Table of Contents
What are the differences between life insurance and non-life insurance?
Life insurance provides a lump sum amount of sum assured at the time of maturity or in case of death of the policyholder. Non-life insurance policies offer financial protection to a person for health issues or losses due to damage to an asset.
What is the difference between insurance contract and general contract?
In case of Life Insurance, the insurable interest i.e. the individual who is taking the policy must be present at the time of contract. Whereas, in case of General Insurance, the insurable interest must be present both at the time of contract and at the time of loss.
What is the main difference between life and property insurance?
Investment life insurance policies are the exception, but even they continue for decades. Property insurance is typically paid on a yearly basis, and can offer coverage many times instead of only once, depending on what perils cause damage to a house.
What is the work of GIC?
GIC’s stated role was to function as the holding company of the four companies, and superintend, control and carry on the business of General insurance on behalf of the Government of India. The first Chairman of GIC was A Rajagopalan, an Actuary and an officer of the Indian Administrative Service (IAS).
What are different types of insurance?
There are, however, four types of insurance that most financial experts recommend we all have: life, health, auto, and long-term disability.
What is difference between Li and GI?
Life insurance is a contract between the policyholder and the insurance company where the beneficiary is designated to receive stated monetary benefits in case of death of the insured person. General insurance provides cover for risks other than life-risk.
What are the three main types of property insurance coverage?
Understanding Property Insurance There are three types of property insurance coverage: replacement cost, actual cash value, and extended replacement costs.
Is GIC is govt or private?
General Insurance Corporation of India (GIC) was formed in pursuance of Section 9(1) of GIBNA. It was incorporated on 22 November 1972 under the Companies Act, 1956 as a private company limited by shares.