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An insured or policyholder is the person or entity buying the insurance policy. Benefit of having general insurance policies in place is t.
From the above explanation we can find the following characteristics which are generally observed in the case of life marine fire and general insurances.
Features of general insurance. When you take out an insurance policy you pay a monthly or annual premium. Insurance is defined as the equitable transfer of the risk of a loss from one entity to another in exchange for payment. Thus when a fire accident takes place in a match factory the insured should minimize the loss by taking adequate preventive measures.
Insurance is a device to share the financial losses which might befall on an individual or his family on the happening of a specified event. The different forms of general insurance are fire marine motor accident and other miscellaneous non life insurance. General insurance is nothing but an agreement between you and your insurance company that they will provide you financial security in time of needs based on the mentioned policy coverage.
Insurance contracts that do not come under the ambit of life insurance are called general insurance. Though insurance aims at minimizing the loss it is expected that every party to the contract of insurance should take adequate steps to minimize the loss. Following are the different types of general insurances in india.
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. Insurance is a device to share the financial losses which might befall on an individual or his family on the happening of a specified event. An insurer is a company selling the 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. However general insurance in india is bifurcated as fire engineering marine and miscellaneous insurance. Let us look at them as per the use and general acceptability.
The insurance has the following characteristics which are generally observed in case of life marine fire and general insurances. In law and economics is a form of risk management primarily used to hedge against the risk of a contingent uncertain loss. The tangible assets are susceptible to damages and a need to protect the economic value of.
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