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
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.
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
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