What is life general insurance?

Life insurance is a contract between the policyholder and the insurance company where the beneficiary is designated to receive stated monetary benefits in case of death of the insured person. General insurance provides cover for risks other than life-risk.

What is the meaning of PPT in life insurance?

Definition: Premium paying term is the total number of years for the policy holder to pay the premium.

What is general insurance and its types?

General insurance covers home, your travel, vehicle, and health (non-life assets) from fire, floods, accidents, man-made disasters, and theft. Different types of general insurance include motor insurance, health insurance, travel insurance, and home insurance.

What are the 4 types of general insurance?

Type of the insurance covers that one can buy may include:

  • Property Insurance.
  • Engineering Insurance.
  • Liability Insurance.
  • Marine Insurance.
  • Employees Benefit Insurance.
  • Business Interruption.

Why is general insurance important?

Owing to the risks posed by natural calamities, diseases, medical emergencies, and accidents, general insurance covers is something that can provide a blanket of financial protection from them. Accidents and misfortunes cannot be predicted, but it is in our hands to make sure that we are prepared.

What is different between life insurance and general insurance?

General insurance covers any other risk except for life-risk of the person injured. Life Insurance covers only the life-risk of the person insured. General Insurance. It is an insurance contract, which covers the life-risk of the person insured.

What is the difference between life insurance and general insurance?

“Life insurance and general insurance are two different forms of insurances. General insurance covers any other risk except for life-risk of the person injured. Life Insurance covers only the life-risk of the person insured.”

What is DAB in insurance?

Double accident benefit under a life insurance policy refers to the double payment of the sum assured under the policy, should the insured die due to an accident during the tenure of the policy. Many life insurers offer this policy benefit on payment of a nominal additional premium.

What are the benefits of general insurance?

General or Non-Life Insurance offers you two kinds of distinct benefits:

  • A General Insurance policy cover reimburses the insured for a financial loss caused due to certain events as stated in the respective general insurance policy.
  • It gives you peace of mind during loss and covers major portion or total loss.

What are the functions of general insurance?

Functions of Insurance – Life Insurance & General Insurance

  • Protection.
  • Certainty.
  • Prevention of Risk / Loss.
  • Risk / Loss Sharing.
  • Growth of Large Companies.
  • Economic Progress.
  • Useful for Investing and Savings.
  • Sources for Foreign Exchange.

What is the scope of general insurance?

General Insurance comprises of insurance of property against fire, burglary etc., personal insurance such as Accident and Health Insurance and liability insurance which covers legal liabilities. There are also other covers such as Errors and Omissions insurance for professionals, credit insurance etc.

What are the characteristics of general insurance?

Characteristics of general insurance

  • It’s a contract of indemnity.
  • It cannot be assigned even to ones relatives.
  • The insured must have an insurable interest in the property to be insured.
  • Premiums charged depends on the degree of risk, the higher the premium charged.