Comprehension
Mr. Sharad is a businessman. He has his own factories in Pune and Nashik. He lives in Pune with his wife and 2 daughters aged 5 and 8 years old:
Question: 1
Can Mr. Sharad take a life insurance policy for his wife and 2 children?
Can Mr. Sharad take a life insurance policy for his wife and 2 children?
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Understanding different types of insurance policies helps in selecting the right coverage for various risks.
Updated On: Sep 24, 2025
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Solution and Explanation
In life insurance, anyone who has an insurable interest can take a life insurance policy on the life of others. In this case, Mr. Sharad has an insurable interest in his wife and children as they are financially dependent on him. Therefore, he is eligible to take life insurance policies for them.
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Question: 2
Can Mr. Sharad take a marine insurance policy for his factories?
Can Mr. Sharad take a marine insurance policy for his factories?
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Understanding different types of insurance policies helps in selecting the right coverage for various risks.
Updated On: Sep 24, 2025
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Solution and Explanation
Marine insurance is specifically for goods or property in transit over sea or other waterways. Since Mr. Sharad’s factories are stationary properties, they do not qualify for marine insurance. However, he can consider other types of property insurance for his factories, like fire or burglary insurance.
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Question: 3
Which types of insurance should Mr. Sharad take for protecting his factories from loss due to fire?
Which types of insurance should Mr. Sharad take for protecting his factories from loss due to fire?
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Understanding different types of insurance policies helps in selecting the right coverage for various risks.
Updated On: Sep 24, 2025
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Solution and Explanation
Fire insurance is a type of property insurance that covers losses or damages caused to a property due to fire. Since Mr. Sharad is concerned about protecting his factories from loss due to fire, he should take fire insurance. This policy will cover the cost of repairing or replacing damaged property in case of fire incidents.
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