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General Insurance / F.D.

What is General Insurance / F.D.?

General insurance or non-life insurance policies, including automobile and homeowners policies, provide payments depending on the loss from a particular financial event. General insurance is typically defined as any insurance that is not determined to be life insurance.

Objectives of General Insurance / F.D.

Insurance companies take risks based upon actuaries who uses statics to determine overall exposure on a policy. Once your company determine its risk they write a policy and caculate your premium. They also outlines what is not insured. premiums are collected from insured parties.

Importance of General Insurance / F.D.

Insurance has evolved as a process of safeguarding the interest of people from loss and uncertainty. It may be described as a social device to reduce or eliminate risk of loss to life and property. Insurance contributes a lot to the general economic growth of the society by provides stability to the functioning of process. The insurance industries develop financial institutions and reduce uncertainties by improving financial resources.

  • Provide safety and security
  • Generates financial resources
  • Life insurance encourages savings
  • Promotes economic growth
  • Medical support
  • Spreading of risk
  • Source of collecting funds