Insurance is essentially a collective endeavor under which a large number of individualsagree to share the loss which a few of them would incur in future. This means insuranceprotects those unfortunates who suffer heavy financial impact of anticipated misfortunesby distributing the loss among many who are exposed to the risk of similar misfortunes.
General insurance is a type of insurance in which one person makes regular payments so that he receives a sum of money different types of accidental loss. The process insurance has been evolved to safeguard the interests of people from uncertainty by providing certainty of payment at a given contingency. The insurance principle comes to be more and more used and useful in modern affairs. Not only does it serve the loss / damage of any losses it also provide financial benefits to the individual for death or at the end of a time period .