1273558, japjot kaur, F1, Q34-comment on distribution in non life insurance

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 typically comprises any insurance that is not determined to be life insurance Insurance is a way of risk management used to cover in case of loss. In insurance the insured pays a fixed amount of premium and in return the insurer guarantees to compensate the loss of the insured`s property or life or the insured thing in case of any damage. The premiums are being determined with insurance rate. There are many types of insurance available to insure your valuable things. But in general you can find 6 types of insurancepolicies that are available in the market to suit your needs.

The types of insurance meant to be understood as important and necessary by the common public entails a number of aspects where personal property can be lost or damaged. General insurance is a term that is used for policies that cover for occasions other than death, in which case life insurance policies do the needful. General insurance policies can including covering valuables, property, cargo and miscellaneous goods. Since life insurance policies do not cover for damage and death together, incidents like cyclones, accidents and other mishaps should be considered for general insurance policies as they can cause, both death and damage.

One of the policies covered under general insurance is fire insurance. If you feel there is reason to believe that your property can be destroyed by fire, owing to usage of certain appliances, dry storms, electrical wiring or other reasons, fire insurance is one of the policies to vouch for in a general insurance scheme. Most insurance policies protecting against fire damages are an area of primary interest for owners of property in the oil, aircraft, civil, and adventure sport sectors.

Many large and expensive goods are known to be transported by ships. Such items may include expensive antiques, jewellery, expensive machinery, large shipments of cargo and freight, and other such items. These items are understood to face a large amount of risk, which mainly include sea-storms, ship accidents and other such perils of the sea, which are known for a long time to humanity. Companies that deal in expensive goods and export often buy shipping insurance policies.

Cargo (marine) policies pertain to the loss of goods due to severe damage or accident on the sea, due to the various possible risks. The other type of insurance related with marine transportation includes the marine hull policy, which protects one against the damages caused to the ship owing to various perils. These are mainly the two kinds of general insurance policy schemes that are associated with shipping of goods. Most companies dealing in factory equipments, machinery, antiques and other shipping goods invest in such policies.

General life insurance policies entail a wide array of miscellaneous policies, which include theft, burglary, health, personal injury accidents, intellectual rights insurance etc. Investors in general insurance policies include business owners, as well as private property owners and individuals, who attempt to gain a certain assurance against having to incur the loss of money in expensive goods, rights and services. While choosing a general insurance policy scheme it is important to check the policies, you require. Consultation services for buying insurance are also available and they can help you realise the amount of money you need to invest in a general insurance policy.

Lets have a look at the 6 basic types of insurance that you can afford.

Life Insurance : The most valuable thing in the world is our life. So to insure life is given topmost priority while talking about the 6 types of insurance. In this insurance plan the insurer company gives the financial coverage in case of loss of life of the insured and his family. The policy holder have to pay a premium to get the coverage.

Health Insurance : Health insurance covers the health related expenses that needs in an emergency. This insurance can cover your all expenses regarding the treatment, fees of doctors, Hospital charges, medicine and also other charges in case of mishaps.

Auto Insurance : 3rd type among the 6 types of insurance is Auto insurance. You can opt for it. In auto insurance policy insurer provides cover for damage caused by motor accident. The insured pays a monthly or yearly payment to get the coverage. In return the insured gets compensation in case of any mishaps. The insured Insurance premiums are decided on basis of age, gender, marital status, distance traveled, Vehicle classification, etc.

Disability insurance: Disability insurance provides cover an individual financially, if the person looses the work ability and unable to earn his living due any illness or accident. Two types of coverage are available, one is STD or Short Term Disability and LTD or Long Term Disability. In case of STD you can get compensation for a period of maximum 2years. In LTD the compensation will be provided for the life time.

Home Insurance : The 5th among the basic 6 types of insurance is Home Insurance. It provides coverage for your home against all the mishaps. Many different plans are now available in this section to suit your needs.

Business Insurance : Businesses can also be insured from any mishaps however its big or small. In business insurance policies the insurance company provides coverage for business property and liability. The most popular business insurance is BOP or business owner's policy, it’s a kind of bunch of policies with many kinds of coverages.

These are the basic 6 types of insurance. Although outside these 6, there are bunch of other types of insurance is also available in the market like: Travel insurance, Pet insurance, Financial loss insurance etc.