WAEC Commerce 2014 Theory question 104

(a) Non-indemnity insurance – insurance where the loss cannot be measured in money, so an agreed sum is paid, not compensation for actual loss, e.g. life assurance and personal accident.
(b) Group insurance – one policy taken by an employer to cover all employees as a group.
(c) Re-insurance – an insurer passes part of a large risk it has accepted to another insurer to spread the risk.
(d) Under insurance – property is insured for less than its real value; the insured bears a proportion of any loss (average clause).
(e) Consequential loss insurance – covers loss of profit and continuing expenses after an insured event, such as fire, stops the business.

Give a short definition and, where possible, an example.