2INTRODUCTIONGeneral 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. LtdNew India Assurance Co. LtdOriental Insurance Co. LtdUnited India Insurance Co. Ltd
3CLASSIFICATION OF GENERAL INSURANCE POLICIES CLASSIFICATION OF GIC POLICIESMARINE INSURANCE POLICIESFIRE INSURANCE POLICIESMOTOR INSURANCE POLICIESBURGLARY INSURANCE POLICIESPERSONAL ACCIDENT POLICIESRURAL INSURANCE POLICIES
4I. MARINE INSURANCEMarine 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.
5BRANCHES OF MARINE INSURANCE OCEAN MARINE INSURANCE:Ocean marine insurance covers the perils of the sea.INLAND MARINE INSURANCE:This insurance is related to the inland risks on the land.
6SUBJECT MATTERS TO BE INSURED CARGO INSURANCEHULL INSURANCEFREIGHT INSURANCE
7PRINCIPLES OF MARINE INSURANCE UTMOST GOOD FAITHINSURABLE INTERESTINDEMNITYCAUSA PROXIMA
8MARINE INSURANCE POLICY Marine insurance policy contains the following information:Name of insured or his agentSubject matter insuredRisks insured againstName of vessel and officesDescription of VoyageAmount & term of insurancePremium
14MEANING 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’.
15Continued….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 conditionsA) there must be actual fire or ignitionB) the fire should be accidental
16ELEMENTS OF FIRE INSURANCECONTRACT proposalacceptanceCommencement of Risk
17FACTORS TO BE CONSIDERED Type of risk involvedNature of propertyContents of propertyOccupancy hazardsExposure hazardsThe time elementKINDS OF POLICIESValued policySpecific policyAverage policyFloating policyComprehensive policyConsequential loss policyReplacement policyDeclaration policyExcess policyPAYMENT OF CLAIMInformation about lossAppointment of assessorChecking of documentsIssue of claim form.
19MEANING OF MOTOR INSURANCE Motor insurance belongs to miscellaneous class of insuranceIn motor insurance the risks are of two typesLegal liability for damages for bodily injuries or damage to property caused to otherDamage to or loss of one’s own automobileIn India first Motor Vehicle Act was passed in 1939
20LIABILITIES REQUIRING COMPULSORY INSURANCE Liabilities arising in respect of damage to any property of a third partyIn respect of death or body injury of any passenger of a public service vehicleAny liability arising by the insured in respect of death or bodily injury of any personLiability arising under Workmen’s Compensation Act in respect of death or bodily injury of paid driver of the vehicle etc.
21FEATURES OF MOTOR INSURANCE Motor insurance is obligatory under the provisions of Motor Vehicles ActMotor risks may be divided into three categories:Risk of property damageRisk of personal accidentLiability risks
22Continued… c. Motor vehicles may be divided into three parts Private vehiclesCommercial vehiclesMotor cycles and two wheelers
23MOTOR INSURANCE POLICIES ACT ONLY POLICYTHIRD PARTY POLICYCOMPREHENSIVE POLICY
24BURGLARY INSURANCE POLICIES Private Dwelling Burglary policy Business Premises Burglary PolicyPolicy for Money-in-transitPERSONAL ACCIDENT POLICIESPersonal Accident and specified Disease InsuranceMedical Benefits and Hospitalisation schemes.RURAL INSURANCE POLICIESJanta personal accident insuranceGroup personal accident insuranceLivestock insuranceCrop insuranceHut insuranceAviation insuranceDoctors composite package policyPumpset policy