12.6 Types of insurance

1. Life insurance

Life insurance is a type of insurance policy in which the insurance company undertakes the task of insuring the life of the policyholder for a premium that is paid on a daily/monthly/quarterly/yearly basis.

Types of life insurance policies

1. Whole life policy
2. Endowment life insurance policy
3. Joint life policy
4. General insuranceGeneral Insurance is related to all other aspects of human life apart from the life aspect and it includes;
   1. Fire insurance

   The claim for a fire loss must satisfy the following conditions:

   1. It should be an actual loss
   2. The fire must be accidental and not done intentionally
   3. Marine insurance
   4. Health Insurance
   5. Motor vehicle insurance