FIN 512 Chapter Notes - Chapter 5: Home Insurance, Liability Insurance, Risk Management Tools
Document Summary
Provides a more comprehensive version of the coverage found in automobile and homeowners insurance, and is sold to businesses and other non-personal enterprises because they face greater risk exposures than the average household. General insurance is the name given to all insurance except life and health is often referred to as property and casualty insurance or p&c. Property insurance is first-party coverage providing protection against risks to the policyholder"s own property. It covers risks such as fire, theft, or weather damage. Casualty insurance is broadly defined as third-party coverage providing protection against losses that the policyholder may cause to others but has come to mean any coverage that is not related to life, marine or property. It includes but is not limited to the following: Commercial insurance is bought by businesses and non-commercial organizations to protect themselves against possible loss or damage to their assets.