Classification of Insurance

Let us a close look how the insurance sector is classified into different categories:

In India, insurance business is classified primarily as life and non-life or general. Life Insurance includes all risks related to the lives of human beings and general insurance covers the rest.General insurance has three classifications they are Fire(dealing with all fire related risks),Marine(dealing with all transport related risks and ships) and Miscellaneous(dealing with all others like liability,fidelity,motor,crop,engineering,construction,aviation,personal accident,ect.).Personal accident and sicknes insurance,which are related to human beings,is classified as "non-life" in India,but is classified as "life",in many other countries.

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