Principles of Insurance Exam Study Notes

Marine hull insurance - Covers loss or damage to occean going ships and other vessels such as fishing vessels etc., War and strikes are covered under the Government of India War Risks Scheme, Cover provided is under the terms of the Institute Time Clauses (Hull) or Institute Voyage, Clauses (Hulls) framed by Institute of London Underwriters, which are used internationally.
Motor insurance - It deals with insurance of motorised vehicles on road, whether used for private comfort or public service, whether carrying passengers or goods. As per Motor Vehicles Act, every vehicle plying on Indian roads should be insured for Liability to Third Parties including property damage.
Motor insurance may cover: - damage to vehicles, injury or death of persons, and, damage to property belonging to third parties
Personal accident insurance - Personal accident policies cover death or disablement arising out of accidents of any kind (caused by external, violent and visible means).
In the case of personal accident policies, there is a need for assessment of risk on the factor of occupation, The conditions are standard, The policy can also cover consequential costs medical care and loss of income due to disability leading to absence from workplace.

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