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Insurance is a legal agreement (contract) between two parties i.e. the insurance company (insurer) and the individual (insured). Insurance is a way of protecting yourself and your family from a financial loss. It can be the death of the policyholder or damage/destruction of the property. The insured pays a premium in return for the promise made by the insurer

General insurance (Non life insurance) : general insurance provides insurance for valuables and products other than our life against damage, theft and loss of valuables which are insured.