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A contract that covers any risk save the danger of death is known as general insurance, also referred to as non-life insurance or property and casualty insurance. The purpose of insurance is to protect ourselves and our possessions, such as our home, automobile, and other assets, from hazards like fire, theft, flood, storm, accident, and earthquake. These are indemnity contracts, in which the insurer guarantees to compensate the insured for any losses. Therefore, the insurance company will compensate the insured for their loss regardless of the policy's coverage amount. Since they are typically one year in length, they must be renewed annually. General insurance comes in the following forms: There are three types of life insurance, discussed: • Whole life assurance: With whole life assurance, the policy's pay out only goes to the nominee or the insured's legitimate heir after the latter passes away. • Term life insurance: In this type of insurance, the policy amount...

The Married Women's Property (MWP) Act was enacted with a view to protect the properties of women against the creditors. Under MWP Act all the properties that belong to the women gets insulated and protected from all the other court attachments or any income tax department attachments that the husband has run up. Let's take an example of a business family; the family could be a trader or a manufacturer or any other business. In due course of business there are some credit limits or there are bank loans, which have been taken by the business. The bank secures these credit limits against the assets of the business and also takes a personal guarantee of the owner of the business which could be the husband or the family. In case of the untimely death of the husband the bank starts recovering their loans and in the process they liquidate the assets of the business and also they attach the properties that belong to the guarantor, which in this case is the husband. In order to p...

Growing monetary concerns among people in India, during the time when the country's economy is on the edge of recession, are not groundless, as many employers have imposed cuts in salaries and benefits. With the number of coronavirus cases increasing exponentially in India, frightening narratives of lack of bed availability, exorbitant charges levied by private hospitals to treat COVID-19 patients have emerged. The need for a health insurance policy to cover medical expenses is of primary importance during this time. According to the Asia Insurance Review, less than 4 per cent of COVID-19 patients in India have health insurance coverage, which is not surprising considering that total insurance coverage in India is very small. In April 2020, the Insurance Regulatory Authority of India (IRDAI) announced that all health insurance policies that cover the cost of hospitalization care provided by both general and health insurance firms should also cover the cost of hospitalization fo...

Most of us worry of the possible aspects of the coronavirus pandemic. It is only normal for people to wonder that their loved ones will be financially covered in the event of their absence. You already have thought about it yourself, if you’re reading this. Here’s the good news: You will earn a death payout if you had an active life insurance policy and died from a pandemic disease, such as COVID-19, even though you were traveling to an area with a confirmed coronavirus outbreak. You may be only unable to do so if you were approved recently and have not been able to divulge certain information concerning your application regarding your travel plans and/or coronavirus exposure. Furthermore, by paying the premiums on time, you can’t increase the premiums if you get sick at COVID-19 if you keep the active life insurance policy intact. And here’s some more good news: You can still apply if you don’t know have life insurance cover. Depending on where you live and what the ...