General Insurance

General insurance

It means insurance other than life insurance

‘General Insurance Business’ as fire, marine or miscellaneous insurance business whether carried on singly or in combination with one or more of them.

Some common types of miscellaneous insurance are

• exchange risk insurance,
• motor vehicle insurance
• credit insurance
• burglary insurance
• workmen’s compensation insurance
• professional liability insurance
• cash in transit insurance
• fidelity insurance, etc.

Various types of General Insurance

General Insurance is broadly classified into three major categories:

1.Fire Insurance

2.Marine Insurance

3.Miscellaneous Insurance

In general insurance, the policy is taken for one year at a time and can be renewed yearly or a fresh policy can be taken with some other insurance company.

1. Fire Insurance:- A fire insurance contract may be defined as an agreement whereby one party, for a consideration, undertakes to indemnify the other party up to an agreed amount against financial loss of goods or property which the latter may suffer because of fire. Fire insurance thus covers the risk of loss ....Read More....
2. Marine Insurance:- Marine insurance is perhaps the oldest type of insurance. Under a contract of marine insurance, the Insurance company or the underwriter agrees to Indemnify the owner of a ship or cargo against risks which are incidental to marine adventures such as sinking or burning of the ship and its contents, stranding of the ship, collision of the ship ....Read More....
3. Miscellaneous Insurance Policies:- In addition to the types of general insurance business discussed above, there are a number of insurance policies which cover various other types of risks, the important ones of which are discussed ....Read More....