Insurance and Nonlife Insurance Policy

This Slideshow represents Nonlife Insurance, Nonlife Insurance Policy , The Benefits of Nonlife Insurance policies, Nonlife Insurance Business, etc.......

1. INSURANCE Dr M Nandhini Associate Proffesor Department of Commerce - BPS

2. NON LIFE INSURANCE Insurance in India can be divided into life and non-life. General insurance is highly popular as these policies provide financial compensation when losses occur. These losses can be caused due to various incidents like accidents, diseases, fire, natural or man-made mishaps, etc.

3. NON LIFE INSURANCE POLICY The definition of non-life insurance is, the losses that are incurred from a specific financial event are compensated to the insured this is called non-life insurance. General insurance, property insurance and casualty insurance are other names of non-life insurance. It can be defined as any insurance that is not related to life insurance. People, legal liabilities and properties are covered under a non-life insurance policy. 

4. The benefits of a non-life insurance policy are: It  is mandatory by law to buy a third-party motor insurance policy. It can take care of the compensation to be paid to the third party in case of damage to property or life. Home insurance covers the residential property of the policyholder against many unforeseen incidents, like fire, burglary, natural calamities, riots, etc.  Travel insurance plans offer insurance coverage to senior citizens and children as well. These help with issues like loss of baggage, accidents, loss of documents, etc. in a foreign land. Commercial insurance benefits the businesses with policies like employee benefits insurance, shopkeepers insurance, property and marine insurance, etc.

5. NON LIFE INSURANCE BUSINESS Non-Life Insurance Business Marine InsuranceFire InsuranceMiscellaneous Insurance- Motor Insurance- Burglary Insurance- Personal Insurance-Rural Insurance Policies

6. 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. In the  United Kingdom , insurance is broadly divided into three areas: personal lines, commercial lines and London market. The  London market  insures large commercial risks such as supermarkets, football players and other very specific risks. It consists of a number of insurers, reinsurers,  P&I Clubs , brokers and other companies that are typically physically located in the  City of London .  Lloyd's of London  is a big participant in this market. [1]  

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