General Insurance includes insurance for Automobiles, and other types of insurances for the Homeowners policies. If there is a problem in the house owner of a particular objects then the Insurance company will pay for those in the financial events. General insurance is called as property insurance in US and Canada that does not include causality. These general insurance is also called as Non-life insurance in continental Europe.
Types of General Insurance such as insurance for the motor for both two wheeler and three wheeler like auto, and also four wheeler like car, bus, and heavy vehicles like trucks.
Travel insurances such as the insurances for the individuals travelling abroad, that includes travel policy, family travel policy, international student insurance and also for the
senior citizens for their health insurance.
Home insurances that protects the home and their appliances in the bad time, like storms, disasters occurs naturally.
Marine Insurances for cargo goods, freight, and other interests loss due goods that are sent through by train, air and sea,roads.
Commercial Insurance provides solutions for all sectors of different industries apart from the business operations.
'Life Insurance', its like a contract between a individual and a company, entirely different that pays money to particular person either on the death of the insured person or if the insurance
period is over the insurance company has to pay that particular person. These are income tax free.
There are many types of the Life Insurance
Term Life Insurance - provide financial protection for atleast for ten or twenty years. Its pays even after the twenty years of the person living.
Universal Life Insurance - permanent life insurance provides coverage for the lifetime. This allows either you can raise the payment or lower the premium payment, coverage amount through
the lifetime. This has higher payments than term.
Whole Life Insurance -- Its also a type of the permanent life insurance. This has the higher premium pay than the term life. Premium payments are typically fixed, whole life has a cash value that acts a saving component and also tax-deferred over time.
In simple terms the Life insurance is for a person who lives and pays the premium until the person will be able to pay for it and get in returns if the person is not there or the premium is been delivered after the specified number of years. Mostly high profiled persons chooses the insurance as they usually work with people around them.
Actors, Actress, singers, sports man, politicians,business man,etc... usually choose the Life Insurances for them.