Insurance is a means of protection from financial loss. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss.
An entity which provides insurance is known as an insurer, insurance company, insurance carrier or underwriter. A person or entity who buys insurance is known as an insured or as a policyholder. The insurance transaction involves the insured assuming a guaranteed and known relatively small loss in the form of payment to the insurer in exchange for the insurer's promise to compensate the insured in the event of a covered loss.
Insurance industry is growing exponentially in India. Now we have various companies providing life insurance, private companies providing health insurance, travel insurance, various house/home insurance. Types of insurance coverage, How does the insurance industry function, major insurance companies, best insurance payout ratio, insurance claim ratio, best insurance companies for term plans. How unit linked insurance plans (ULIPs) work, how to buy best ULIP plan, child insurance.
What is Insurance? How insurance work in the USA. Medicare, Obamacare.
An arrangement by which a company or the state undertakes to provide a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a specified premium.
Types of Insurance
Life Insurance or General Insurance
Principles of Insurance
1. Principle of Uberrimae fidei (Utmost Good Faith)
2. Principle of Insurable Interest
3. Principle of Indemnity
4. Principle of Contribution
5. Principle of Subrogation
6. Principle of Loss Minimization
7. Principle of Causa Proxima (Nearest Cause)
Difference between life insurance and general insurance
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