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Distinguish Between General Insurance And Life Insurance

724 words - 3 pages

Distinguish between General and Life Insurance.
General Insurance is non life Insurance known as property and casualty insurance, including automobile and homeowners policies. They also provide payments depending on the loss from a particular financial event. General insurance comprises any insurance that is not determined to be life insurance. The event may not take place at all or may take place in part. All assets have a value and also provides some benefit to the owner. So if the assets are destroyed, there would be some financial loss to the owner. Therefore, to protect this financial loss, insurance is done. There is no investment after a specific period. However, the insured interest must be presented at the time of loss. There are basically three types of Non Life or General Insurance which is fire, marine and miscellaneous and travel Insurance are the most common types of insurance under Miscellaneous Insurance of General Insurance. General Insurance has many different kinds of coverages so talk to a reliable agent before we take a policy out. General insurance can transfers risk away from us to an insurer for personal matters other than life insurance. For example, casualty and property insurance, transfers the risk of damage to our personal property to an insurance company so that we don't have to pay out of pocket for any property damage covered under the terms of the insurance policy. Health insurance will provides a way to transfer the financial cost of certain health risks away from us to an insurance company so that an illness does not financially ruin us. The premium the variable in it. Moreover, the premium payment generally in single premium. General Insurance is basically covering the things that have a financial value in life and has a probability of getting lost, damaged or stolen. General Insurance provides protection against hazards like accidents, illness, fire and many more. General insurance is not meant to offer returns, but protection against contingencies.
However, the Life Insurance is an Insurance on a person’s life. The subject matter in Life Insurance is life. Life insurance, general death inclusive of unnatural...

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