Some Details about General Insurance

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Some Details about General Insurance
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• A general insurance can be simply be defined as a
  method of sharing financial losses of few from a
  common fund who are equally exposed to the same
  loss.
• It is the equitable transfer of the risk of
  losses form one entity to another, in exchange
  for a premium, and can be taken as a guaranteed
  small loss which can be used to prevent a large
  devastating loss.

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Characteristics of Insurance

• Pooling of Losses Spreading of losses which are
  incurred by a few over the entire group.
• Risk Transfer A pure risk is transferred from
  the insured to the insurer, who is in a typically
  stronger financial position
• Indemnification The insured is restored to his
  approximate financial position prior to the
  occurrence of the losses

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Types of General Insurance

• Motor Insurance - Motor insurances includes
  insurance policies like car insurance and two
  wheeler insurance, covers all damages and
  liability to the vehicle.
• Health Insurance - Ill health can result in a
  major halt in your life and work. Moreover, the
  escalating price of health care costs means that
  you would be shelling out a massive amount of
  money to bear the brunt of these costs.
• Travel Insurance - Despite all your planning, a
  trip abroad can go wrong due to medical
  eventualities, and non-medical contingencies such
  as loss of baggage, trip delay and other
  incidental expenses.

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Why have General Insurance?

• Assures safety security - In a situation of
  filing an insurance claim, the insured looks
  forward to a reimbursement or payment of a
  lump-sum amount to recover the financial loss due
  to any uncertainty.
• Offers Peace of mind - The assurance that at the
  time of uncertainty you have someone to take care
  of your financial needs I itself leads to peace
  of mind. 
• Purges dependency - If you are insured under the
  right plan, then in the hour of need, you may not
  have to wander around looking for help from
  someone either you would have to break your
  hard-earned savings to overcome the problem.

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