General Insurance comprises of insurance of property against theft, fire, burglary etc, personal insurance such as Accident and Health Insurance, and liability insurance which covers legal liabilities.
One of the main reasons one should insure is to protect one's belongings and assets against financial loss. The law also requires us to be insured against some liabilities. That is, in case we should cause a loss to another person, that person is entitled to compensation.
To ensure that we can afford to pay that compensation, the law requires us to buy liability insurance so that the responsibility of paying the compensation is transferred to an insurance company
Suitable general Insurance covers are necessary for every family. It is important to protect one's property, which one might have acquired from one's hard earned income. A loss or damage to one's property can leave one shattered. Losses such us fire, car accidents etc. have left many homeless and penniless. Such losses can be devastating but insurance could help mitigate them. Property can be covered, so also the people against Personal Accident.
It is important for proposers to read and understand the terms and conditions of a policy before they enter into an insurance contract. The proposal form needs to be filled in completely and correctly by a proposer to ensure that the cover is adequate and the right one.
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