PRACTICE OF GENERAL INSURANCE

Mar 27, 2021 - 07:00
Nov 11, 2022 - 08:10
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 Licentiate Exam-IC11- Practice Mock Test

General Insurance: An Introduction

The term General Insurance may cover everything except the life of the buyer or insured. In other words, it may be said that General Insurance is a contract that offers compensation on any loss except death to its buyers. Thus it is a much wider term than we expect. Examples of things covered under the General Insurance are house, car, scooter, bike, travel, etc. There are parts of general insurance, and these may be insured. The insurance company has to compensate for the loss in the form of money. Power insurance, maritime insurance, liability insurance, engineering insurance, property insurance, foreign insurance options, and financial lines insurance are all examples of general insurance. General insurance policy offers a kind of assurance to its buyer. General insurance helps the buyers to protect themselves and the things they value, such as their homes, cars, and other valuables, from the financial impact of risks, big and small–from flood, fire, earthquake, and storm, to theft, travel mishaps, car accident, etc. It even protects from the costs of legal action against the insured or buyers.

Kinds of General Insurance

Some major General Insurance policies are as follows:

1.) Motor insurance

It does not cover only motors as it sounds, but it is an insurance plan for various kinds of vehicles. These plans are required by law and must be purchased for each vehicle before it can be driven on Indian roads. This insurance policy is necessary and thus has much scope. 

2.) Travel insurance

Travel insurance covers the buyers’ trips against unforeseen emergencies. A travel insurance plan covers financial emergencies that the buyers may face when he or she is traveling to another place. 

3.) Home insurance

Home insurance plans cover the financial losses that the buyer or insured suffer in case of his or her home and/or its contents are damaged due to various causes. Home insurance policies, therefore, provide financial coverage against natural and man-made disasters which cause a loss to our house property.

4.) Fire insurance

This policy covers the damages caused by fire and other related perils. Damages to property or specified assets are covered by this regulation.

5.) Health Insurance

A Health Insurance plan helps the buyer to stay covered against various diseases. Additionally, it helps the buyers boost tax savings. Under section 80D of the Income Tax Act, 1961, the buyers can claim tax benefits against our health insurance premium. Illnesses or injuries like medical expenses are covered by a health insurance policy. A health insurance plan protects the buyers from sudden medical expenses. It may be cashless or there may be reimbursement of bills or pay the medical care provider directly on the insured person’s behalf. Comprehensive medical insurance may cover the cost of hospitalization, daycare procedures, medical care at home ambulance charges, etc.  

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