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1. GENERAL / NON LIFE
INSURANCE
PRESENTED BY : RICHA
(BBA) (2013-2016)
SECTION:A
2. INSURANCE
Insurance in broad terms may be
described as a method of sharing
financial losses of few from a common
fund who are equally exposed to the
same loss.
3. Principles of insurance
Utmost Good Faith
Insurable Interest
Principle of Indemnity
Principle of Contribution
Principle of Subrogation
Principle of Loss Minimization.
5. GENERAL INSURANCE
General insurance or non-life insurance
policies, including automobile and
homeowners policies, provide payments
depending on the loss from a particular
financial event.
6. Types of General Insurance
The major types of General Insurance are:
• Fire
• Motor
• Health
• Marine
7. FIRE INSURANCE
A fire insurance is a contract under which
the insurer in return for a consideration
(premium) agrees to indemnify the
insured for the financial loss which the
latter may suffer due to destruction of or
damage to property or goods, caused by
fire, during a specified period.
8. SCOPE
All moveable/ immoveable properties of the
proposer on land (excluding those in transit)
broadly categorised as follows :
1. Building (including plinth and foundations, if
required):
Whether completed or in course of construction
(excluding the value of land).
Interiors, Partitions and Electricals.
2. Plant & Machinery, Equipments & Accessories
(including foundations, if required)
Bought Second hand.
Bought New
Obsolete Machinery
9. SCOPE
Stocks:
Raw Material
Finished Goods
In process
In trade belonging to Wholesaler,
Manufacturer and Retailer.
Other Contents such as
Furniture, Fixtures and Fittings
Cables and Piping's
Spares, Tools and Stores
Household goods, etc.
10. PERILS COVERED
Fire Perils
Fire
Explosion / implosion
Aircraft damage
Subsidence & landslide including rock slide
Social Perils
Riot, strike, malicious damage.
Terrorism (the optional cover).
Other perils
Impact damage.
Bursting or overflowing of water tanks & pipes.
Bush fire.
11. Motor insurance
Vehicle insurance (also known as, GAP insurance, car
insurance, or motor insurance) is insurance purchased
for cars, trucks, motorcycles, and other road vehicles. Its
primary use is to provide financial protection against
physical damage and/or bodily injury resulting
from traffic collisions and against liability that could also
arise there from the specific terms of vehicle insurance
vary with legal regulations in each region.
12. Health Insurance
Health insurance is insurance against the risk of
incurring medical expenses among individuals. By
estimating the overall risk of health care and health
system expenses, among a targeted group, an insurer can
develop a routine finance structure, such as a monthly
premium or payroll tax, to ensure that money is available to
pay for the health care benefits specified in the insurance
agreement.
13. MARINE INSURANCE
Marine insurance covers the loss or damage of ships,
cargo, terminals, and any transport or cargo by which
property is transferred, acquired, or held between the
points of origin and final destination. Cargo insurance —
discussed here — is a sub-branch of marine insurance,
though Marine also includes Onshore and Offshore
exposed property, (container terminals, ports, oil
platforms, pipelines), Hull, Marine Casualty, and Marine
Liability. When goods are transported by mail or
courier, shipping insurance is used instead.