General insurance refers to a contract or agreement where a policyholder secures its property, assets, or valuable items, for which the insurance company is liable to pay. The payment would be made if and only if the accident, such as theft, fire, etc. mentioned in the agreement; if not, then the insurance company is liable for anything to its policyholder.
Types of General Insurance: –
Health insurance refers to getting paid by the insurance company when you are unwell, or an accident occurs. Ensure that you include all terms as no one knows what can happen next. Health insurance will help you for 15 years or more, according to your contract.
Motor insurance refers to securing your motor vehicle, whether car or bike. The insurance company will be liable to pay if anything happens to your motor vehicle, as mentioned in the contract. The maturity period can be of 12 months.
Fire insurance refers to securing shops or valuable items from fire; if they catch fire, the insurance company will be liable to pay some amount if you have fire insurance. The duration of fire insurance is around 12 months.
Home insurance refers to securing your home from theft, fire or natural calamity; it is also known as property insurance. It can be as long as 30 years.
Conclusion
General insurance can help you with a financial crisis if anything happens to your valuable goods or assets. The accident may not be your fault, but you have to bear the consequences. An insurance company helps you to secure your valuable goods or assets