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Classification Of General Insurance

Classification Of General Insurance

The most practical classification of general insurance is as follows:

1. Property insurance – Here, all types of property is covered, provided the value can be converted into pecuniary terms , thus forming the sum insured under the policy.

2. Liability Insurance - This covers Liability arising out of various contracts-employees liability, liability arising out of defective products, accident liability eg motor accidents

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3. Health and Accident/Casualty insurance - This covers health and personal accident insurance.

4. Insurance of interest – For instance, one can insure one’s interest in a property eg. rental income from a property etc.

The primary function of a general insurance contract is to provide security, an assurance that, in the event of any loss, the contract would indemnify the insured.

Insurance Law And Practice - ICSI
Classification Of General Insurance Classification Of General Insurance Reviewed by Blog Editor on Monday, May 22, 2017 Rating: 5

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