Distinction between life insurance & marine insurance.
Subject Matter Life Insurance Marine Insurance
Life Insurance contract deals with Marine Insurance deals with non-
[Link]
human life. human life.
Whole life insurance is applicable Whole life insurance policy is not
[Link] life Insurance
in life insurance remain in Marine Insurance
Term Insurance Policy is applicable Term Insurance policy is not
[Link] Insurance policy
for Life Insurance remain in Marine Insurance
Endowment Policy is applicable for Endowment policy is not remain in
[Link] Policy
life Insurance Marine Insurance
Annuity Contract Is applicable for Annuity Contract Is not remain in
[Link] Contract
Life Insurance. Marine Insurance
Mortality table is applicable for life Mortality table is not remain in
[Link] Table
insurance. Marine insurance
Principle of Indemnity is not Principle of indemnity is
[Link] of Indemnity
applicable for life insurance. applicable for marine insurance.
Principle of subrogation is not Principle of Subrogation is
[Link] of subrogation
applicable for life insurance applicable for marine insurance.
[Link] of Proximate Principle of proximate case is not Principle of proximate case is
case applicable for life insurance applicable for marine insurance
Distinction between life insurance &Fire insurance
Subject Matter Life Insurance Fire Insurance
Life Insurance contract deals with Fire Insurance Deals with non-
[Link]
human life. human life.
Whole life insurance is applicable Whole Life Insurance is not
[Link] life Insurance
in life insurance remaining in Fire Insurance.
Term Insurance Policy is applicable Term Insurance Policy is not
[Link] Insurance policy
for Life Insurance remaining in Fire Insurance.
Endowment Policy is applicable for Endowment Policy Is not
[Link] Policy
life Insurance remaining in Fire Insurance.
Annuity Contract Is applicable for Annuity Contract is not remain in
[Link] Contract
Life Insurance. fire insurance.
Mortality table is applicable for life Mortality table is not remain in
[Link] Table
insurance. fire insurance
Principle of Indemnity is not Principle of indemnity is
[Link] of Indemnity
applicable for life insurance. applicable for fire insurance.
Principle of subrogation is not Principle of Subrogation is
[Link] of subrogation
applicable for life insurance applicable for fire insurance
[Link] of Proximate Principle of proximate case is not Principle of proximate case is
case applicable for life insurance applicable for fire insurance.
Difference between Life Insurance and Accident Insurance
Subject Matter Life Insurance Accident Insurance
Life Insurance contract deals with Accident Insurance Deals with
[Link]
human life. non-human life.
Whole life insurance is applicable Whole Life Insurance is not
[Link] life Insurance
in life insurance remaining in accident Insurance.
Term Insurance Policy is applicable Term Insurance Policy is not
[Link] Insurance policy
for Life Insurance remaining in accident Insurance.
Endowment Policy is applicable for Endowment Policy Is not
[Link] Policy
life Insurance remaining in accident Insurance.
Annuity Contract is applicable for Annuity Contract is not remain in
[Link] Contract
Life Insurance. accident insurance.
Mortality table is applicable for life Mortality table is not remain in
[Link] Table
insurance. accident insurance
Principle of Indemnity is not Principle of indemnity is
[Link] of Indemnity
applicable for life insurance. applicable for accident insurance.
Principle of subrogation is not Principle of Subrogation is
[Link] of subrogation
applicable for life insurance applicable for accident insurance
[Link] of Proximate Principle of proximate case is not Principle of proximate case is
case applicable for life insurance applicable for accident insurance.
Difference between Life Insurance Policy and Annuities Contract
Subject Matter Life Insurance Contract Policy Annuities Contract
[Link] of Fund The life insurance contract The annuity contract
provides gradual accumulation of liquidates/shut down gradually the
funds. accumulated funds.
[Link] The life assurance is generally for The annuity contract is taken for
benefits of the dependents. one's own benefit.
[Link] of payment of Life insurance the payment is In annuity contract generally the
Claim usually given at death. payment stops at death.
[Link] of premium The premium in life insurance is The premium in annuity contract
based on the mortality of the is calculated on the basis of
policy-holder. longevity of the annuitant.
[Link] of living Life insurance contract is protection Annuity is protection against
against living too short. living too long.
6. Tax treatment The cash value is not taxed unless it The annuitant pays tax only on the
exceeds the premiums paid when investment income aspect of the
the policyholder is making a annuity; in which case the benefit
withdrawal. is treated as an unearned income.
7. When the plans are Life insurance would typically Annuity is usually effected by
bought become attractive to those who are those within the age band of 40-
within the 35-60 age band because 65. It is good for young and active
of their maturity and better people and they can undertake a
appreciation of their number of risky ventures.
responsibilities.
[Link] While your family is young and Place the money you had been
your financial obligations are large, spending on insurance premiums
you can purchase life insurance to into an annuity to save for
provide protection. retirement.