What is marine insurance class 11?
Asked by: Dr. Tressa McKenzie Jr. | Last update: February 11, 2022Score: 4.2/5 (15 votes)
Marine insurance is generally meant for sea transport and shipping corporations. It provides insurance to ships and the cargo they carry. Marine insurance covers any damage a ship or the cargo of the ship may suffer during the voyage or at any point between the start and end of the journey.
What is meant by marine insurance?
Marine Insurance — a type of insurance designed to provide coverage for the transportation of goods either on the ocean or by land as well as damage to the waterborne instrument of conveyance and to the liability for third parties arising out of the process.
What is marine insurance and its types?
Marine Insurance is a type of insurance policy that provides coverage against any damage/loss caused to cargo vessels, ships, terminals, etc. in which the goods are transported from one point of origin to another.
What are the three types of marine insurance class 11?
These are ship or hull insurance, cargo insurance and freight insurance.
What is marine insurance and fire insurance?
Fire insurance is an insurance that covers the risk of fire. It covers goods or property of the insured person. ... Marine insurance is one that encompasses risks associated with the sea. The subject matter covered here, is the ship, cargo and freight.
Class 11 Business Studies Chapter 4 | Marine Insurance (Part 1) - Business Services
What is health insurance class 11?
Health insurance is that insurance under which the insurer provides for payment of medical expenses in case of illness of the insured person and his family.
What is cargo insurance class 11?
Cargo Insurance : The cargo transported by sea is subject to manifold risks at the port and during the voyage. The cargo can be insured to cover against such risks. ... Freight insurance may be issued to reimburse the loss of freight to the insured in case the cargo does not reach the place of destination.
What is hull insurance class 11?
(a) Ship or hull insurance: Since the ship is exposed to many dangers at sea, the insurance policy is for indemnifying the insured for losses caused by damage to the ship.
What is fire insurance class 11?
A fire insurance is a contract between the policyholder and the insurer. Here the insurance company will pay to the policyholder any loss caused to him or his particular property when destroyed by a fire accident. So the protection is against any damage that the fire causes.
What are two types of marine insurance?
- Freight Insurance.
- Liability Insurance.
- Hull Insurance.
- Marine Cargo Insurance.
Why is marine insurance important?
Besides, marine insurance is important as it offers protection against any damage/loss incurred to the ship and to the cargo, which the ship is transporting. Whether you own a ship or yacht for any commercial or any transportation purpose, marine insurance policy will secure you from every marine-related peril.
Why do we need marine insurance?
Marine insurance is necessary to keep the safety of your costly items intact. The carriers through which the items are being delivered have limited liability. Depending on your preference of insurance provider you may insurer the items up to a certain limit above the invoice value of the insurer.
What is insurance explain principle of insurance?
The basic principle of insurance is that an entity will choose to spend small periodic amounts of money against a possibility of a huge unexpected loss. Basically, all the policyholder pool their risks together. Any loss that they suffer will be paid out of their premiums which they pay.
What is marine insurance class 12?
Marine Insurance is the insurance against loss by damage or destruction of cargo, freight, merchandise, or the means or instruments of transportation and communication whether on land, sea, or air.
What is marine insurance Slideshare?
• A contract or policy of marine insurance is an arrangement whereby one person called insurer or underwriter, agrees, according to specific terms of contract, to indemnify another person, called assured, for the losses incurred in connection with property, such as ship, goods or other movables, in maritime transport.
What is insurance and types of insurance class 11?
Health Insurance: Covers the cost of medical care. Fire Insurance: give coverage for the damages caused to goods or property due to fire. Motor Insurance: offers financial protection to motor vehicles from damages due to accidents, fire, theft, or natural calamities.
What is the difference between life fire and marine insurance Class 11?
Life Insurance is having the life insured of the policy maker upon his death. Fire Insurance is the insurance against any loss caused due to fire to the policyholder. Marine Insurance covers cargo losses of the policyholder caused to the ships or other cargo vessels due to any accidents in the water bodies.
What is life and marine insurance?
In life Insurance, the life of the Insured is a subject matter. In Marine Insurance, goods in ship cargo and freight are the subject matter. 4. Insurable interest. It must exist (live) at the time of contract.
What are the types of insurance class 11 business studies?
- Life Insurance.
- Health Insurance.
- Fire Insurance.
- Marine Insurance.
- Vehicle Insurance.
What are the functions of insurance class 11 business studies?
Functions of insurance are as follows : ... Certainty: Insurance provides certainty of payment for the risk of loss. There are uncertainties of happening of time and amount of loss. Insurance removes these uncertainties and the assured receives payment of loss.
What is hull or ship insurance?
What is Marine Hull Insurance? Marine hull insurance is an insurance policy specifically designed to provide coverage to water vehicles like a boat, ship, yacht, fishing boat, steamer, etc. A hull means the body of the vessel and that is exactly what is covered by this insurance policy.
What are the types of life insurance policies Class 11?
- Term Plan – pure risk cover.
- Unit linked insurance plan (ULIP) – Insurance + Investment opportunity.
- Endowment Plan – Insurance + Savings.
- Money Back – Periodic returns with insurance cover.
- Whole Life Insurance – Life coverage to the life assured for whole life.
What are the principles of marine insurance?
The fundamental principles of Marine Insurance are drawn from the Marine Insurance Act, 1963* As in all contracts of insurance on property, the contract of Marine Insurance is based on the fundamental principles of Indemnity, Insurable Interest, Utmost Good Faith, Proximate Cause, Subrogation and Contribution.
What are the 3 main types of insurance?
- Life insurance. As the name suggests, life insurance is insurance on your life. ...
- Health insurance. Health insurance is bought to cover medical costs for expensive treatments. ...
- Car insurance. ...
- Education Insurance. ...
- Home insurance.
What are the 3 types of life insurance?
There are three main types of permanent life insurance: whole, universal, and variable.