5.Which type of insurance involves highest risk, out of the following? A)Good transport insurance B) Marine - Brainly.in (2024)

FAQs

Which type of insurance involves highest risk? ›

Air Insurance is the most expensive and risk form of insurance. The premium paid for Air Insurance is higher than that of Marine Insurance and Rail/Road Insurance.

Insurance provides us with peace of mind. It offers a layer of protection against the financial burdens that arise from unforeseen circ*mstances. When you have insurance coverage, you can rest easy knowing that you won't be financially devastated if the worst should happen.

Okay, high-risk auto insurance (also known in the industry as nonstandard auto insurance) is the coverage you have to buy when an insurance company decides you're more at risk of getting into an accident and filing a claim than the average driver.

Collision of Goods Carrying Vessel: Marine cargo insurance provides coverage for the loss or damage caused due to collision of two vessels. Fire, Lightening and Explosion: Marine insurance provides essential coverage for dire situations during cargo journeys, including incidents like fire, explosions, lightning, etc.

For example, when you purchase car insurance, you know you're protected in the event of an accident. The same goes for getting homeowners insurance, health insurance, and, yes, life insurance — these types of policies assure that if something bad happens to you or your family, help will be available.

To protect the people that are financially dependent on you, life insurance should be high on your list of required insurance policies. The soaring cost of medical care is reason enough to make health insurance a necessity.

Health insurance is a critical piece of every financial plan. An unforeseen diagnosis or a major accident can leave you with a six or seven-figure medical bill.

Other companies offer high risk insurance or “non-standard auto insurance.” At Direct Auto Insurance, we specialize in helping drivers who've been put off or turned down by other companies, so give us a call or get a free car insurance quote before committing to another provider.

Most pure risks can be divided into three categories: personal risks that affect the income-earning power of the insured person, property risks, and liability risks that cover losses resulting from social interactions.

What type of insurance covers all risks? ›

"All risks" insurance (also referred to as open peril insurance) refers to a type of insurance coverage that automatically covers any risk that the contract does not explicitly omit. You can find all risks insurance in a variety of industries. Examples include agriculture, business, machinery, and real estate.