report fin360 - 2 Non life insurance 2.1 General...

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2. Non- life insurance 2.1 General information Another type of insurance; non- life insurance has been gaining much attention from insurers in Viet Nam market. This type of insurance is also called property and casualty (P&C) insurance in which property insurance involves coverage related to the loss of real and personal property, while casualty insurance offers protection against legal liability exposure. In general, comparing to life insurance products, this type of insurance only has short term maturity for one year or less. In addition, premiums are collected at only one time and there is no chance of receiving back if there is no risk occurs. Due to its specific feature, non- life insurance product requires much less premium than that of life insurance. 2.2 Non- life insurance main products 2.2.1 Marine insurance This kind of insurance offers protection against loss or damage of ships, cargo, terminals and any transport or cargo by which property is transferred, acquired, or held between the point of between and final destination. 2.2.2 Fire and property insurance This kind of insurance covers loss or damage to property under risks such as fire, theft, and so on. 2.2.3 Motor vehicle insurance This kind of insurance provides indemnity to mitigate loss or damage that occurs in a sudden for vehicle drivers and also for property and liability of third party. 2.2.4 Personal insurance This kind of insurance includes coverage that provides indemnity for personal risks such as accident insurance, health insurance, student insurance and so one.
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