First, insurance companies are divided into two groups, namely life insurance companies and non-life insurance companies.
The first type includes only personal life insurance business. If you put that into perspective, by life insurance we mean “DEATH INSURANCE”. This means life insurance ONLY covers the loss of an insured life and the upkeep of the surviving family or members becomes a question mark.
The basic element of life insurance is the value of human life attributable to one’s life on the basis of what the family expects from subsistence to death.The savings element, the maturity value are all additional additions to the life insurance concept and an extension of the basic life insurance concept.
Although non-life means something other than life, it still affects human life, in this case human health. Accident (or general) insurance is insurance that covers all other types of losses and contingencies, including personal injury and illness. First, property insurance covers accidents and mishaps related to human activities, such as: B. trade, commerce and related events and happenings.
Covers property, casualty, liability, business risk, credit, agricultural, transit, motor vehicle, etc.
The traditional math says property insurance covers everything under the sun except life!!!