Fire insurance: it is the insurance that offers coverage against damage or loss due to fire.

it is the insurance obtained by owner of homes and commercial properties to provide reimbursement in case of losses resulting from fire. Such insurance is supplied in exchange for the payment of a premium. E.R. Hardy:" Fire insurance in which the sun insured become payable on the happening of a fire." The basic fire-insurance policy covers losses resulting directly from damage or destruction by fire or lighting. The first scientific system of obtaining funds to compensate for fire loss was developed after the great fire of London in 1666, which devastated some 13,000 buildings. In the system inaugurated the following year by the London merchant Nicholas baron, small sums of money were collected from many individuals, and a fund was established for compensation of the losses sustained by the few whose property subsequently was destroyed by fire. Fire insurance first developed during the late 1600s and grew along with the rise of crowded industrial cities, where small fires could quickly spread and cause extensive damage and destruction. In the great chicory fire of 1871, depicted here, flames destroyed 10 sq km ( 4 sq mi) of central chicory. The first effective fire-insurance company established in the United states was the Philadelphia contribution fore the insurance of houses from loss by fire. which is still in operation. It was organized in 1752 by Benjamin Franklin. the use of fire insurance become widespread during the 19th and 20th centuries. The standard fire insurance policy in the U.S. was adopted in New York State in 1943. It become the prototype of such policies in most other states either through statute or through regulation by state insurance departments. The resulting standardization has helped to reduce litigation on disputed claims by making the insurance coverage more understandable to the policyholder and by simplifying adjustment of losses.

Life insurance
Life insurance (or commonly life assurance, especially in the Commonwealth) is a contract between an insured (insurance policy holder) and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money (the "benefits") upon the death of the insured person. Depending on the contract, other events such as terminal illness or critical illness may also trigger payment. The policy holder typically pays a premium, either regularly or as a lump sum. Other expenses (such as funeral expenses) are also sometimes included in the benefits. Life policies are legal contracts and the terms of the contract describe the limitations of the insured events. Specific exclusions are often written into the contract to limit the liability of the insurer; common examples are claims relating to suicide, fraud, war, riot and civil commotion. Life-based contracts tend to fall into two major categories:

Protection policies designed to provide a benefit in the event of specified event, typically a lump sum payment. A common form of this design is term insurance.

Investment policies where the main objective is to facilitate the growth of capital by regular or single premiums. Common forms (in the US) are whole life, universal life and variable lifepolicies.

Marine insurance:
: insurance against loss by damage or destruction of cargo, freight, merchandise, or the means or instruments of transportation and communication whether on land, sea, or air compare INLAND MARINE INSURANCE, OCEAN
MARINE INSURANCE

Marine insurance covers the loss to the ship or cargo during water transportation. The loss can either be a complete loss or partial loss or damage. It also includes any loss incurred on the point of origin or destination, during loading or unloading or material.

Ancient world.
The first methods of transferring or distributing risk were practiced by Chinese and Babylonian traders [1] as long ago as the 3rd and 2nd millennia BC, respectively. Chinese merchants travelling treacherous river rapids would redistribute their wares across many vessels to limit the loss due to any single vessel's capsizing. The Babylonians developed a system which was recorded in the famous Code of Hammurabi, c. 1750 BC, and practiced by early Mediterranean sailing merchants. If a merchant received a loan to fund his shipment, he would pay the lender an additional sum in exchange for the lender's guarantee to cancel the loan should the shipment be stolen. The Greeks and Romans introduced the origins of health and life insurance c. 600 BC when they created guilds called "benevolent societies" which cared for the families of deceased members, as well as paying funeral expenses of members. Guilds in the Middle Ages served a similar purpose. The Talmud deals with several aspects of insuring goods. Before insurance was established in the late 17th century, "friendly societies" existed in England, in which people donated amounts of money to a general sum that could be used for emergencies.

American history Colonial[

Benjamin Franklin helped to popularize and make standard the practice of insurance, particularly Property insurance to spread the risk of loss from fire, in the form of perpetual insurance. In 1752, he founded the Philadelphia Contributionship for the Insurance of Houses from Loss by Fire. Franklin's company was the first to make contributions toward fire prevention. Not only did his company warn against certain fire hazards, it refused to insure certain buildings where the risk of fire was too great, such as all wooden houses. The sale of life insurance in the U.S. began in the late 1760s. The Presbyterian Synods in Philadelphia and New York founded the Corporation for Relief of Poor and Distressed Widows and Children of Presbyterian Ministers in 1759; Episcopalian priests created a comparable relief fund in 1769. Between 1787 and 1837 more than two dozen life insurance companies were started, but fewer than half a dozen survived.

19th century
Most insurance companies operated locally. The ambitious ones expanded geographically in the 1830s, such as the New York Life Insurance and Trust Company in upstate New York, and the Baltimore Life Insurance Company in the Mid-Atlantic and Upper South. They built a network of agents to develop markets in different cities. The goal was to only insure people "of sound health, and of sober habits, without hereditary disease, and not belonging to families remarked for short lives."
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Distinction point between, Life assurance, Fire Insurance & Marine Insurance respectively !!! 1. Nature of contract It is an ordinary contract whether it is simple or pure but the principle of indemnity does not apply in its contract. It is a contract of indemnity. It is a contract of indemnity. 2. Nature of event The event (death) that is considered in life assurance is a certain event which is bound to take place sooner or later. The event (fire) that belongs to this contract is uncertain which may or may not take place. The event (sea perils) that belongs to this policy is uncertain which may or may not take place or which may happen partially. 3. Claim limit The whole of the assured sum becomes payable on the maturity of the policy. Under fire insurance contract only the actual market value of the property or gods destroyed by fire can be claimed from the insurance company. In other words there is not any profit motive. Under marine insurance contract, not only is the cost of goods destroyed the sea perils but also 10% to 15% margin of anticipated profit plus shipping charges payable by the insurer. 4. Duration Life policy covers a larger duration and cannot be canceled by the insurance company. The duration range of such type of insurance is from 10 days to 12 months. However it can be renewed after the expiry of period. Some types are issued for particular voyage but other policies cover a period of twelve months maximum. 5. Determination of premium The determination of premium rate is simple. Same rate of premium may be charged for all the persons falling in the same age group. In fire insurance risk are extremely varying, therefore the premium rates also vary violently. In marine insurance risks are extremely varying, therefore, the premium rates also vary violently. 6. Surrender

value It has surrender value after three years of its existence. It does not have is surrender value. It does not have its surrender value. 7. Importance It possesses not only the element of protection but also the element of investment. It involves the element of protection only. It involves the element of protection only.