Physical hazards indicate those dangers of the subject-matter of insurance which can be identified by mere inspection of the risk.
Proposal in insurance means a request, from the proposer to the insurer, for giving protection against a risk.
Insurance contract may be divided into two forms—first life insurance contract and second contract of indemnity.
National insurance scheme is in fact a social security scheme run by the government of a country for the required financial security of its citizens, more particularly for the persons who are employed in various organizations or self-employed or non-employed.
Classification of insurance of interest can mainly divided in three types; Fidelity Guarantee Insurance, Credit Insurance, and Performance Bond.
Insurers do issue policies with regard to all types of insurance contracts. A policy as such is not the contract in itself, it is simply an evidence to the contract which already exists.
The insurance can be classified from two angels; Business Point of View and Risk Point of View.
The insurance organization developed in different forms with fee advancement of insurance practices.
It is required to know the complex classification and sub-classification of risk and also an insight on risks which can be insured and which cannot be.
Insurance is a device that gives protection against risk. A risk must have certain elements in it make it insurable.