Different classifications can be made, but this choice is based on the rationale that products listed under a segment predominantly purchased by customers who belong to it.
If the main business drivers, and the transactional sales and service style of a product line resemble that associated with a particular segment, then classifying the product under that segment is logical even though a significant share of business may also be contributed by some other segment. For example, Motor Insurance is transacted in the manner of retail products, the business numbers mostly come from the Retail segment. Yet, large numbers are also contributed by the Corporate segment. When it comes to business volumes this may be less true for Health Insurance, but the 'flavour of the business is predominantly “retail.
All Miscellaneous Insurance Policies are usually issued for the duration of one year, but can be issued for shorter periods. The noteworthy exception to this practice is Engineering Insurance policies, which we shall discuss in due course.
Motor Insurance
Motor Insurance is arguably the most widely known type of insurance, perhaps because so many people either own or drive some sort of motor vehicle, and it is a legal requirement that each vehicle must be insured. There are three types of Motor policies, (1) the 'Liability Only' policy (2) the 'Own Damage Policy and (3) the Motor 'Trade' Policy.
The 'Liability Only' policy offers the basic insurance protection required while driving a vehicle on the road.
Retail Segment Business Accident Health Motor Personal Accident Hospitalization Liability Only Policy Critical illness Own Damage Policy Motor Trade Policy
0 Comments