIFICATION OF GIC POLICIES
MARINE INSURANCE
POLICIES
FIRE INSURANCE
POLICIES
MOTOR INSURANCE
POLICIES
BURGLARY INSURANCE
POLICIES
PERSONAL ACCIDENT POLICIES
RURAL INSURANCE
POLICIES
I. MARINE INSURANCE
• Marine insurance may be called a contract whereby the insurer undertakes to indemnify the insured in a manner and to the extent thereby agreed upon against marine losses.
• MI is concerned with overseas trade. International trade involves transportation of goods from one country to another country by ships.
• The persons who are importing the goods will like to ensure the safe arrival of their goods. So marine insurance insures the coverage of all types of risks which occur during the transit.
BRANCHES OF MARINE INSURANCE
OCEAN MARINE INSURANCE:Ocean marine insurance covers the perils of the sea.
INLAND MARINE INSURANCE:This insurance is related to the inland risks on the land.
SUBJECT MATTERS TO BE INSURED
CARGO INSURANCE
HULL INSURANCE
FREIGHT INSURANCE
PRINCIPLES OF MARINE INSURANCE
PRINCIPLES
UTMOST GOOD FAITH
INSURABLE INTEREST
INDEMNITY
CAUSA PROXIMA
MARINE INSURANCE POLICY
• Marine insurance policy contains the following information:
Name of insured or his agentSubject matter insuredRisks insured againstName of vessel and officesDescription of Voyage Amount & term of insurancePremium
KINDS OF MARINE POLICIES
1. VOYAGE POLICY
2. TIME POLICY
3. MIXED POLICY
4. VALUED POLICY
5. UNVALUED POLICY
6. FLOATING POLICY
7. BLOCK POLICY
8. WAGER POLICY
9. COMPOSITE POLICY
10. FLEET POLICY
11. PORT POLICY
CLASSIFICATION OF MARINE LOSSEES
MARINE LOSSES
TOTAL LOSS
ACTUAL TOTAL LOSS
CONSTRUCTIVE TOTAL LOSS
PARTIAL LOSS
PARTICULAR AVERAGE LOSS
GENERAL AVERAGE LOSS
EVIDENCE
NOTICE OF CLAIM
DOCUMENTS REQUIRED
EXTENT OF LIABILITY
PAYMENT OF CLAIMS UNDER MARINE INSURANCE
FIRE INSURANCE
MEANING OF FIRE INSURANCE
• Fire insurance was started after marine insurance.• The Great fire of London in 1956 destroyed 1300
houses in four days. This Great Fire gave birth to fire insurance.
• A fire insurance is an agreement between two parties i.e. insurer and insured whereby insurer undertakes to indemnify the loss suffered by the insured in consideration for his paying of certain sum called ‘premium’.
Continued….
• A Fire Insurance contract may be defined as ‘an agreement’ whereby one party in return for a consideration undertakes to indemnify the other party against financial loss which the latter may sustain by reason of certain subject-matter being damaged or destroyed by fire or other defined perils up to an agreed amount.
• The term fire must satisfy two conditions• A) there must be actual fire or ignition• B) the fire should be accidental
•proposal
•acceptance
•Commencement of Risk
ELEMENTS OF FIRE INSURANCECONTRACT
FACTORS TO BE CONSIDERED
•Type of risk involved•Nature of property•Contents of property•Occupancy hazards•Exposure hazards•The time element
KINDS OF POLICIES
•Valued policy•Specific policy•Average policy•Floating policy•Comprehensive policy•Consequential loss policy•Replacement policy•Declaration policy•Excess policy
PAYMENT OF CLAIM
•Information about loss•Appointment of assessor•Checking of documents•Issue of claim form.
MOTOR INSURANCE
MEANING OF MOTOR INSURANCE
• Motor insurance belongs to miscellaneous class of insurance
• In motor insurance the risks are of two typesLegal liability for damages for bodily injuries or
damage to property caused to otherDamage to or loss of one’s own automobile• In India first Motor Vehicle Act was passed in
1939
LIABILITIES REQUIRING COMPULSORY INSURANCE
i. Liabilities arising in respect of damage to any property of a third party
ii. In respect of death or body injury of any passenger of a public service vehicle
iii. Any liability arising by the insured in respect of death or bodily injury of any person
iv. Liability arising under Workmen’s Compensation Act in respect of death or bodily injury of paid driver of the vehicle etc.
FEATURES OF MOTOR INSURANCE
a. Motor insurance is obligatory under the provisions of Motor Vehicles Act
b. Motor risks may be divided into three categories:
i. Risk of property damageii. Risk of personal accidentiii. Liability risks
Continued…
c. Motor vehicles may be divided into three parts
i. Private vehiclesii. Commercial vehiclesiii. Motor cycles and two wheelers
ACT ONLY POLICY
THIRD
PARTY POLICY
COMPREHENSIVE POLICY
MOTOR INSURANCE POLICIES
BURGLARY INSURANCE POLICIES
•Private Dwelling Burglary policy•Business Premises Burglary Policy•Policy for Money-in-transit
PERSONAL ACCIDENT POLICIES
•Personal Accident and specified Disease Insurance•Medical Benefits and Hospitalisation schemes.
RURAL INSURANCE POLICIES
•Janta personal accident insurance•Group personal accident insurance•Livestock insurance•Crop insurance•Hut insurance•Aviation insurance•Doctors composite package policy•Pumpset policy