What is General Insurance? Choose Best Car, House, Term Insurance Provider in Pitampura, Rohini.
General Insurance is related to the protection of economic value of asset as every asset has a value. General insurance or Non Life insurance means insurance other than Life Insurance such as fire, marine, motor vehicle & household insurance. Life Insurance deals with human value, whereas non life insurance deals with all other assets. Various types of insurance covers are available in the General Insurance market.
1. Auto Insurance
Two types of policies are applicable to auto insurance in India.
Liability cover only: Only third party liability is covered under these policies.
Comprehensive Policy: The coverage is provided under two heads- Own damage and third party liability. Own damage covers loss or damage to the vehicle, and third party liability protects against legal liability arising due to accidental damages.
2. Property Insurance
Property Insurance refers to the risks to which the different types of property are exposed. Some of the risk exposures are natural calamities, fire, floods, theft, etc.
Property includes building, personal property, boilers & machinery, etc. Causes of loss or perils that can damage or destroy property are sometimes listed in insurance policies called named perils policies.