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:
- Whole Life Assurance
- Endowment Assurance
- Assurances for Children
- Term Assurance
- Money Back Policy
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:
- Fire Insurance
- Marine Insurance