Ganeral insurance and Helth insurance
What is general insurance?
The fundamental goal of general insurance is to protect an individual against loss or damage of an asset. Continuing the above example, imagine that you finally decided to buy an SUV. The cost of the car is Rs 10 lakhs. This is a large sum of money and in case any damage occurs to the car, you could end up paying a lot of money towards repairs. A car insurance policy can help you avoid financial burden in case any damage occurs to your car.
Similarly, there are many other insurance policies such as insurance against theft, fire, accidents and loss of property. These come under general insurance.
General insurance or non-life insurance
eneral insurance or non-life insurance policies, including automobile and homeowners policies, provide payments depending on the loss from a particular financial event.insurance is typically defined as any insurance that is not determined to be
life insurance.it is called property and casualty insurance in the united states and canada.non-life insurance in continental Europe.
in the United Kingdom,insurance is broadly divided into three areas:personal line,commercial line and London market.
The London market insures large commercial risks such as supermarkets, football players and other very specific risks. It consists of a number of insurers, reinsurers, brokers and other companies that are typically physically located in the city london.lioyd of london is a big participant in this market.the
London market also participates in personal lines and commercial lines, domestic and foreign, through re-insurance.
Type Of general insurance
General insurance can be categorised in to following:
1) Motor Insurance: Motor Insurance can be divided into two groups, two and four wheeled vehicle insurance.
2) Health Insurance: Common types of health insurance includes: individual health insurance, family floater health insurance, comprehensive health insurance and critical illness insurance.
3) Travel Insurance: Travel insurance can be broadly grouped into: individual travel policy, family travel policy, student travel insurance, and senior citizen health insurance.
4) Home Insurance: Home insurance protects a house and its contents.
5) Marine Insurance: Marine cargo insurance covers goods, freight, cargo, and other interests against loss or damage during transit by rail, road, sea and/or air.
6) Commercial Insurance: Commercial insurance encompasses solutions for all sectors of the industry arising out of business operations.
What is health insurance?
On the other hand, health insurance is a specific type of insurance product that is designed to cover the cost of medical care. Everyone hopes to be as healthy as possible. However, sickness or personal injuries can come up at any time.
An office colleague, for example, who is suffering from a viral infection, could pass on the illness to you without your knowledge.