General insurance or non-life insurance policies, including automobile and homeowners policies, provide payments depending on the loss from a particular financial event. This category of insurance virtually covers all forms of insurance except life . It is called property and casualty insurance in the United States and Canada and non-life insurance in Continental Europe.
General insurance covers insurance of property against fire, burglary, theft; personal insurance covering health, travel and accidents; and liability insurance covering legal liabilities. Other covers may include insurance against errors and omissions for professionals, credit insurance etc. Common forms of general insurance are motor, fire, home, marine, health, travel, accident and other miscellaneous forms of non-life insurance. Unlike life insurance policies, the tenure of general insurance policies is normally not that of a lifetime. Most general insurance products are annual contracts. There are however, a few products which have a long term.
IMPORTANCE OF GENERAL INSURANCE
At Narayan we recommend buying non life insurance as it’s a very important part of financial planning. At time of any emergency situation like personal accident or any other health problem of the earning member of the family, family members may suffer from financial chaos , which can disturb your investing needs. That time if earning member is covered with non-life policies then family can fight easily with any emergency situations.
Narayan Group have there speciallity in giving service for general insurance as its plays a very important role in financial wellbeing. We first judge the requirement of client and then we suggest them plans.
General insurance can be categorised in to following:
- Motor Insurance: Motor Insurance can be divided into two group, one is car Four wheeler insurance and other is two wheeler insurance.
- Health Insurance: Common types of health insurance includes, individual health insurance, family floater health insurance, comprehensive health insurance and critical illness insurance.
- Travel Insurance: Travel insurance can be broadly grouped into Individual travel policy, Family Travel policy, student travel insurance and senior citizen health insurance.
- Home Insurance: Home insurance protects house and its contents in bad time.
- Marine Insurance: Marine cargo insurance covers goods, freight, cargo and other interests against loss or damage during transit by rail, road, sea and/or air.
- Commercial Insurance: Commercial insurance encompasses solutions for all sectors of the industry arising out of business operations.