Make a list of the differences between Life Insurance and General Insurance.

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Solution

Basis of difference Life insurance General insurance
1. Subject matter
2. Duration
3. Indemnity
4. Measurement of loss
5. Surrender Value. Life of a person is the subject matter.
The policy is for a period of more than one year.
Not based on the principle of indemnity.
The loss is not measurable.
The policy has a surrender value. A property or a thing is the subject matter.
The policy is only for one year.
Based on the principle of indemnity.
The loss is measurable.
The policy has no surrender value.

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Basis of difference	Life insurance	General insurance
1. Subject matter 2. Duration 3. Indemnity 4. Measurement of loss 5. Surrender Value.	Life of a person is the subject matter. The policy is for a period of more than one year. Not based on the principle of indemnity. The loss is not measurable. The policy has a surrender value.	A property or a thing is the subject matter. The policy is only for one year. Based on the principle of indemnity. The loss is measurable. The policy has no surrender value.