Non-Life Insurance Assignment Help

Non-life Insurance Assignment Help

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An introduction to non-life insurance

From the name, we can define non-life insurance as the cover for physical properties. This includes goods and commodities.  Firms and individuals can suffer significant losses if their properties are destroyed. As a result, it is wise for them to ensure their assets and products such as machinery, buildings, equipment, vehicles, furniture, merchandise, etc. against various risks.

Types of non-life insurance

  • Fire insurance

This type of insurance is meant to provide the insured with financial compensation against loss incurred from fire. The insurer and the insured get into a contract. The insurance company promises to pay the policyholder a particular amount to cover the goods lost through fire within a specific period of time. Also, the insured agrees to pay the amount of premium in the contract. Thus, fire insurance takes the insurer back to his previous status before the loss. The insured is under a contract of indemnity. He or she cannot claim more than the amount insured and the value of goods lost by fire.

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• Marine insurance

Marine insurance covers companies and individuals against the perils of the sea in the course of voyage. The insured is protected from losses incurred or damages of goods using a ship. The variance risks under marine insurance include ship accident, barratry, collision, jettison, and many more. A freight, ship, and cargo are the subject matter. The insured can choose to pay the insurer in lump-sum or periodically.

  • Miscellaneous insurance

Some of the common types of miscellaneous insurance include:

  • Motor Insurance

This is an insurance on motors. Motor insurance provides compensation for the loss of vehicles by accident, theft, or any other risk. It covers buses, trucks, cars, vans, etc.

  • Employer’s liability insurance

This type of insurance is meant for employees of factories or institutions. The employers are to compensate them in the case of injury, death, accident, disability at the workplace. The institutions and factories pay a premium to an insurance company regularly. It is the insurer that compensates when the insured risk is incurred.

  • Fidelity Guarantee Insurance

This is an insurance against embezzlement, error, fraud, or theft committed by the staff of a company or organization. It doesn’t matter if the loss was caused knowingly or unknowingly. The company will be compensated through fidelity guarantee insurance.

  • Aviation insurance

Air transportation is a popular and widely used by both individuals and companies. However, an accident in the air service can be fatal and unbearable. Hence, the need for aviation insurance. This type of insurance guarantees compensation against losses in aviation.

Differences between non-life insurance and life insurance

This is a common question that students pursuing insurance-related courses are generally asked in class, assignments, and even exams. Our insurance assignment helpers have prepared the distinctions in the table below:


Life Insurance

Non-life insurance


This is the insurance of human beings.

It is the insurance of physical properties such as goods and commodities.

Subject Matter

Life of the human being

Goods and properties

Contract Period

The contract in life insurance is long term. It can be 10, 15 or even 20 years

A non-life insurance contract is usually short term. It is mostly taken for one year and renewed.


The life of a human being cannot be indemnified in terms of money. Thus, it is not a contract of indemnity.

Losses of goods and properties can be indemnified. Non-life insurance is a contract of indemnity.


A predetermined amount of money is paid to the beneficiaries of the insured by the insurance company in the case of death.

In case goods or properties are lost from the insured risk, the insurance company pays a predetermined sum of money to the owner of the goods and properties.

Nature of expenses

The amount of premium paid for life insurance by the policyholder is considered as personal expenses.

The premium paid for the non-life insurance is usually taken as a business expense.

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