In all kinds of insurance, the fundamental legal principle is that one man agrees to take the risk of another man’s life and business in consideration of certain small payments which are called premiums. Insurance, General Concept : The most general concept of Insurance is a provision made by a group of persons, each singly in danger of some loss the incidence of which cannot be foreseen, that when such loss occurs to any of these it shall be distributed over the whole group, Its essential elements, therefore, are foresight and co-operation. Insurance, General Insurance, Classification by Type of Insurance Cover : General Insurance business is traditionally divided into Fire, Marine and Miscellaneous classes. As per Sec. 2 of the Indian Insurance Act, 1938 “General Insurance business”: means “Fire, Marine or Miscellaneous Insurance business, whether carried on singly or in combination with one or more of them.” “Fire Insurance Business ” means the business of effecting otherwise than incidentally to some other class of Insurance business, contracts of Insurance against loss by or incidental to Fire or other occurrence customarily included among the risks insured against in Fire Insurance policies. ” “Marine Insurance Business” means “The business of effecting contracts of Insurance upon vessels of any description, including cargoes, freights and other interests which may be legally insured, in or relation to such vessels, cargoes and freights, goods wares, merchandise and property of whatsoever description insured for any transit by land or wear. or both, whether or not including ware-house risk or similar risks in addition or as incidental to such transit and includes any other risk customarily included among the risks insured against in marine Insurance policies.” “Miscellaneous Insurance Business” means the business of effecting contracts of Insurance which is not principally or wholly of any kind or kinds included in Clause (6a and 3a).” (Note: Clauses 6a and 13a define Fire and Marine Insurances respectively). Miscellaneous Insurance includes in its scope all non-Fire and non-Marine business, namely Motor, Burglary, Personal Accident, Fidelity Guarantee, Cattle, Agricultural Pump Set, Crop, Workmen’s Compensation, Liability, Aviation, Engineering, Guarantee, Professional Indemnity, Cash, Bankers Blanket, Health and all such other Insurances.