(i) Whole Life Policy
(1) Under this policy, the sum insured is payable only on the death of the assured to the beneficiaries or legal heirs of the deceased.
(2) The premium is payable for a fixed period (20 or 30 years) or for the whole life of the assured.
(3) If the premium is payable for a fixed period, the policy will continue till the death of the assured.
(ii) Endowment Life Assurance Policy :
(1) Under this type of policy, the insurer undertakes to pay the assured a specified sum on the attainment of a particular age or on his death, whichever is earlier.
(2) In case of death of the assured before he attains the specified age, the sum is payable to his legal heir or the nominee.
(3) Otherwise, the sum is paid to the assured, when he attains a particular age. Thus, the endowment policy matures after a limited number of years.
(iii) Joint Life Policy (JLP) :
(1) The policy is taken up jointly on the lives of two or more persons is known as Joint Life Policy.
(2) On the death of anyone person, the sum assured or policy amount is paid to the other survivor or survivors.
(3) The premium is paid jointly or by either of them in installments or lump sum.
(iv) Annuity Policy:
(1) Under this policy, the assured sum or policy amount is payable in monthly or annual instalments after the assured attains a certain age.
(2) In this case, either the whole amount of the premium is paid once or premium is paid in instalments over a certain period.
(3) This policy is useful to those who prefer a regular income after a certain age.
(v) Children's Endowment Policy:
This policy is taken to provide funds for the education or marriage of children.
For Example: Jeevan Anurag Policy. In this policy, the amount is payable by the insurer when the children attain a particular age. The premium is paid by the person entering into the contract. However, no premium will be paid, if he/she dies before the maturity of the policy.

(i) Speculative Risks:
(1) Speculative risks are the kind of risks which have the possibility of gain as well as the possibility of loss. Such risks are the result of market conditions.
(2) Favourable market conditions result in gains whereas unfavourable market conditions result in losses.
Example: Use of better technology helps to produce better quality products at cheaper prices. This may increase the demand and thus result in higher profits.
(ii) Pure Risks:
Pure risks are the type of risks where business suffers loss only if the risk occurs. Non-occurrence of such risks leads to absence of loss.
(iii) Insurable Risks:
(1) Insurable risks are the type of risks where business can insure the probable losses by paying a predetermined premium to an insurance company.
(2) At the time of loss the insurance company pays compensation on the basis of agreed terms and conditions.
(3) Loss arising due to natural and physical risks can be insured as the probability of risk can be determined.
For Example:  Company can insure its stock against fire or theft and if it loses its stock due to fire or theft in office, the insurance company pays compensation for the value lost.
(iv) Uninsurable Risk:
(1) Losses arising from unforeseen natural events, political changes or trade cycles are called uninsurable risks.
(2) Loss due to earthquake or flood or cyclone cannot be estimated and their probability cannot be calculated. Government directly takes care of the affected persons.
(3) Losses to businesses due to policy decisions of ruling political parties in a country, or due to economic depression cannot be insured.
(4) These uninsurable risk events are called uncertainties. The concept of risk is different from uncertainty. During uncertain events decisions cannot be taken.

(i) Motor Vehicle Insurance:
(1) This is also known as 'Auto Insurance'. This policy comes under General Insurance. This insurance has become very popular and is gaining importance.
(2) In motor insurance the owner's liability to compensate people who were killed or injured by an accident is passed on to the insurance company. The premium rate under this policy is standardized.
(ii) Burglary Insurance :
(1) This policy comes under the category of insurance of property.
(2) Any loss of damage due to theft, larceny, burglary, house-breaking and acts of such nature are covered by this policy. Actual loss is Compensated.
(iii) Cattle Insurance :
(1) This is a bond in which a sum of money is secured to the insured in case of an event of death of animals like bulls, buffaloes, cows and calves.
(2) The cause of death may be an accident, disease or pregnant condition, etc. The insurer normally agrees to pay excess in case of loss.
(iv) Crop Insurance :
(1) This policy is to provide financial support to farmers in the case of crop failure due to drought or flood.
(2) It generally covers all risks of loss or damages relating to production of rice, wheat,millets, oil seeds and pulses etc.
(v) Sports Insurance:
(1) This policy is a comprehensive cover for amateur sports persons regarding their sporting equipment, personal effects, legal liability and personal accident risks.
(2) The cover is generally for following sports or more : Angling, badminton, cricket, golf, lawn tennis, squash and use of sporting guns etc.
(vi) Amartya Sen Siksha Yojana:
The General Insurance Company offered to secure the education dependent children under this policy.
(vii) Rajeswari Mahila Kalyan Bima Yojana :
This policy is to provide relief to the family members of insured women in case of their death or disablement due to any kinds of accidents and/or death and or disablement arising out of other factors incidental to women only.

There are two ways by which health insurance claims are settled:
Cashless:
The claim amount needs to· be approved by the TPA and the hospital settles the amount with the TPA. (TPA or Third Party Administrator is a middleman between Insurer and the Customer) Reimbursement:
The insured avails himself or herself of the treatment and settles the hospital bills directly at the hospital. The insured can claim reimbursement later on by submitting relevant bills/documents for the claimed amount to the TPA.

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