General Insurance Policy Definition
This category of insurance virtually covers all forms of insurance except life.
General insurance policy definition. And liability insurance covering legal liabilities. General insurance covers insurance of property against fire burglary theft. The tangible assets are susceptible to damages and a need to protect the economic value of. Commercial general liability cgl is a type of insurance policy that provides coverage to a business for bodily injury personal injury and property damage caused by the business s operations.
Insurance contracts that do not come under the ambit of life insurance are called general insurance. Products vary between companies and consumers should always read their product disclosure statement pds before they purchase cover. 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. 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.
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. General insurance or non life insurance policies including automobile and homeowners policies provide payments depending on the loss from a particular financial event. 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. The different forms of general insurance are fire marine motor accident and other miscellaneous non life insurance.
And we can choose the types of risks we wish to cover by choosing the right kind of policy with the features we need. Consumers should always purchase cover appropriate to their level of risk. 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 is broadly defined as non life insurance policies.
Definition of general insurance. 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. A clause in an insurance policy that indicates that the insurer will only cover the least expensive option for treatment repair or remediation. Least expensive alternative treatment leat.
And advertising and personal injury pi liability.