GENERAL INSURANCE POLICIES

1. GENERAL INSURANCE POLICIES AN OVERVIEW

2. 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. Ltd • New India Assurance Co. Ltd • Oriental Insurance Co. Ltd • United India Insurance Co. Ltd

3. CLASSIFICATION OF GENERAL INSURANCE POLICIES

4. 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.

6. SUBJECT MATTERS TO BE INSURED

7. PRINCIPLES OF MARINE INSURANCE

8. MARINE INSURANCE POLICY • Marine insurance policy contains the following information: • Name of insured or his agent • Subject matter insured • Risks insured against • Name of vessel and offices • Description of Voyage • Amount & term of insurance • Premium

9. KINDS OF MARINE POLICIES

11. CLASSIFICATION OF MARINE LOSSEES

12. PAYMENT OF CLAIMS UNDER MARINE INSURANCE

13. FIRE INSURANCE

14. 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’.

15. 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

16. ELEMENTS OF FIRE INSURANCECONTRACT

18. MOTOR INSURANCE

19. MEANING OF MOTOR INSURANCE • Motor insurance belongs to miscellaneous class of insurance • In motor insurance the risks are of two types • Legal liability for damages for bodily injuries or damage to property caused to other • Damage to or loss of one’s own automobile • In India first Motor Vehicle Act was passed in 1939

20. LIABILITIES REQUIRING COMPULSORY INSURANCE • Liabilities arising in respect of damage to any property of a third party • In respect of death or body injury of any passenger of a public service vehicle • Any liability arising by the insured in respect of death or bodily injury of any person • Liability arising under Workmen’s Compensation Act in respect of death or bodily injury of paid driver of the vehicle etc.

21. FEATURES OF MOTOR INSURANCE • Motor insurance is obligatory under the provisions of Motor Vehicles Act • Motor risks may be divided into three categories: • Risk of property damage • Risk of personal accident • Liability risks

22. Continued… c. Motor vehicles may be divided into three parts • Private vehicles • Commercial vehicles • Motor cycles and two wheelers

23. MOTOR INSURANCE POLICIES