What is considered general insurance?
General insurance refers to a range of non-life insurance products. General insurance consists of two broad types of insurance, commercial and domestic. Commercial insurance is in respect of risks associated with business or corporate structures, whilst domestic insurance covers insurance for an individual's own use.
What is insurance and general insurance?
While life insurance covers the life of a person, general insurance provides cover to other aspects and assets in a person's life, for example, health, car, travel, home, etc.
What is general insurance function?
General insurance helps us protect ourselves and the things we value, such as our homes, our cars and our valuables, from the financial impact of risks, big and small – from fire, flood, storm and earthquake, to theft, car accidents, travel mishaps – and even from the costs of legal action against us.
What are the features of general insurance and give an example of general insurance?
The policies cover financial damage and pay customers for their losses. General insurance products give financial stability often in the event of a disaster. General insurance policies are also sometimes required by law. Motor insurance policies, for example, are required there under the Motor Vehicles Act of 1988.
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