A General insurance policy is a non-life insurance product that includes a range of policies like automobiles, mediclaim, homeowner’s insurance, marine, travel, and others. The policy offers payment to the policyholder based on the loss incurred from a specific financial event. General insurance is insurance that is not categorized under life insurance.
Unlike life insurance policies, the tenure of general insurance policies is normally not that of a lifetime. The standard term goes on for the span of a specific monetary movement or a given period. Most general insurance products are yearly agreements. There are, notwithstanding, a couple of items, which have a long haul.