Insurance

Dear All,

Let us share some of knowledge about insurance.

Whenever a layman heard about insurance, we will see what is his reaction.

He / she generally relates it to life insurance.

An agent(his / her distant relative), with unending patience and
frequent calls/ requests trying to sell life insurance policy to him.
Agent will try to explain the benefits, riders (some times, agent also
not aware, how it actually work), cash back offers etc.. and will not
leave person till he agrees for a policy.

Person takes policy under obligation or pressure but never understand
the relevance
of insurance and benefits.

Though, I am now discussing general insurance, but mostly people
relates both the insurance as one only.

First we clarify the types of insurance:-

1 - Life insurance
2 - Non Life Insurance (General Insurance)

In India, a company can transact either Life Insurance or General
Insurance. It can not transact both the policies except for micro
insurance.

Therefore since I am working in Non-Life insurance, I will try to
elaborate more on Non Life Insurance aspects.

Non - Life Insurance covers property & liabilities attached to property.

For simple understanding, we will call Non Life Insurance as General Insurance.

General Insurance have "n" number of types of insurance like, Fire
Insurance, Motor Insurance, Marine Insurance, Mediclaim Insurance,
Workmen Compensation Insurance, Hull Insurance, Aviation Insurance
etc..

The companies transacting General Insurance business generally
classifies business in following categoary

1) Fire Insurance
2) Marine Insurance (Marine Cargo & Marine Hull)
3) Miscellaneous Insurance.

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Enough for one post, in next post, we will discuss further,

Khushal