Difference between life insurance and marine insurance

Difference between life insurance and marine insurance.
Comparison between life insurance and marine insurance.
Compare between life insurance and marine insurance.
Life insurance vs marine insurance.

 

Difference between life insurance and marine insurance

1. NATURE OF CONTRACT :-

Life insurance : Life insurance is not the contract of indemnity.

Marine insurance : Marine insurance is a contract of indemnity.

2. DURATION PERIOD :-

Life insurance : Life insurance covers larger duration.

Marine insurance : Marine insurance is issued for a specified period but maximum period is not more than one year.

3. CREDIT FACILITY :-

Life insurance : Against the life insurance policy credit can be obtained.

Marine insurance : Against marine insurance policy credit can not be obtained.

4. TAX CONCESSION :-

Life insurance : In case of life insurance sometimes income tax concession is granted.

Marine insurance : In case of marine insurance tax concession is not granted.

5. NATURE OF EVENT :-

Life insurance : The event of death which is considered the base in the contract of life insurance is death which is certain.

Marine insurance : In marine insurance the event of sea perils may take place or may not take place.

6. SECURITY AND INVESTMENT :-

Life insurance : Life insurance possess the element of security and investment both.

Marine insurance : Marine insurance includes the element of security only.

7. TITLE :-

Life insurance : The word Assurance is generally used along with life policy due ti its certainty.

Marine insurance : The word insurance is used along with marine due to its uncertainty.

8. INSURABLE INTEREST :-

Life insurance : Insurable interest must exist when insurance policy is taken but no need at the time of loss.

Marine insurance : When the marine insurance policy is taken insurable interest may not exist but these should exist at the time of loss.

9. DOCTRINE OF SUBROGATION :-

Life insurance : In the life assurance it is not applicable.

Marine insurance : In case of marine insurance it is applicable.

10. SHARE IN PROFIT :-

Life insurance : In a life insurance insured person also takes the share from profit.

Marine insurance : In case of marine insurance not profit is paid.

11. TRANSFER OF LOSS :-

Life insurance : In case of loss insured person can not transfer the loss to insurance company.

Marine insurance : In case of marine insurance loss can be transferred to insurance company.

12. SURRENDER VALUE :-

Life insurance : Life insurance policy has a surrender value after three years of its existence.

Marine insurance : Marine insurance does not have any surrender value.

13. DETERMINATION OF PREMIUM :-

Life insurance : The life insurance policy premium determination is very simple and do not change

Marine insurance : Marine insurance premium rate changes according the change in risk.

14. CLAIM LIMIT :-

Life insurance : In the life assurance after maturity whole of the assured amount becomes payable.

Marine insurance : In case of marine insurance contract, shipping charges, plus 10% to 15% margin of anticipated profit and cost of goods destroyed by sea perils are payable by the insurance company.