General Insurance
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General Insurance
At times, you might end up facing some unexpected losses for which you were completely unaware. Nothing would work except a security system that backs us. In other words, we need an insurance cover.
“To insure is to protect and indemnify. It does not mean Prevention of loss”.
What are the different types of Insurance ?
There is a distinction between the types of insurance one is life insurance and other is non-life or general insurance. The reimbursement under the life insurance policy can be claimed in the event of death or maturity of the policy.
On the other hand, a General Insurance Policy will pay for the losses that may occur during the policy period only.
Medical Insurance
A medical insurance policy is essentially a contract between an insurance company and the policyholder, whereby the insurer will pay for medical expenses of the policyholder (as per conditions highlighted in the medical insurance policy document). The insurer will either reimburse you for your medical expenses or settle the bill directly with the hospital. In order to avail a medical insurance policy, policyholders have to pay a premium,
Motor Insurance
Vehicle insurance or motor insurance is a type of insurance policy which safeguards you financially in case your vehicle (car or two-wheeler) sustains damages due to natural or man-made calamities such as earthquake, flood, lightning and theft among others. Working of motor insurance is pretty simple.
You pay a certain amount as premium in lieu of which the insurer offers coverage.