Types of Insurance - Life & General Insurance

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What is Insurance?

• Insurance is a practice or arrangement by which
  company or government agency provides a guarantee
  of compensation for specified loss, damage,
  illness or death in return for a payment of a
  premium
• In some sense, its a thing providing protection
  against a possible eventuality

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Types of Insurance
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Life Insurance

• Insurance that pays out a sum of money either on
  the death of the insured person or after a set
  period
• It is a contract between the policy holder and an
  insurer where the insurer promises to pay a
  designated beneficiary a sum of money upon the
  death of the insured person.

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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
• It is basically an insurance policy that protects
  you against losses and damages other than those
  covered by life insurance

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Thank You