2.  Understanding the concept of insurance  Functions of insurance  Types of insurance  Best form of insurance

3.  Insurance is a protection against a financial loss arising on the happenings of an unexpected event.

4.  Protection  Long-term Saving  Liquidity  Tax Relief

5.  Department of the Ministry of Commerce, headed by a Controller of Insurance Act, 1938.  SECP  New Act 2000 with features;  Registration and regulation of insurance companies;  Investigation into the affairs of insurance companies and issuance of directives under the Law;  Inspection of the record of the companies and insurance intermediaries;  Approvals and permissions under the powers conferred under the Insurance Law;  Appointment of administrators to replace board of directors and to make applications to the Courts for winding up (source:www.secp.gov.pk/annualreport/2000/regulat ionInsurance.)

6. 1. Marine Insurance 2. Fire insurance 3. Life Insurance

7.  It is the oldest form of insurance dating over 5000 years. It gives coverage to ships and cargo at sea. It has major two categories; 1. Ocean marine 2. Inland Marine

8.  This is best form of insurance because it can be surrendered at any time.  Event happen or not it gives coverage.

9.  Not a contract of indemnity  Particular coverage

10.  It is a contract between the insurance company and policy holder wherein the insurance company undertakes in exchange for premium to indemnify.

11.  Contract of indemnity  The insured cannot make profit form contract  Prescribed period  The limit of liability  Payment of the claim  Assignment of policy  Consequential loss