Insurance contracts that don't come under the ambit of life assurance are called general insurance. The different sorts of general insurance are fire, marine, motor, accident and other miscellaneous non-life insurance.
The tangible assets are liable to damages and a requirement to guard the value of the assets is required . For this purpose, general insurance products are bought as they supply protection against unforeseeable contingencies like damage and loss of the asset. Like life assurance , general insurance products come at a price within the sort of premium.