General Insurance is the type of insurance which covers the loss and pays compensation against any uncertain financial event. It is often referred to as the non-life insurance. General Insurance covers all aspects of loss in case of objects and one which does not fall under life insurance and is particularly done for property loss in any natural hazards, theft, burglary, accidents etc. General Insurance is often under annual contracts but there are also a few products under general insurance policies which are under the long-term contracts.
Types of General Insurance
General Insurance can be sub-divided into six types of Insurances viz:
- Medical/ Health Insurance: In this insurance policy, the insurer pays the medical expense of an individual or a group of consumers.
- Travel Insurance: travel insurance plan is quite an interesting one and proves to be of great help where in case, an individual while traveling, if faces any theft or loss or is injured or ill. Travel insurance covers any loss that might occur in any of the above cases mentioned. Travelers can get a travel insurance done while going either on a domestic travel or an international travel.
- Property Insurance: this insurance policy provides financial protection against any risk to property through natural hazard or theft or burglary.
- Auto Insurance: often referred to as vehicle or motor insurance covers any loss resulting from traffic accident.
- Home Insurance: Also referred to as Homeowners insurance or hazard insurance covers any loss incurred in the private homes in terms of the content of the house, loss of possessions and because of any accidents that might take place at home.
- Agricultural Insurance: The agricultural insurance policy helps the farmer against incurring any kind of loss due to crop failure.
In today's world every individual should have the awareness of getting maximum of their property insured so that they are compensated with the maximum in case of any loss.