What is an example of non-life insurance?

Non-life insurance, often referred to as general insurance, encompasses a range of policies that cover various risks not related to human life. Property and casualty insurance is a key component of non-life insurance as it specifically protects against risks related to physical property, such as homes or vehicles, and liabilities that could arise from accidents or injury to others.

Property insurance covers damage to buildings and personal property due to risks like fire, theft, or natural disasters. Casualty insurance, on the other hand, provides liability coverage in cases where an individual might be held responsible for causing harm or injury to another person. Together, property and casualty insurance forms a significant part of the non-life insurance market, addressing a diverse array of risks that individuals and businesses face.

In contrast, the other options focus on aspects of life or health insurance, which are classified under life insurance products rather than non-life insurance. For instance, health insurance reimburses or covers the cost of medical expenses, whereas life insurance provides a monetary benefit to beneficiaries upon the death of the insured. Disability insurance, similarly, is designed to replace income when an individual is unable to work due to a disability, linking it to the individual’s life rather than property or casualty risks.