Some Details about General Insurance - PowerPoint PPT Presentation

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Some Details about General Insurance


General insurance basically comprises of any insurance that is not determined to be life insurance. Check out this presentation to know more about general insurance. – PowerPoint PPT presentation

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Title: Some Details about General Insurance

Some Details about General Insurance
  • A general insurance can be simply be defined as a
    method of sharing financial losses of few from a
    common fund who are equally exposed to the same
  • It is the equitable transfer of the risk of
    losses form one entity to another, in exchange
    for a premium, and can be taken as a guaranteed
    small loss which can be used to prevent a large
    devastating loss.

Characteristics of Insurance
  • Pooling of Losses Spreading of losses which are
    incurred by a few over the entire group.
  • Risk Transfer A pure risk is transferred from
    the insured to the insurer, who is in a typically
    stronger financial position
  • Indemnification The insured is restored to his
    approximate financial position prior to the
    occurrence of the losses

Types of General Insurance
  • Motor Insurance - Motor insurances includes
    insurance policies like car insurance and two
    wheeler insurance, covers all damages and
    liability to the vehicle.
  • Health Insurance - Ill health can result in a
    major halt in your life and work. Moreover, the
    escalating price of health care costs means that
    you would be shelling out a massive amount of
    money to bear the brunt of these costs.
  • Travel Insurance - Despite all your planning, a
    trip abroad can go wrong due to medical
    eventualities, and non-medical contingencies such
    as loss of baggage, trip delay and other
    incidental expenses.

Why have General Insurance?
  • Assures safety security - In a situation of
    filing an insurance claim, the insured looks
    forward to a reimbursement or payment of a
    lump-sum amount to recover the financial loss due
    to any uncertainty.
  • Offers Peace of mind - The assurance that at the
    time of uncertainty you have someone to take care
    of your financial needs I itself leads to peace
    of mind. 
  • Purges dependency - If you are insured under the
    right plan, then in the hour of need, you may not
    have to wander around looking for help from
    someone either you would have to break your
    hard-earned savings to overcome the problem.