Having been with your family for a summer holiday, just think of the entire asset you’ve owned such as a car, house, and other valuables. What is peradventure you lose your entire asset due to fire outbreak, theft or a natural calamity? Everything will be gone even before you might think of saving it. With this, it brings us to general insurance or insurance general whichever way you called it.
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What is Insurance General?
Insurance general could be referred to as the covers of non-life assets such as your home, car, travel, health, and others from flood, theft, disasters, and accidents. It can also be defined as the policy agreement or contract between the policyholder and the insurer which is considered only after realization of the premium.
How Does Insurance General Works?
Insurance could be seen as a concept that is applied to numerous groups of persons who might suffer the same damage in the same conditions or region. The cash that is been collected as the premium can be known as a poll and whenever anyone must have faced a loss, the person is paid from that pool. It helps to save your burden for money.
Types of General Insurance
There are different types of general insurance but I am going to mention and explain a few of them. Below are the given lists:
Motor Insurance can be referred to as vehicle insurance. This covers your vehicles against accidents, risk, theft, and so on. There are two (2) forms of this type of insurance which is the comprehensive and the third party. The comprehensive motor insurance policy provides the vehicle with a 360-degree cushion to your vehicle against damages that may be caused due to flood, fire, riot, etc. It can as well give the rider, personal accident coverage along with third-party liability while the third party takes care of the damages suffered by a third party in the cause of the accidents caused by your vehicle. It won’t have to cover the damage that was caused by your vehicle. According to the Motor Vehicles Act, 1988, it’s a must for every vehicle plying on the road to have third party insurance.
You might be traveling abroad, it is necessary you get a travel insurance policy to protect you against losses duffer due to loss of the baggage, delay in flight and trip cancellation. In some other cases, if you are hospitalized while you are traveling travel insurance might help to give cashless hospitalization.
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This kind of insurance helps to protect or guide your home and every one of your belongings against damages suffered due to man-made disasters and natural disasters. Although some home insurance policies also help to provide you with a temporary living expense in case you are living on the rent due to your home might undergoing renovation.
The health insurance plan is an indemnity that pays the hospitalization expenses for the sum insured. You may have availed a standalone health policy; family’s floater plans provide the coverage to all the members of your family. Critical illness plans are of fixed benefits plans which can provide lump sum upon the diagnosis of the critical ailment, taking care of the pre- and post-hospitalization costs.