PRACTICE OF FIRE INSURANCE IN INDIA
In India, under fire insurance policy, in addition to fire, other perils are also included and the policy is known as “Standard Fire and All...
Read More
Features of Fire Insurance
Offer & Acceptance It is a prerequisite to any contract. Similarly, the property will be insured under fire insurance policy after the...
Read More
Meaning of Fire Insurance
The term fire in a fire insurance is interpreted in the literal and popular sense. There is fire when something burns. In other words fire m...
Read More
Claim Settlement Options
Most claims are paid in single lump sum. In case of a small sum assured, this lump sum payment may become necessary for immediate needs. (Ho...
Read More
Ex Gratia claim
When a policy has not acquired paid up value and claim concession rules are not applicable, nothing is payable in case of death. However som...
Read More
Claim concession
Normally, a death claim becomes payable so long as the policy is kept in force by payment of due premium. In other words if the payment of...
Read More
Premature claim
It is a premature claim if the death has occurred within two years from the commencement of the policy or the date of last revival, or medic...
Read More
Death Claim
In case of the death of the policyholder at anytime during the duration of the policy, the claim amount becomes payable to the nominee menti...
Read More
Claim Settlement
Payment of claim is the ultimate objective of life insurance and the policyholder has waited for it for a quite long time and in some cases ...
Read More
Other Features Of An Insurance Contract
Aleatory Insurance contracts are said to be aleatory i.e. the values given up by the parties are unequal. The insurer may pay a large clai...
Read More
Insurance And Gambling
Some people at times say that Insurance is a gamble, a wager or a bet where the Insured pays a small amount (Premium) to the Insurer company...
Read More
Insurance On The Life Of Spouse
As a wife is normally supported by her husband, she can validly effect an insurance on her life for adequate amount. The service and help re...
Read More
Insurable Interest
The Insurance Act 1938 doesn’t define the insurable interest but it has been defined as follows by Mac-Gillivray “Where the assured is so ...
Read More
UTMOST GOOD FAITH
The commercial contracts are normally subject to the principle of “Caveat Emptor” i.e. let the buyer beware. In most of these contracts each...
Read More
A warranty in Insurance
A warranty in Insurance is a statement or condition which is incorporated in the contract relating to risk, which the applicant presents as...
Read More
Life Insurance Investment
In fact Life Insurance companies are getting the savings of an individual for longer period therefore, the Govt. has prescribed the norms h...
Read More
History of Life Insurance
Life insurance is an organised economic activity came into force in different countries at different stages of history. Records show that ...
Read More
Role of Insurance In Economic Development
In addition to contributing to the economy by preserving human life values and assets and protecting loss, Insurance also aids in economic d...
Read More
Insurance As A Social Security Tool
United Nations Declaration of Human Rights 1948 provides: -” Every one has a right to adequate standard of living for health and well being ...
Read More
How Insurance Works?
Theory of probability: It says an event may happen. Say 10 % in a year. For example, in a particular city has a population of 1 lakh on an a...
Read More
Need of Insurance
To provide Security and Safety The Life Insurance provides security against premature death and payment in old age to lead the comfortable...
Read More
What Is Life Insurance?
LIFE INSURANCE is an arrangement through which a person can plan for the continuation of income when uncertainties and certainties (i.e.) il...
Read More
Purpose of Insurance
Every human being has fear in his mind. The fear whether he will be able to meet the basic needs of the life i.e. Food, Clothing and Housing...
Read More
Background of Insurance
Insurance as security is need of all human beings. No animal, no plant nor mountains and oceans want any security, like man does. Man is afr...
Read More
Nature of Insurance
There are three schools of thought, which have defined the nature of Insurance as follows: 1) Insurance in terms of the relationship betw...
Read More
Essentials of Insurance Contract
The fundamental principle of Insurance is mathematical; its application is financial; and its interpretation is legal. For the layman to und...
Read More
What Is Risk?
Risk is a part and parcel of our daily lives. Risks are all around us whether we are aware of them or not. We may be familiar with some of ...
Read More
Sources of Risks
Risk as we have seen is all about losses. In the absence of possibility of loss there would be no risk thus it is important to know about th...
Read More
Who Faces Risks?
Risks as we have seen are inevitably a part of our lives and every individual or business/ Industrial house is exposed to the possibility of...
Read More
Types of Risks
Risks can be classified into two categories Pure Risks and Speculative Risks. To illustrate the difference between the two types of risk l...
Read More
How To Handling Risks?
Now that we know that risks are a part of our daily lives we must know how to handle them. Risk management will be discussed in detail under...
Read More
Subscribe to:
Posts (Atom)