Life Life is full of risks and that’s what makes life so interesting and exciting, but some uncertain events can really set you back. General Insurance helps us to protect ourselves and the things we value, such as our homes, our cars and our valuables, from the financial uncertainties like fire, flood, storm, earthquake, theft, car accidents, travel mishaps- and even from the costs of legal action against us. And we can choose the types of risks we wish to cover by choosing the right kind of policy (policy is the binding legal contract that documents your insurance cover. You should read the details of your policy that is outlined in your Product Disclosure Statement and the policy schedule, and make sure it covers the risks you want to cover) with the features we need. In general, insurance works by spreading the cost of unexpected risks among a large of people in the same region who share similar risks. When you take out an insurance policy, you pay monthly or annual premium. That money joins the premium of many thousands of other policyholders and goes into a big pool of funds. If you are lucky you may not need to withdraw from that pool. But if you happen to be one of the unlucky ones who gets affected by an unexpected calamity, perhaps through severe weather or accidents, that pool of funds can be used to help you up to the limit you have selected in your policy. If things go wrong, your have the chance to repair or replace the items that have been lost or damaged, depending on the terms of your policy. You may also have the choice of receiving a cash settlement for the amount of money agreed in your policy.