Life insurance vs general insurance: How are they different?Life insurance, general insurance, insurance by nature, premium based insurance, sum insured, sum assured, beneficiaries of insuranceWhile life insurance covers the life of the policyholder, general insurance is responsible for any loss or damage to the insured asset of the policyholder like home, vehicle etc. Both differ on a variety of points. Contents [hide] Mumbai: Insurance is a contract between an insurance provider and an in