General Insurance is a type of insurance that provides financial protection against losses or damages to property, assets, health, or liability. Unlike life insurance, which covers the life of an individual, general insurance deals with protection against risks and losses that may occur during a person’s lifetime.
General insurance policies are usually short-term contracts—most often for one year—and must be renewed periodically. The premium charged depends on the level of risk associated with the item or person insured. Common types of general insurance include motor insurance, health insurance, fire insurance, marine insurance, travel insurance, and liability insurance.