What's General Insurance?
Insurance plans or policies are divided in 2 categories. They are life and general insurance.
General insurance policies cover all related costs of the insured as well as his/her belongings. For instance, car policy insures you car; auto policy insures any vehicle; medical policy insures your health, travel policy insures you against unprecedented events during the travel.
What are the advantages of General Insurance?
General insurance gives you 2 kinds of important benefits-
- A general policy cover reimburses the insured for the incurred financial loss caused due to certain events as stated in the respective general insurance policy.
- It gives one peace of mind during loss and covers major portion or total loss. This depends on the type of policy and the sum assured value of the respective General Insurance policy.
We all know that costs for certain medical treatments are exorbitantly high. Consider a person who's not able to afford the medical costs for sudden medical emergency. There are even cases where people abstain themselves from medical treatments due to the exorbitantly high medical costs of treatments and medicines. This is really sad. However, general policy like a medical policy saves you from such expensive medical costs.
When one has medical insurance plan, the company provides the insured with a safety cover. In simple words, the insurance company will now take care of your treatment costs. The company after you buy the policy from them will be liable to reimburse you whether partially or fully for the treatment cost as stated in the policy.
A medical policy plan can save more than 80% of total cost which is an enormous savings!
In certain cases, insurance is compulsory. For instance, you cannot drive any vehicle in US without a valid auto insurance policy.
General Insurance :- Types
Auto insurance- Driving your own vehicle like a car is like one of the most sublime things to do. Everyone loves a long drive don't you? Any person who drives a car tends to get his car insured. Car insurance is like a long-term covering the various damage costs which might occur due to unforeseen incidents. Car insurance is just what you need to maintain your car's lovely luster and stay away from surprising hits on your wallet and mind!
Car policy covers the damage costs which might happen to your car due to any kind of accidents.
Driving a car without proper car insurance is illegal. Hence, possession of car poicy is pre-requisite to be able to drive your car.
Health insurance :- It covers various health issues and related medical costs. The details about whether the policy covers existing illnesses and what diseases it will cover and how much sum assured value, is listed in the policy documents. Hence, read the policy documents carefully before investing. Carefully examine that all your requirements are covered and confirm the same personally with the concerned insurance company personnel.
Home insurance :- This is another common type of general policy. Most of the people today rely on easy home policies which enable even the middle class people to buy their dream homes. This becomes possible due to easy premium schemes to be paid in installments.
Divya Shetty ,is a web analyst and a writer. Divya has afforded his articles and write-ups autonomously. For more information please visit: – General Insurance .