4.1 Meaning and Nature of Non-Life Insurance

Non-life (general) insurance — the property-and-liability covers: the indemnity form (the loss restored — no profit from misfortune); the one-year norm (the annual renewal); the risk-specific pricing (the tariff-and-rating faces). The nature's distinctions from life: the indemnity principle (the loss's measurement — the market value's caps); the insurable interest at the loss's time; the subrogation's full operation (the wrongdoer's recovery); the third-party beneficiaries' faces (the liability covers' victims).