Why is general insurance called contract of indemnity?
Why is general insurance called contract of indemnity?
When the purpose of insurance is to protect against loss of property due to an accident it is known as general insurance. Similarly if their is no loss of property their is no question of giving any compensation. For this reason general insurance is known as the contract of indemnity.
What is Li and GI?
Life Insurance. General Insurance. Meaning. Life insurance can be understood as the insurance contract, in which the life risk of an individual is covered. General insurance refers to the insurance, which are not covered under life insurance and includes various types of insurance, i.e. fire, marine, motor, etc. Jun 1, 2017
What is another name for fidelity insurance?
It is also known as an “”honesty bond.”” In Australia, a fidelity bond is called “”employee dishonesty insurance,”” and in the U.K. it’s called “”fidelity guarantee insurance.””
