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1. Life Insurance

  • Whole Life Policy
  • Endowment Policy

2. Non-life Insurance

  1. Motor Vehicle Insurance
  2. Liability Insurance
  3. Fidelity Insurance
  4. Fire Insurance
  5. Burglary/Robbery/Theft Insurance
  6. Accident Insurance
  7. Consequential Loss Insurance
  8. Export Credit Insurance
  9. Marine Insurance


Types of Insurance

There are different types of insurance which can be grouped into; life insurance and non-life insurance.

Life Insurance

Life insurance is the type insurance policy that covers an event that is certain to happen. This type of cover is often referred to as assurance rather than insurance. There are two major types of life assurance; whole life and endowment policy.

1. Whole Life Policy

Whole life policies provide for payment after the death of the insured regardless of when the death occurred. Premiums are usually paid quarterly or annually by the person whose life is insured or by his spouse. The idea is that when the insured dies, someone will benefit from the policy, for example a spouse or a dependent.

Lesson tags: Commerce Lesson Notes, Commerce Objective Questions, SS2 Commerce, SS2 Commerce Evaluation Questions, SS2 Commerce Evaluation Questions Second Term, SS2 Commerce Objective Questions, SS2 Commerce Objective Questions Second Term, SS2 Commerce Second Term
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