General ( Non Life ) Insurance Life Insurance
Indemnity : It Means the loss which has been Life Insurance policies are contracts
occurred will be compensated to the extent of loss of assurance. The principle of
It is applicable only for non life insurance except personal Indemnity is not applicable for life
accident insurance insurance
Uncertainty : In general insurance contracts, the risk event In the case of life insurance, there is
protected against is uncertain no question whether the event death
would occur or not. Death is certain once a person is born. What is uncertain is the time of Death
Increase in probability : The Probability of the The probability of death increases happening of the event does not increase with time. with age
Short term : to be renewed every year / occasion Long Term : run for 10,20 or more years
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