What is insurance class 11? (2024)

What is insurance class 11?

It is a contract or agreement in which one party promises to pay an agreed amount of money to another party in exchange for compensation to make a loss, damage, or harm to anything of value in which the insured has a financial interest as a result of some unpredictable event.

What is meant by insurance class 11th?

Insurance is a contract under which the insurer undertakes the responsibility to indemnify the insured against any damage for which it has taken insurance. The insured needs to pay a certain amount of premium to the insurer to avail insurance.

What is assurance class 11?

Assurance; is commonly used with insurance and is related to Life Insurance policies. Here the policyholder is assured that he/she will receive the compensation upon the occurrence of a certain event. For example, death or disability.

What is marine insurance class 11?

Marine insurance is a contract in which the insurer agrees to compensate the insured against maritime losses in the way and to the extent agreed upon. Maritime insurance protects against loss caused by marine hazards or perils of the sea.

What are the five principles of insurance class 11?

In insurance, there are 7 basic principles that should be upheld, ie Insurable interest, Utmost good faith, proximate cause, indemnity, subrogation, contribution and loss of minimization.

What are the principles of insurance class 12?

Principles of Insurance

Good Faith – Good faith is essential for giving and getting insurance. The Insured and the insurer should be able to trust each other with property or money and should have clear terms and conditions as the entire purpose of insurance is to ensure the insured about their asset.

What is the difference between life fire and marine insurance class 11?

The subject matter under life insurance is human life. The subject matter under fire insurance is an asset or a physical property. The subject matter under marine insurance is freight, cargo, or a ship. Risk is unavoidable when it comes to life insurance.

What is hull insurance class 11?

- Hull insurance is a type of insurance policy that covers physical damage to a vessel or aircraft. - It protects the owner from financial losses due to damages or losses to the hull and machinery. 2. Coverage Provided: - Hull insurance provides coverage for the hull, machinery, and equipment of the vessel or aircraft.

What are the 3 main types of marine insurance?

Marine protection is additionally separated into three classes of protection. These are freight insurance, ship or hull insurance, and cargo protection.

What are the different types of insurance?

What are the 7 basic principles of insurance?

What's the difference between insurance and assurance?

Assurance is designed to protect against events that will happen, whereas (in general) insurance covers you in case an event happens.

What is the difference between insurance and reinsurance?

In the case of insurance, the insured transfers risk arising from unforeseen events to the insurer in exchange for premium payment. On the other hand, reinsurance involves transferring the risk of one insurance company to another in exchange for premiums paid at regular intervals.

What is the difference between over insurance and under insurance?

Being over-insured means having too much cover, in other words, being insured for more than the product you're insuring is worth. Under-insurance is the opposite: not sufficiently covering the value of your life or items in terms of insured cover.

What type of insurance is used the most?

Auto insurance is one of the most used types of personal insurance. Most states require that you purchase some kind of insurance coverage to drive legally in the state.

What types of insurance are not recommended?

What are the two most popular types of insurance?

What is a subrogation in insurance?

"Subrogation," or "subro" for short, refers to the right your insurance company holds under your policy — after they've paid a covered claim — to request reimbursem*nt from the at-fault party. This reimbursem*nt often comes from the at-fault party's insurance company.

What is premium in insurance?

The insurance premium is the sum of money an individual or business must pay for an insurance policy. The amount of insurance premium that is paid out by the policyholder to the insurance company depends on a variety of factors.

What is double insurance?

Double insurance refers to the method of getting insurance of same subject matter with more than one insurer or with same insurer under different policies. This means that one can get insurance policies on a subject matter more than its value. Double insurance is possible in all types of insurance contracts.

What is the difference between life insurance and general insurance class 11?

While life insurance covers the life of a person, general insurance provides cover to other aspects and assets in a person's life, for example, health, car, travel, home, etc.

Is Marine a class of insurance?

Marine insurance is a line of insurance applicable to the conveyance of cargo over land or water. It can cover loss of or damage to ships, cargo, terminals, pipelines, ports, oil rigs and platforms, and similar property.

Is marine insurance the oldest insurance?

Marine insurance is the oldest form of insurance known. Indeed, the institution of general average (q.v.), under which the participants in a maritime venture contribute to losses incurred by some for the benefit of all, may itself be looked on as a primitive form of self-insurance.

What are the top 3 types of insurance?

We begin with an overview of the types of insurance, from both a consumer and a business perspective. Then we examine in greater detail the three most important types of insurance: property, liability, and life.

What is hull insurance class 10?

Hull Insurance Meaning:

It covers the 'hull' or body of the ship from risks like grounding, collisions, piracy, sea storms, etc., and will provide financial reimbursem*nt if the ship or its machinery/equipment is damaged in any way due to these events.