General Insurance

The Concept of General Insurance

The concept of insurance applies to a large group of people that may suffer the same issue in the same region or condition. The money that is collected as the premium can be considered as a pool and when one encounters some loss, he/she is paid from this pool. Still, confused about what is a general insurance policy and general insurance meaning? If yes, then go through the following example, suppose your family member suffered a heart attack and he/she requires a transplant on an immediate basis. At the same time, you have to pay the fees of your daughter’s first year of college. Now you have huge expenses to meet consecutively and both the issues have the same priority. In this stressful time, the health insurance policy for your family can share your burden and you can pay the fees of your daughter from your savings without any worry. In this way, general insurance in India works as your savior.

Types of General Insurance Policies

Motor Insurance

Motor insurance is one of those types of general insurance policies that cover all damages and liability to a vehicle against various on-road and off-road emergencies.

Health Insurance

Health care costs are increasing every year. A sedentary lifestyle and stress at work negatively affect health and can result in a critical illness or medical emergency.

Travel Insurance

International travel, whether on vacation or business, can turn into a nightmare if one experiences contingencies like loss of baggage, loss of passport, delay in the flight, medical emergency, etc. Such eventualities will surely take the fun away from traveling.

Home Insurance

Home is often the most treasured possession of an individual and also the largest financial investments one makes in life. Safeguarding the physical structure and contents of the home seems like a logical thing to do.

Marine Insurance

Business involves the import and export of goods, within national borders, and across international borders. Movement of goods is fraught with the risk of mishaps, which can result in damage and/or destruction of shipments. This leads to substantial financial losses for both the importers as well as the exporters.

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