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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.
In general, insurance works by spreading the cost of unexpected risks among a large number of people in the same region who share similar risks. When you take out an insurance policy, you pay a monthly or annual premium.General insurance does not include health or life insurance.
Types of general insurance
1. Motor Insurance:
Motor Insurance can be divided into two groups, two and four wheeled vehicle insurance.
2. Travel Insurance:
Travel insurance can be broadly grouped into: individual travel policy, family travel policy, student travel insurance, and senior citizen health insurance.
3. Home Insurance:
Home insurance protects a house and its contents.
4. 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.
5. Commercial Insurance:
Commercial insurance encompasses solutions for all sectors of the industry arising out of business operations.
How do general insurance work?
In general, insurance works by spreading the cost of unexpected risks among a large number of people in the same region who share similar risks. When you take out an insurance policy, you pay a monthly or annual premium. General insurance does not include health or life insurance.