General Insurance Policy Definition
General insurance is broadly defined as non life insurance policies.
General insurance policy definition. The insurance is to safeguard us and our property such as home car and other valuables from fire theft flood storm accident earthquake and so on. The tangible assets are susceptible to damages and a need to protect the economic value of. Consumers should always purchase cover appropriate to their level of risk. Insurance contracts that do not come under the ambit of life insurance are called general insurance.
When you take out an insurance policy you pay a monthly or annual premium. Products vary between companies and consumers should always read their product disclosure statement pds before they purchase cover. The different forms of general insurance are fire marine motor accident and other miscellaneous non life insurance. A clause in an insurance policy that indicates that the insurer will only cover the least expensive option for treatment repair or remediation.
In exchange for an initial payment known as the premium the insurer promises to pay for loss caused by perils covered under the policy language. In general insurance works by spreading the cost of unexpected risks among a large number of people in the same region who share similar risks. And advertising and personal injury pi liability. Definition of general insurance.
Commercial general liability cgl policy a standard insurance policy issued to business organizations to protect them against liability claims for bodily injury bi and property damage pd arising out of premises operations products and completed operations. In insurance the insurance policy is a contract generally a standard form contract between the insurer and the insured known as the policyholder which determines the claims which the insurer is legally required to pay. General insurance or otherwise known as non life insurance or property and casualty insurance is a contract that covers any risk apart from the risk of life. Personal insurance covering health travel and accidents.
And liability insurance covering legal liabilities. And we can choose the types of risks we wish to cover by choosing the right kind of policy with the features we need. General insurance is typically defined as any insurance that is not determined to be life insurance it is called property and casualty insurance in the united states and canada and non life insurance in continental europe. Least expensive alternative treatment leat.
General insurance covers insurance of property against fire burglary theft.