Unsourced material may be challenged and types of general insurance policies pdf. There are many companies that supply comprehensive commercial insurance packages for a wide range of different industries, including shops, restaurants and hotels. Australian General Insurers to develop those XML standards, standard applications for insurance, and certificates of currency. Motor Insurance: Motor Insurance can be divided into two groups, two and four wheeled vehicle insurance.
Health Insurance: Common types of health insurance includes: individual health insurance, family floater health insurance, comprehensive health insurance and critical illness insurance. Travel Insurance: Travel insurance can be broadly grouped into: individual travel policy, family travel policy, student travel insurance, and senior citizen health insurance. Home Insurance: Home insurance protects a house and its contents. Commercial Insurance: Commercial insurance encompasses solutions for all sectors of the industry arising out of business operations. It is one of the better performing sectors of the economy. This page was last edited on 20 November 2017, at 07:40.
This article is about the risk management method. An advertising poster for a Dutch insurance company from ca. 1900-1918 depicts an armoured knight. An entity which provides insurance is known as an insurer, insurance company, or insurance carrier. A person or entity who buys insurance is known as an insured or policyholder. The insurance transaction involves the insured assuming a guaranteed and known relatively small loss in the form of payment to the insurer in exchange for the insurer’s promise to compensate the insured in the event of a covered loss. The amount of money charged by the insurer to the insured for the coverage set forth in the insurance policy is called the premium.
Merchants have sought methods to minimize risks since early times. Chinese merchants travelling treacherous river rapids would redistribute their wares across many vessels to limit the loss due to any single vessel’s capsizing. If a merchant received a loan to fund his shipment, he would pay the lender an additional sum in exchange for the lender’s guarantee to cancel the loan should the shipment be stolen, or lost at sea. This allowed groups of merchants to pay to insure their goods being shipped together. The collected premiums would be used to reimburse any merchant whose goods were jettisoned during transport, whether to storm or sinkage.
14th century, as were insurance pools backed by pledges of landed estates. 1347, and in the next century maritime insurance developed widely and premiums were intuitively varied with risks. 1666 devoured more than 13,000 houses. Insurance Office’ in his new plan for London in 1667″. Insurance Office for Houses”, at the back of the Royal Exchange to insure brick and frame homes. Initially, 5,000 homes were insured by his Insurance Office.