Insurance And Its Types Pdf. The life insurance and general insurance differ in the way that life insurance covers the life risk, whereas general insurance does not cover the risk of life. Insurance is a means of protection from financial loss.
Financial reinsurance is a form of reinsurance that is primarily used for capital management rather than to transfer insurance risk. The party to an insurance arrangement who undertakes to indemnify for losses, provide pecuniary benefits or render services. Broadly, there are 8 types of insurance, namely: