GENERAL INSURANCE

RANI MORE BBA 5TH SEM.

InsuranceInsurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for a premium, and can be thought of a guaranteed small loss to prevent a large, possibly devastating loss.

Principles of InsuranceUtmost Good Faith,

Insurable Interest, Principle of Indemnity, Principle of Contribution, Principle of Subrogation,

Principle of Loss Minimization, Principle of ‘CAUSA PROXIMA’

General InsuranceGeneral insurance or non-life

insurance policies, including automobile and homeowners policies, provide payments depending on the loss from a particular financial event.

Insurance that is not determined to be Life Insurance.

U.S. and Canada= Property and Casualty Insurance &

Continental Europe= Non-Life Insurance

Types of General Insurance

Fire • Specific Policy• Comprehensive

policy• Valued Policy

Marine

• Voyage Policy• Time Policy• Mixed Policy

Health

• Individual mediclaim Policy

• Group Mediclaim Policy

• Cancer PolicyAuto

Vehicle

• Private Car Insurance

• Two Wheeler insurance

• Commercial Vehicle Insurance

Fire InsuranceFire Insurance is a cover against the

risk of loss of property due to fire accident.

When a structure is covered by fire insurance, the insurance policy will pay out in the event that the structure is damaged or destroyed by fire.

Health InsuranceHealth Insurance covers all medical

expenses following hospitalized from sudden illness or expenses from any kind of accident.

It’s an insurance against loss by illness or bodily injury.

Marine InsuranceCoverage against loss of or damage to a ship; and in-transit cargo loss or damage over waterways.

Auto InsuranceAuto Insurance (also known as

vehicle insurance, car insurance, or motor insurance) is insurance purchased for cars, trucks, and other vehicles. Its primary use is to provide protection against losses incurred as a result of traffic accidents and against liability that could be incurred in an accident.