Question

Distinguish between life insurance and general insurance.

Answer 1

Life Insurance	Fire insurance	Marine Insurance
The subject matter of insurance is human life	The subject matter is any asset.	The subject matter is a ship, cargo or freight.
it has the elements of protection and investment	It has only the element of Protection	It has only the element of Protection.
insurable interest exists at the time of contract alone.	Insurable interest exists at the time of contract and at the time of loss.	Insurable interest exists at the time of contract
Period of coverage is long period	Period of coverage is up to one year	Marine insurance policy is for one or period of voyage or mixed.
Life insurance is not a contract of indemnity	Fie insurance is a contract of indemnity.	Marine insurance is a contract of indemnity
Loss Is not measurable.	Loss is measurabie.	Loss is measurable.
Surrender of policy is possible	Surrender of policy is not possible	Surrender of policy is not possible
One can insure for any amount in life insurance.	The amount of the policy cannot be more than the value of the subject matter.	The amount of the policy can be the market value of the ship or cargo.
It is contract of assurance	It is contract of insurance	It is contract of insurance