General Insurance
Know About General Insurance
General protection or non-life coverage approaches, including car and mortgage holders arrangements, give installments relying upon the misfortune from a specific money related occasion. General protection is regularly characterized as any protection that isn’t resolved to be disaster protection. It is called property and loss protection in the US and Canada and non-disaster protection in Mainland Europe.
Types of General Insurance
Crop Insurance
Crop insurance is purchased by agricultural producers, and subsidized by the federal government, to protect against either the loss of their crops due to natural disasters, such as hail, drought, and floods, or the loss of revenue due to declines in the prices of agricultural commodities. The two general categories of crop insurance are called crop-yield insurance and crop-revenue insurance. On average, the federal government subsidizes 62 percent of the premium. In 2019, crop insurance policies covered almost 380 million acres. Major crops are insurable in most counties where they are grown, and approximately 90% of U.S. crop acreage is insured under the federal crop insurance program. Four crops—corn, cotton, soybeans, and wheat— typically account for more than 70% of total enrolled acres. For these major crops, a large share of plantings is covered by crop insurance.
Marine Insurance
Marine Insurance is a type of insurance policy that provides coverage against any damage/loss caused to cargo vessels, ships, terminals, etc. in which the goods are transported from one point of origin to another. Marine insurance coverage includes loss or damage caused to the shipment/cargo/ ship while is grounded, and also from untoward perils like- sinking, collision, burning, weather conditions, navigation errors, theft, jettison, improper stowage by the carrier, hook damage, strikes, war, and natural perils.
A marine cargo insurance policy is necessary for all the owners of the ship who use it for a commercial or transportation purpose. However, the insurance coverage is not only limited to sea there are plans that offer coverage during rail, land, sea, and air transport.
Travel Insurance
Travel insurance provides comprehensive coverage against things that are likely to spoil your trip. It covers your medical expenses and other risks so that you can enjoy your trip hassle-free. A travel insurance policy is a popular choice among people travelling on vacations, business trips, or for studies.
Buying a comprehensive trip insurance policy will secure you from any loss/damage incurred, which would create a financial burden otherwise. It will essentially secure you and provide coverage under the following circumstances:
- Medical Expenses
- Personal Accident
- Medical Evacuation
- Loss of Passport
- Loss of Checked-in Baggage
- Theft/Loss of Personal Belongings
- Trip Cancellation & Curtailment
- Trip Delays
Fire Insurance
Fire insurance policy is basically a contract between the buyer and the insurer, where the insurer guarantees to pay for the damage or loss caused to the property of the insurer for a particular time period. The policy is initially bought for a period of one year and it can be renewed every year.
Health Insurance
Health insurance is an insurance that covers the whole or a part of the risk of a person incurring medical expenses spreading the risk over numerous persons. By estimating the overall risk of health risk and health system expenses over the risk pool, an insurer can develop a routine finance structure, such as a monthly premium or payroll tax, to provide the money to pay for the health care benefits specified in the insurance agreement.
According to the Health Insurance Association of America, health insurance is defined as “coverage that provides for the payments of benefits as a result of sickness or injury. It includes insurance for losses from accident, medical expense, disability, or accidental death and dismemberment
Home Insurance
Home insurance policy offers protection to the structure and contents of the house in the event of any physical destruction or damage incurred to the house by any unavoidable perils. Home insurance provides coverage to a house and its contents against loss or damage caused by man-made (theft, burglary, strike, riot, terrorism, etc.) and natural calamities (flood, storm, landslide, etc.)
In recent times, the incidence of natural calamities, such as storm, floods and cyclones, have increased manifold. In the first half of 2020 itself, India has witnessed two cyclones – one each in the Bay of Bengal and the Arabian Sea. When such a natural calamity strikes, it not only damages the trees, vehicles and external properties but also ends up damaging several houses.