Match each type of insurance policy on the left with its corresponding coverage description on the right.
- Endowment Assurance PolicyPays a predetermined sum assured either on reaching a fixed maturity date or upon the death of the policyholder, whichever occurs first.
- Hull Insurance PolicyCovers physical damage to the structure, machinery, and equipment of a vessel during marine transportation.
- Consequential Loss PolicyCompensates a firm for lost earnings and ongoing standing charges sustained during business interruption caused by fire.
- Employer's Liability PolicyProtects an employer against legal liability to compensate workers who sustain injuries or occupational diseases in the workplace.
Answer
Endowment Assurance Policy matches with payment on maturity date or death; Hull Insurance Policy matches with coverage for physical damage to a vessel's structure and machinery; Consequential Loss Policy matches with compensation for lost earnings and standing charges due to fire interruption; and Employer's Liability Policy matches with protection against legal liability for employee workplace injuries.
Each policy is paired with its exact commercial description: Endowment Assurance covers life protection and savings payable on maturity or death; Hull Insurance covers physical vessel damage; Consequential Loss covers loss of profits and fixed costs following fire disruption; and Employer's Liability covers legal claims from workplace injuries.
Step-by-Step Solution
Key Concept
Classification and scope of coverage across Life, Marine, Fire, and Accident insurance policies.