MANAGEMENT

Detailed explanation-1: -The Indian Insurance Sector is basically divided into two categories – Life Insurance and Non-life Insurance. The Non-life Insurance sector is also termed as General Insurance. Both the Life Insurance and the Non-life Insurance is governed by the IRDAI (Insurance Regulatory and Development Authority of India).

Detailed explanation-2: -7 Types of Insurance are; Life Insurance or Personal Insurance, Property Insurance, Marine Insurance, Fire Insurance, Liability Insurance, Guarantee Insurance.

Detailed explanation-3: -Then we examine in greater detail the three most important types of insurance: property, liability, and life.

Detailed explanation-4: -Life insurance and general insurance are two different forms of insurances. General insurance covers any other risk except for life-risk of the person injured. Life Insurance covers only the life-risk of the person insured.