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How life insurance differ from other …

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How life insurance differ from other type of insurance. state?

Posted by Riya Riya 5 years, 7 months ago

CBSE > Class 11 > Business Studies

1 answers

Yogita Ingle 5 years, 7 months ago

<th>Life Insurance</th> <th>General Insurance</th>

Life insurance can be understood as the insurance contract, in which the life risk of an individual is covered.	General insurance refers to the insurance, which are not covered under life insurance and includes various types of insurance, i.e. fire, marine, motor, etc.
It is a form of investment.	It is a contract of indemnity.
Long term	Short term
Insurable amount is paid, either on the occurrence of the event, or on maturity.	Loss is reimbursed, or liability incurred will be repaid on the occurrence of uncertain event.
Premium has to be paid over the years.	Premium should be paid in lump sum.
Must be present at the time of contract.	Must be present, both at the time of contract and at the time of loss.
It can be done for any value based on the premium the policy holder willing to pay.	The amount payable under non-life insurance is confined to the actual loss suffered or liability uncured, irrespective of the policy amount.
Life insurance place has a component in savings.	General insurance has no such savings componen

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