insurance of physical objects & of health(mediclaim ,health ins.(not all) ,personal accident) comes under G.I.

Answered by NISHANT , an ibibo Citizen, at 9:30 PM on May 29, 2008

Insuring anything other than human life is called general insurance. Examples are insuring property like house and belongings against fire and theft or vehicles against accidental damage or theft. Injury due to accident or hospitalisation for illness and surgery can also be insured. Your liabilities to others arising out of the law can also be insured and is compulsory in some cases like motor third party insurance.
Anyone who owns an asset can buy insurance to protect it against losses due to fire or theft and so on. Each one of us can insure our and our dependents’ health and well being through hospitalisation and personal accident policies. To buy a policy the person should be the one who will bear financial losses if they occur. This is called insurable interest.

Answered by Seema , an ibibo Master, at 11:41 AM on May 26, 2008

insurance is generally divided in 2 categories- life and general. by general insurance we mean insurance of property, vehicles, house, factory, cargo, etc (everything other than human life)

Answered by ranbir , an ibibo Citizen, at 1:09 PM on May 24, 2008

General Insurance is nothing but it is other than Life Insurance like, Health insurance, veichle insurance, ULIP, etc.

Answered by Arun , an ibibo Citizen, at 1:16 PM on May 22, 2008

Insurance is of three types. Life insurance, medical and general insurance.
Life insurance is for life. medical insurance is for health and medical expenses. and general insurance is for other things like house, vehicle etc (exclude life insurance and medical)

Answered by Prashant , an ibibo Citizen, at 12:36 PM on May 21, 2008

“Insurer” means any person carrying on General Insurance Business in India.



“General Insurance Business” has the meaning assigned to it in Clause (g) of Section 3 of the General Insurance Business (nationalization) Act, 1972. The said clause (g) provides that “general insurance business” means fire, marine or miscellaneous insurance business, whether carried on singly or in combination with one or more of them.

Genereal Insurance covers all purpose of insurance other than life insurance, which include Fire and allied perils, flood, storm and inundation, edarthquake, marine , motor vehicles, aero planes, travel insurance, baggage insurance, shop/house insurance etc. etc

Answered by subu , an ibibo Specialist, at 5:50 PM on May 20, 2008

hi seeta rani :-
Insurance other than ‘Life Insurance’ falls under the category of General Insurance. General Insurance comprises of insurance of property against fire, burglary etc, personal insurance such as Accident and Health Insurance, and liability insurance which covers legal liabilities. There are also other covers such as Errors and Omissions insurance for professionals, credit insurance etc.



Non-life insurance companies have products that cover property against Fire and allied perils, flood storm and inundation, earthquake and so on. There are products that cover property against burglary, theft etc. The non-life companies also offer policies covering machinery against breakdown,there are policies that cover the hull of ships and so on. A Marine Cargo policy covers goods in transit including by sea, air and road. Further, insurance of motor vehicles against damages and theft forms a major chunk of non-life insurance business.



In respect of insurance of property, it is important that the cover is taken for the actual value of the property to avoid being imposed a penalty should there be a claim. Where a property is undervalued for the purposes of insurance, the insured will have to bear a rateable proportion of the loss. For instance if the value of a property is Rs.100 and it is insured for Rs.50/-, in the event of a loss to the extent of say Rs.50/-, the maximum claim amount payable would be Rs.25/- ( 50% of the loss being borne by the insured for underinsuring the property by 50% ). This concept is quite often not understood by most insureds.



Personal insurance covers include policies for Accident, Health etc. Products offering Personal Accident cover are benefit policies. Health insurance covers offered by non-life insurers are mainly hospitalization covers either on reimbursement or cashless basis. The cashless service is offered through Third Party Administrators who have arrangements with various service providers, i.e., hospitals. The Third Party Administrators also provide service for reimbursement claims. Sometimes the insurers themselves process reimbursement claims.
you want to more information ,please go to this sites :-
http://www.irdaindia.org/i ac/whatisgeneralinsurance.htm

Answered by shepherd , an ibibo Master, at 8:25 AM on May 20, 2008

Fundamentals Of General Insurance Insurance companies are business houses. The product they sell is financial protection. To succeed and survive, they must cover their costs, which include payments to cover the losses of policyholders, as well as sales and administrative expenses, taxes and dividends. Insurance companies have two sources of income for covering these costs: premium and investment income. The premium are collected on a regular basis and invested in Government Bonds, Gift stocks, mutual funds, real estates and other conservative avenues. However, investment income depends on market conditions, interest rates, economy etc and varies from year to year. Because of the uncertainty associated with the investment income, insurance companies must generate enough income form premium to cover the bulk of their expenses.

The primary function of insurance is to provide protection against financial losses caused by unforeseen events. This protection is available to individuals, businessmen and large companies alike.

Meaning of Risk/Insurance
Insurance is a contract whereby, in return for the payment of premium by the insured, the insurers pay the financial losses suffered by the insured as a result of the occurrence of unforeseen events. The term “risk” is used to describe all the accidental happenings, which produce a monetary loss.

Insurance is a method in which a large number of people exposed to a similar risk make contributions to a common fund out of which the losses suffered by the unfortunate few, due to accidental events, are made good. The sharing of risk among large groups of people is the basis of insurance. The losses of an individual are distributed over a group of individuals.

The risk becomes insurable if the following requirements are complied with:

* The insured must suffer financial loss if the risk operates.
* The loss must be measurable in money,
* The object of the insurance contract must be legal.
* The insurer should have sufficient knowledge about the risks he accepts.

Answered by Nagendra , an ibibo Master, at 7:40 AM on May 20, 2008

its a insurance of all those things which you can think except human life...

Answered by pravesh ruia at 4:27 AM on May 20, 2008