Non-Life Insurance

Non-life insurance is any type of insurance other than life insurance. While life insurance is broken down into permanent and term life policies, non-life insurance includes many types of other insurance policies. Non-life insurance may cover people, property or legal liabilities.

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 is typically defined as any insurance that is not determined to be life insurance. It is called property and casualty insurance in the United States and Canada and non-life insurance in Continental Europe.

Types of general insurance

General insurance can be categorised in to following:

• Motor Insurance: Motor Insurance can be divided into two groups, two and four wheeled Vehicle 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 a house and its contents.
• 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.
• Accident Insurance: Accidents of different types are possible at any time, at any place and in case of any person or object. Persons and vehicles are more prone to accidents causing injuries and damages.
• Fire Insurance: In order to get the asset, stock or machines insured against fire, a proposal form is to be filled in and submitted to the insurance company. The insurance company examines the proposal with due regards to various factors and the periodical amount of premium is fixed. A insurance policy is then issued in favour of the applicant
• Theft Insurance
• Property Insurance
• Aviation insurance
• Livestock insurance
• Crop insurance

Examples of Non-Life Insurance

Some common examples of non-life insurance include:

• Auto insurance
• Property insurance
• Health insurance
• Accident insurance
• Travel insurance
• Disaster insurance (fire, flood, earthquake, etc.)
• Credit insurance
• Mortgage insurance