WAEC Commerce 1996 Theory question 103

(a) Marine insurance covers ships (hull), cargo and freight against perils of the sea such as sinking, storm, collision, fire and piracy; policies may be voyage, time, mixed, floating or fleet; it was the first form of insurance.
(b) Accident insurance covers losses from accidents other than fire and marine: personal accident, motor (third party, comprehensive), burglary/theft, employers' liability, public liability, fidelity guarantee, goods in transit, bad debts.
(c) Group insurance is one policy covering a group of people, e.g. all employees of a firm (group life or group personal accident); premiums are lower, the employer usually pays, and it improves staff welfare and loyalty.
(d) Export Credit Guarantee insurance protects exporters against non-payment by overseas buyers (because of insolvency, war, exchange control, etc.); it encourages exporters to sell on credit and makes it easier to obtain bank finance; usually provided by a government agency.
(e) Fire insurance covers buildings, stock and other property against loss or damage by fire, lightning and explosion; the insured is indemnified up to the sum insured, and it can be extended to consequential loss (loss of profit while the business is closed after a fire).

About two or three facts for each note: what is covered and a key feature.