What does the term 'general insurance' exclude?

The term 'general insurance' primarily refers to insurance policies that cover various types of non-life insurance, which include property, liability, health, and travel among others. However, it explicitly excludes life insurance. Life insurance is a unique category that focuses on providing financial benefits to beneficiaries upon the death of the insured or in some cases, to the insured if they live beyond a certain age.

This distinction is essential within the insurance industry because life insurance is governed by different regulations and principles compared to general insurance. General insurance typically addresses risks associated with physical assets and liabilities, contrasting with life insurance, which revolves around the life and well-being of individuals. Therefore, while general insurance encompasses a range of protections, life insurance stands apart due to its specific purpose and regulatory framework.