General Insurance

General insuracne means insuring anything other than human life. Examples are insuring property like house and belongings against fire and theft or vehicles against accidental damage or theft. Injury due to accident or hospitalisation for illness and surgery can also be insured. Your liabilities to others arising out of the law can also be insured and is compulsory in some cases like motor third party insurance.

Need to buy General Insurance
Insurance is a way of allowing people to minimize their individual financial damages by combining their potential for loss with that of others.When one has earned and accumulated property, it is prudent to protect it against financial losses. If you have a car or house you need to protect them against accidents, damage, theft, fire and anything else that could affect them.
The law also provides us to be insured against some liabilities. That is, in case we should cause a loss to another person, that person is entitled to compensation. To ensure that we can afford to pay that compensation, the law requires us to buy liability insurance so that the responsibility of paying the compensation is transferred to an insurance company.
In order to protect it against losses due to fire or theft and so on, anyone who owns an asset can buy insurance. Each one of us can insure our and our dependents’ health and well being through hospitalisation and personal accident policies. To buy a policy the person should be the one who will bear financial losses if they occur. This is called insurable interest.

Types of General Insuranc:

* Home Insurance
* Automobile Insurance
* Accident Insurance
* Medical Insurance
* Travel Insurance
* Pet Insurance
* Unemployment Insurance (to protect your income)
* Mortgage or Loan Payments Insurance (Payment Protection Insurance)
* Critical illness Insurance
* Long-term care insurance

What kinds of policies are there?
Most general insurance policies are annual – that is, they last for one year. Some policies are given for longer periods – like fire insurance for residences – and some for shorter periods – like insurance for goods transportation or for emergency medical treatment during foreign travel.