General InsuranceInsurance contracts that do not come under the ambit of life insurance are called general insurance. The different forms of general insurance are fire, marine, motor, accident and other miscellaneous non-life insurance. The tangible assets are susceptible to damages and a need to protect the economic value of the assets is needed. For this purpose, general insurance products are bought as they provide protection against unforeseeable contingencies like damage and loss of the asset. 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.
The main five type of general insurance includes:
1. Motor insurance
2. Health Insurance
3. Travel insurance
4. Home insurance
5. Fire insurance.
General Insurance is essentially a contract between two parties where one party make promise to other party to compensate in case of any future mishaps.