The Definition of Insurance

Any kind of Insurance other than life insurance then will falls under the category of general insurance. Insurance includes property insurance against fire, theft, etc., such as personal accident and sickness insurance, liability insurance and liability cover. There are other covers such as errors and omissions insurance for professionals, credit insurance, etc.

Non-life insurance companies to cover the products are proprietary and allies against the risk of fire, flood and storm floods, earthquakes and so on. There are products that cover property against burglary, theft, etc. The non-life insurance companies also in terms of policy on the machine breakdown, it is a policy that covers the hull of ships and so on. Marine Cargo covers goods in transit, whether by sea, air and road. In addition, insurance of motor vehicles against damage and theft are a major part of non-life insurance business enterprise.

In the case of property insurance, it is important to cover the account of the actual value of the property to avoid a penalty be imposed in case of accident. If a property is undervalued for insurance, the insured must bear ratable share of the loss. For example, if the value of a property is Rs.100 and is insured for Rs.50 / - in respect of a loss to say the extent of Rs.50 / - is the maximum credit amount would be Rs.25 / - (50% of the loss may borne by the insured underinsuring of property by 50%). This concept is very often not understood by most policyholders.

Personal insurance for accidents, health, etc, is kind of products that offer cover personal accident benefit policy. Health insurance covers offer non-life reinsurance Bureaux replaced primarily covers hospitalization, cash or a base. The service is offered cash by a third party administrators who have contracts with different service providers, ie hospitals. The third party administrators also provide a service for payment applications. Sometimes the process of reclaiming is the credit insurers themselves.

Accident and health insurance policies are available for individuals or groups. A group can be a group of employees in an organization or holders of credit cards or holders of bank accounts, etc. Usually, when a group is covered, insurance companies offer group discounts.

Liability insurance covers such as motor third party liability insurance, workers compensation policies, etc. offer the legal obligations that may arise in their statutes the right car, the workers in the law on compensation, etc.. The part concerning the above (is no third party and workers compensation policy) required by law. Mandatory liability insurance by law, it is also gaining popularity these days. Many industries prefer to insure against liability. We are covering the responsibility for the products are also available.

There are general insurance, which is in the type of package that offers a combination of covers above. For example, there are policies available packages for families, shop keepers and also for professionals such as doctors, accountants, etc. In addition to standard cover, insurance companies also offer customized or.

Suitable for general insurance cover required for each family. It is important to protect their property, which may have been from a severe income. A loss of damage to property can make a break. Losses created by disasters like the tsunami, earthquakes, cyclones and many became homeless and destitute. These losses can be devastating, but they could help to alleviate them. Properties can be covered, so even people with injuries. A health may provide financial assistance to a person undergoing medical treatment because of an illness or an accident.

Industries also need to protect themselves by obtaining insurance to protect their construction, machinery, stocks, etc.. They must cover their liabilities, too. Financiers insist on insurance. Most of the industries or firms are usually financed by banks and other institutions to obtain coverage. But they get the right cover? And they have sufficient insurance are issues which must be thinking. Even organizations or industries that are self-funded must ensure that they are protected by insurance.

Most general insurance cover contracts are annual. However, there are some products that the long term.

What is important for applicants to read and understand the terms of a policy before concluding a contract. The proposal form must be filled out completely and correctly by an applicant to ensure that coverage is sufficient and correct.

Related articles:

• Basic Insurance
• Big parts of Insurance