There are three different types of covers –

Third party – covers only damage to third party property damage or injury / death.

Third party fire & theft – as above but includes damage to own vehicle by fire and theft.

Comprehensive – covers own damage as well as third party liabilities.

Fidelity covers for direct financial loss as a result of dishonesty by your employees (fraud) whilst money covers robbery/ theft of money carried by authorized persons during transit / stored at specific premises / cash in safe.

Life insurance usually has two aspects to it; term assurance & pure endowment. Term assurance policies pay the beneficiary on a policy upon death of the named insured within the policy period whilst a pure endowment pays the insured upon survival during the policy period.

At present the insurance rating system has been set to a minimum as governed by TIRA however factors such as age of risk, usage, claims history may also be a factor that can affect rate.

Insurable interest simply means the interest that a person has in something such as a particular property, meaning that the person would suffer a loss should that property be harmed / damaged.

The purpose of insurance is to compensate an insured for the loss suffered and to return the insured to the exact / similar position they were at before occurrence of loss.