Write short notes on each of the following (a) Marine insurance, (b) Accident insurance (c) Group insurance (d) Export Credit Guarantee insurance (e) Fire i...

(a) Marine insurance

Marine insurance covers losses or damage connected with ships and their cargo while at sea. It protects the ship (hull), the cargo (goods), and freight (carriage charges) against perils such as sinking, collision, storm, fire and piracy. It is important to importers, exporters and ship owners who face heavy risks on the high seas.

(b) Accident insurance

Accident insurance provides compensation for injury, disability or death arising from accidents, and may also cover damage to property such as motor vehicles. It includes personal accident, motor and employer's liability cover, giving the insured financial protection against sudden mishaps.

(c) Group insurance

Group insurance is a single policy that covers a number of people, usually the employees of one organisation, under one contract. The premium is often paid by the employer, and it commonly provides life or health cover for the whole group at a lower cost than individual policies.

(d) Export Credit Guarantee insurance

This policy protects an exporter against the risk of non-payment by a foreign buyer. If the overseas customer fails to pay because of insolvency, war, or currency restrictions, the insurer indemnifies the exporter, thereby encouraging international trade.

(e) Fire insurance

Fire insurance indemnifies the insured against loss or damage to property caused by fire, lightning and, by extension, related perils. On payment of a premium, the insurer restores the insured to the financial position held before the fire, up to the sum insured.