Licentiate Examination - IC 01 - Principles of Insurance Exam - Important Points

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  • Group Insurance Policies offer Insurance Cover, to a Group of People, who are brought together for a Common Goat or Common Objective.
  • Non-life insurance - Marine Cargo insurance, Marine Hull Insurance, Fire insurance, Miscellaneous
  • Miscellaneous - Fidelity guarantee, Personal accident insurance, Workmen compensation, Engineering insurance, Aviation insurance, Motor insurance, Health insurance, Other miscellaneous
  • Fire insurance - Provides cover for financial losses due to damage to property arising out of fire, explosions, etc., Fire policies may also cover damage through impact of vehicles, riots, typhoons, cyclones, strike or other malicious acts etc., Fire insurance policies may have a provision for 'loss of profits' or 'consequential losses'.
  • Marine cargo insurance - Cover for goods in transit by sea, air, rail, road or by post, War, strikes, riots and civil commotions can be added at extra premium, Export/import shipments are covered under the terms of Institute Cargo Clauses of Institutes of London Underwriters, according to internationals practice.

IC01 PRINCIPLES OF INSURANCE

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