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Miscellaneous Insurance

guarantee insurance; they are as follows :-
(i) Individual Policy - This type of policy is used where

only one individual is to be guaranteed.

(ii) Collective Policy - Where the entire staff or a number
of selected staffs are to be covered, a Collective Policy
is to be issued. The policy comprises of a schedule
containing the names of the employees to whom the
guarantee applies with a note of the duties of each
employee. The amount of guaranteed for each employee
is specified against the employee's name in the schedule.
Any alterations required because of additional
recruitment, appointments, terminations etc can be made
by an endorsement altering the schedule, without
issuance of a fresh policy.

(iii) Floating or Floater Policy - This is an extension of
the 'Collective Policy' where the name and duties of the
individual to be covered are noted in the schedule, but
instead of the individual amounts of guarantee, a specifies
sum of guarantee is 'floated' (shared) over the whole
group. A claim in respect of any one employee will then
reduce the guarantee by that amount until renewal. The
original sum can also be reinstated by payment of an

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