General insurance or non-life insurance policies, including automobile and homeowners policies, provide payments depending on the loss from a particular financial event. General insurance is typically defined as any insurance that is not determined to be life insurance. It is called property and casualty insurance in the United States and Canada and non-life insurance in Continental Europe.
Insurance is a term in law and economics. It is something people buy to protect themselves from losing money. People who buy insurance pay a "premium" (often paid every month) and promise to be careful (a "duty of care"). In exchange for this, if something bad happens to the person or thing that is insured, the company that sold the insurance will pay money back. (However, there are some times when the company will not have to pay money back, such as if the person was not careful.)
TYPES OF GENERAL INSURANCE
General insurance can be categorised in to following :
Motor Insurance: Motor Insurance can be divided into two groups, two and four wheeled vehicle insurance.
Health Insurance: Common types of health insurance includes: individual health insurance, family floater health insurance, comprehensive health insurance and critical illness insurance.
Travel Insurance: Travel insurance can be broadly grouped into: individual travel policy, family travel policy, student travel insurance, and senior citizen health insurance.
Home Insurance: Home insurance protects a house and its contents.
Marine Insurance: Marine cargo insurance covers goods, freight, cargo, and other interests against loss or damage during transit by rail, road, sea and/or air.
Commercial Insurance: Commercial insurance encompasses solutions for all sectors of the industry arising out of business operations.