2. NON LIFE INSURANCE
• Insurance in India can be divided into life and non-life. General
insurance is highly popular as these policies provide financial
compensation when losses occur. These losses can be caused due to
various incidents like accidents, diseases, fire, natural or man-
made mishaps, etc.
3. NON LIFE INSURANCE POLICY
• The definition of non-life insurance is, the losses that are incurred
from a specific financial event are compensated to the insured this
is called non-life insurance. General insurance, property insurance
and casualty insurance are other names of non-life insurance. It
can be defined as any insurance that is not related to life
insurance. People, legal liabilities and properties are covered
under a non-life insurance policy.
4. The benefits of a non-life insurance policy are:
1.It is mandatory by law to buy a third-party motor insurance policy. It can take
care of the compensation to be paid to the third party in case of damage to
property or life.
2.Home insurance covers the residential property of the policyholder against many
unforeseen incidents, like fire, burglary, natural calamities, riots, etc.
3.Travel insurance plans offer insurance coverage to senior citizens and children as
well. These help with issues like loss of baggage, accidents, loss of documents, etc.
in a foreign land.
4.Commercial insurance benefits the businesses with policies like employee
benefits insurance, shopkeepers insurance, property and marine insurance, etc.
5.
6. NON LIFE INSURANCE BUSINESS
• Non-Life Insurance Business
Marine InsuranceFire InsuranceMiscellaneous Insurance- Motor
Insurance- Burglary Insurance- Personal Insurance-Rural
Insurance Policies
7.
8. • General insurance or non-life insurance policies, including automobile
and homeowners policies, provide payments depending on the loss
from a particular financial event. 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.
• In the United Kingdom, insurance is broadly divided into three areas:
personal lines, commercial lines and London market.
• The London market insures large commercial risks such as
supermarkets, football players and other very specific risks. It consists
of a number of insurers, reinsurers, P&I Clubs, brokers and other
companies that are typically physically located in the City of
London. Lloyd's of London is a big participant in this market.[1]
