‘Non-Life Insurance’ is an insurance contract that the insurer agrees to indemnify for the damage or compensation in the event of damage occurred with the insured.
‘Non-Life Insurance’ is an insurance contract that the insurer agrees to indemnify for the damage or compensation in the event of damage occurred with the insured. The insured would have to pay insurance premiums to the insurer as agreed in the contract, however, non-life insurance is divided into four categories, which are... · Fire insurance - Insurance policy that provides protection in the event of objects catch fire whether it is immoveable property, such as house, building, hotel or other movable assets. · Motor Insurance - Insurance policy that agrees to take care of the damage caused by the use of cars including coverage for damage caused by the vehicle. · Marine and Transportation Insurance - Insurance policy that provides care for the damage caused during marine navigation including assets during the time. This insurance also applies to transportation of goods by air or by land which is done before or after the marine navigation. The policy is divided into two categories, which are ‘Marine Hull Insurance’ and ‘Marine Cargo/Goods-in-transit Insurance’. · Miscellaneous/Casualty Insurance - Insurance policy that is quite diverse, complex and it has a variety of conditions. The insurance provides a protection in addition to the Fire insurance, Motor insurance, and Marine and Transportation insurance. In Thailand, there are many different types of insurance to choose from, which are Personal Accident Insurance, Liability Insurance, and so on.
All in all, those mentioned above are all covered in ‘Non-Life Insurance’ section. Motor insurance could be considered as a form of protection that all car owners need to have in order to protect the vehicle in event that an accident occurs.