(i) Marine insurance is a contract of insurance under which the insurer undertakes to indemnify the insured in the manner and to the extent thereby agreed against marine losses.
(ii) The insured pays the premium in consideration of the insurer's (underwriter's) guarantee to make good the losses arising from marine perils or perils of the sea.
(iii) Marine perils can be collision of ship with the rock, fire, ship attacked by the enemies, etc. These perils cause damage, destruction or disappearance of the ship and cargo and nonpayment of freight.
(iv) Through marine insurance policy, the insurer undertakes to compensate the owner of a ship or cargo'for complete or partial loss at sea.
The Essential' elements of Marine Insurance Contracts are:
1. It is based on the principle of indemnity
2. The contract is based on utmost good faith.
3. The insurable interest must exist at the time of loss.
4. The principle proximate cause will apply to marine loss only.

(i) Health Insurance is a type of Insurance which provides an Insurance cover for financial loss associated with illness and injuries.
(ii) A Health Insurance policy is a contract between an insurer (company) and insured (i.e. Individual or group) under which the insurance company undertakes to provide specified health insurance benefit to the insured in consideration of a Fixed Price called premium payable in a lump sum or in instalment.
(iii) Health Insurance is taken as safe guard against rising medical costs. It provides risk coverage against unforeseen health expenditure.
(iv) The rate of premium charged and the extent of cover provided by the Health Insurance depends on the specific policy taken under the Health Insurance contract.
(v) With a advent of private medical care, the need of health insurance was felt and various insurance companies introduced health insurance or mediclaim insurance as a product.

There are three different marine insurance policies.
They are:
(i) Hull or Ship Insurance:
When a ship is insured against any type of danger, it is known as hull insurance. This policy is undertaken to indemnify the insured for losses caused by damage to ship.
(ii) Cargo Insurance:
(1) When a marine insurance policy is taken by the cargo owner to be compensated for loss caused to his cargo during the journey, it is known as cargo insurance.
(2) The cargo to be transported by ship is subject to many risks, like risk of theft, loss of goods in voyage, etc.
(iii) Freight Insurance :
(1) When a marine insurance policy is taken to guard against non-recovery of freight, it is known as freight insurance.
(2) The shipping company is mainly interested in freight, which it gets either in advance or on the arrival of goods.
(3) However, it will not get the freight, if goods are lost during transit. So, to insure the freight, it takes freight insurance.

Section 14 of IRDAI Act, 1999 lays down the duties and functions of IRDAI as follows:
(i) It issues the registration certificates to Insurance Companies and regulates them.
(ii) It provides license to insurance to intermediaries such as agents and brokers after specifying the required qualifications and set norms/code of conduct for them.
(iii) It promotes and regulates the professional organizations related with insurance business to promote efficiency in insurance sector.
(iv) It regulates and supervises the premium rates and terms of insurance covers.
(v) It specifies the conditions and manners, according to which the insurance companies and other intermediaries have to make their financial reports.
(vi) It regulates the investment of policy holder's funds by insurance companies.
(vii) It also ensures the maintenance of solvency margin (company's ability to payout claims) by insurance companies.

The term 'Business Risk' refers to the possibility of inadequate profits or even losses due to uncertainties or unexpected events.
Nature of Business Risks:
(i) Business Risks Arise Due to Uncertainties:
(1) Uncertainty refers to the lack of knowledge about what is going to happen in the future.
(2) Natural calamities, change in demand and prices, changes in government policy, improvement in technology, are some of the examples of uncertainty which create 'risks for business because the outcome of these future events is not known in advance.
(ii) Risk is an Essential Part of Every Business:
Every business has some risk. No business can avoid risk, although the amount of risk may vary from business to business. Risk can be minimized, but cannot be eliminated.
(iii) Degree of Risk Depends Mainly Upon the Nature and Size of Business:
Nature of business (i.e. type of goods and services produced and sold) and size of business (i.e., volume of production and sale) are the main factors which determine the amount of risk in a business.
For Example: A business dealing in fashionable items has a high degree of risk.
Similarly, a large-scale business generally has a higher risk than what a small scale business.
(iv) Profit is the Reward for Risk-Taking:
(1) 'No risk, No gain' is an age-old principle which applies to all types of business. Greater the risk involved in a business, higher is the chance of profit.
(2) An entrepreneur undertakes risks under the expectation of higher profit. Profit is thus the reward for risk taking.