Explain jettison and life assurance, including the reasons for taking out a life assurance policy.

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Jettison
This is the throwing overboard of insured goods to avoid the ship from sinking. It occurs when water is above the dashline. It is a general average loss because it is borne by the owner of the ship or owner of cargo.

LIFE INSURANCE / ASSURANCE
This is the policy taken to cover one's life. Life insurance is called life assurance because the event or risk (death) must occur, but when it will occur is not known.

Reasons for taking life assurance:

• Policy provides cover against sudden death.
• Provides for an inheritance.
• Saves for the future.
• Provides income (retirement/old age).