General Insurance or non-life policies, such as auto and home insurance, provide periodic payments based on the amount of loss sustained in a specific financial situation. General insurance is usually defined as any coverage not defined to be insurance.
There are many different types of general insurance available such as term, whole life and universal. Term policies provide coverage for a specific period of time and generally have fixed premium amounts. Whole Life policies pay out in the event of a death or the policy holder’s death. Universal policies are the same as term policies but do not pay out in the event of death. When it comes to universal insurance, the premium amounts tend to remain static while the death benefit increases in the event of the policy holder’s death.
General Insurance also provides protection for the policy holder’s health. The different coverage options include accidental coverage, medical coverage and disability insurance. Accidental coverage provides the policy holder coverage in the event of an accident or sickness. Medical Coverage provides coverage for medical bills and other policy holder’s funeral expenses if the policy holder dies during the policy period. Disability Insurance protects the policy holder in the event that the policy holder’s disability makes it impossible for them to work or take care of themselves.
As with all insurance coverage, there are many deductibles you may have to pay if you decide to not use the insurance company. General insurance rates may differ according to your state. Always speak with your state insurance department to make sure you are obtaining the best rate possible. Different states have different laws regarding the payment of premiums. Many states require that policyholders pay a part of their premiums as soon as they purchase the policy and many states require that policyholders pay in full when the policy expires. If you are not required to pay anything out of pocket in general insurance states, the insurance company may allow you to buy into a plan where the premium payment is not due until you actually need the policy.
In terms of car insurance, it is usually more expensive than non-insured motorist coverage. The amount will depend upon the amount of car that you own and the insurance type you choose. Auto insurance is similar to homeowner and general insurance in many regards, as both cover a number of situations that could be considered a car. The main difference is that auto insurance is typically considered to be more comprehensive and requires more in the way of coverage. For example, it may cover a broken down vehicle that needs to be towed and repaired or replacement parts for an engine or vehicle that cannot run because of a major problem.
Liability coverage is designed to protect you in case you cause damage to another person or their property. This coverage could protect you if you were in a collision and are found to be at fault. It could also cover you against the damages caused by another driver who caused an accident.