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What is the meaning of general insurance?

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General insurance

General insurance or non-life insurance policies, in addition as automobile and homeowners policies, provide payments counting on the loss from a particular cash event.

General insurance is usually outlined as any insurance that’s not determined to be insurance.
It is referred to as property and casualty insurance within the u. s. and Canada and non-life insurance in Continental Europe.
In the uk, insurance is generally divided into 3 areas: personal lines, commercial lines and London market.

The London market insures massive industrial risks like supermarkets, football players and other very specific risks.
It consists of variety of insurers, reinsurers, P&I Clubs, brokers and other companies that are typically physically located in the City of London.
Lloyd’s of London could be a massive participant during this market. Commercial lines merchandise area unit typically designed for comparatively tiny legal entities.
These would go together with workers’ compensation (employers liability), public liability, product liability, commercial fleet and other general insurance products sold in a relatively standard fashion to many organisations.

There area unit several firms that provide comprehensive industrial insurance packages for a good vary of various industries, including shops, restaurants and hotels.
Personal lines merchandise area unit designed to be sold-out in massive quantities.
This would embody autos (private car), owners (household), pet insurance, mortal insurance et al.
ACORD, that’s that the insurance business world standards organization, has standards for personal and industrial lines and has been operational with the Australian General Insurers to develop those XML standards,

standard applications for insurance, and certificates of currency.

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