Types of Insurance Policies

1.Life Assurance
(a)Whole Life Assurance
Payment will be made upon the death of the insured. The beneficiaries of the insured will be paid.

(b) Endowed Assurance
Payments are made at the end of specific periods. The Endowment policies may be paid at the end of twenty or thirty years or at the age of retirement. If death occurs before the end of the endowment period insured, then the beneficiaries of the insured will be paid.

2.Term and Business Insurance
(a) Fire Insurance
Covers loss or damages to assets by fire

(b) Burglary Insurance
Covers loss due to goods stolen and damages to property caused by theft

(c) Bad Debts Insurance
Covers debts that cannot be collected

(d) Plats Glass Insurance
Covers the replacement of shop windows as well as any injury to staff and customers that may be caused by its breakage

(e) Fidelity Guarantee Insurance
This protects a firm against loss due to the misappropriation of funds by employee, customers or other persons.

(f) Employers’ Liability Insurance and Public Liability
Covers injury incurred by staff or visitors on a business location due to the negligence of the firm, e.g., customers slipping on a wet floor.

(g) Motor Insurance
Third party – Only third parties e.g. passengers are covered.  The driver and car is not covered.
Comprehensive – Covers loss due to damages to the driver and third parties.

(h) Marine Insurance
This policy covers loss due to damages of ships and cargo at sea.

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