| LIFE ASSURANCE | GENERAL/PROPERTY |
|
The insured risk is bound to happen |
The event is insured against may not happen |
| Appreciates in value.at the end of the stated period the sum assured is higher | The sum insured remains the same. |
| May be used as security for a loan | Can not normally be used as security for a loan |
| May be undertaken by more than one insurance company | One is legally required to insure with only one insurance company. |
| The principle of indemnity does not apply to this type of insurance | The principle of indemnity applies to this type |
| There is no limit to the amount of cover that can be undertaken | The value of the property determines the amount of cover that can be taken. |
| Always results in a claim | May not result in a claim. |
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