Burglary insurance comes in the category of 'Insurance of property'. The loss of household goods and personal effects due to theft, burglary, house-breaking and acts of such nature are covered in burglary policy.

'Hull insurance' mainly deals with the insurance of ocean going vessels, fishing vessels, yachts and builders risks when a ship is under construction. This policy cover risks of fire, collision, storm, stranding and liabilities against third parties.

The person who is authorised to receive the payment of the policy is called the 'nominee'. The section 39 of Insurance Act, has regulated nomination of life policies. With the help of nomination, He can get prompt payment of claim in the event of the death of policy holder.

A person is said to have insurable interest in a property when he has benefit from its existence and is prejudiced by its destruction. It is necessary for a valid contract of insurance. It is a pecuniary interest.

Marine insurance is the most important and challenging branch of insurance. Under this, the insurer undertakes to indemnity the insurer against marine losses. The principles of utmost good faith, indemnity, insurable interest and proximate cause applies to marine insurance. The insurable interest is present at the time of loss of the insured property.

The types of Business Risks are:
(i) Speculative Risks
(ii) Pure Risks
(iii) Insurable Risks
(iv) Uninsurable Risks

A material fact is one which goes to the root of the insurance contract i.e., a fact is material if it can influence the insurer in accepting or declaring the risk or in fixing conditions of insurance or rate of premium.

Insurance is a means of providing monetary coverage against loss caused by natural or man-made factors. [OR] Insurance is a contract between the insurer and the insured, under which the insurer undertakes to compensate the insured for the loss arising from the risk insured against. In consideration, the insured agrees to the pay the premium regularly.

The surrender value is the cash value of the policy which is payable to policyholder if he decides to terminate the contract.

(i) In case of 'Life Insurance' the insurable interest must be present at the time of taking policy.
(ii) In the case of Marine Insurance, the insurable interest must exist at the time of loss. 
(iii) In the case of Fire Insurance, the insurable interest must apply at the time of taking policy as well as at the time of occurring loss.

(i) When more than one Insurance policy is taken to cover the same subject matter i.e. risk, then it is known as Double Insurance. 
(ii) Whenever there is Double Insurance, the principle of contributions becomes applicable.
(iii) It applies to all contracts of Insurance except life and Personal Accident Insurance.

(i) The surrender value is the cash value of the policy which is payable to policy holder if he decides to terminate the contract.
(ii) This surrender value is the amount of premium paid which is returned to the policy holder at the time of surrendering the policy.

Health insurance policy is a contract between an insurer and an individual or group, in which the insurer agrees to provide specified health insurance at an agreed upon price (premium).

1. Whole Life Policy
2. Endowment Life Policy
3. Joint Life Policy
4. Annuity Policy
5. Children's Endowment Policy