ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Third-party insurance, which is also sometimes referred to as ‘act-only’ insurance is a statutory requirement for all vehicle owners as per the Motor Vehicle Act. It is a type of insurance cover where the insurer offers protection against damage to the third-party vehicle, personal property and physical injury.

Detailed explanation-2: -Liability Only Policy covers any legal liability you may face that occurs out of damage or loss to a third party only-including death, injury, and/or property damage in the event of an accident that involves your insured vehicle. This is following the stipulations laid out by the Motor Vehicles Act, 1988 .

Detailed explanation-3: -Different types of general insurance include motor insurance, health insurance, travel insurance, and home insurance.

Detailed explanation-4: -What are the different types of liabilities insurance available? There are a number of liabilities insurance policy available. These include third party liability, public liability, product liability, employer liability, professional liabilities, industrial risks and so on.

Detailed explanation-5: -Car Insurance. Comprehensive Car Insurance. Own Damage Car Insurance. Third Party Car Insurance. Two Wheeler Insurance. Comprehensive Two Wheeler Insurance. Own Damage Two Wheeler Insurance. Commercial Vehicle Insurance.