Insurance- Insurance -types

INSURANCE ||INSURANCE TYPES

Insurance is divided into two types.

1.Long-term Life Insurance

2.General Insurance (Non-Life Insurance) 

LONG-TERM LIFE INSURANCE 

Long term insurance is so called because it is meant for a long-term period which may stretch to several years or whole life-time of the insured. Long-term insurance covers all life insurance policies. Insurance against risk to one's life is covered under ordinary life assurance. 

Ordinary life assurance can be further classified into following types:

1. Whole Life Assurance  
2. Endowment Assurance
3. Assurances for Children
4. Term Assurance
5. Annuities
6. Money Back Policy

General Insurance     

General insurance is normally meant for a short-term period of twelve months or less. Recently, longer-term insurance agreements have made an entry into the business of general insurance but their term does not exceed five years.  

General insurance can be classified as follows:

1. Fire Insurance
2. Marine Insurance
3. Miscellaneous