GENERAL INSURANCE

Main Types of General Insurance:

1. Health Insurance

   • Covers medical expenses due to illness or injury.

   • Examples: Individual health plans, family floater policies, critical illness cover.

2. Motor Insurance

   • Covers damage to vehicles and third-party liabilities.

   • Types:

     • Third-party insurance (mandatory in most countries)

     • Comprehensive insurance (includes own damage + third-party)

3. Home Insurance

   • Covers damage or loss to the house due to fire, theft, natural calamities, etc.

4. Travel Insurance

   • Covers losses while traveling such as trip cancellation, lost baggage, medical emergencies abroad.

5. Commercial Insurance

   • Covers business assets, liabilities, and operations.

   • Includes fire insurance, liability insurance, marine insurance, engineering insurance, etc.

6. Fire Insurance

   • Covers loss or damage due to fire and related perils.

7. Marine Insurance

   • Covers cargo losses or damage during transportation via sea, air, or land.

Key Features:

• Short-term contracts (usually 1 year)

• Renewable annually

• Premiums based on risk

• Claim-based settlements