Selection of Risk or Underwriting the Risk | Meaning | Source of Risk Information
What is Selection of Risk or Underwriting the risk? Every life insurance company is liable to assess the risk it wishes to accept and on that basis fix a …
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Death Claims in Life Insurance | Procedure Involved
Procedure involved in Death Claims in Life Insurance in India The following are the general procedure involved in final settlement for death claims in India. 1. Intimation First of …
Reinsurance | Meaning & Definition | Terms | Characteristics, Objectives, Methods
What is Reinsurance? When an insurer transfers a part of his risk on a particular insurance by insuring it with another insurer or other insurers, it is called “Re-insurance”. …
Insurable Interest | Meaning | Who has Insurable Interest?
What is Insurable Interest? In an Insurance Contract, the term ‘Insurable interest‘ refers to the legal right to insure arising out of a financial relationship, recognized at law, between …
Role of Insurance Companies in Economic Development of India
Indian insurance companies play following roles in Economic development of our country. 1. Saving and Insurance Saving involves refraining from present consumption. The investment can take place only when …
Particular Average Loss & General Average Loss in Insurance | Meaning | Differences
What are Particular average Loss? Particular average loss are partial and unforeseen loss accidentally incurred by sea perils. When goods arrive at its destination, the surveyor inspects them and …
Importance or Advantages of Insurance to Society
Importance of Insurance to Society Insurance is a part and parcel of society today. It offers various advantages to the society as given below: 1. Protects society’s wealth Through …
Assignment in Insurance Policy | Meaning | Explanation | Types
What is Assignment in an Insurance Policy? Assignment means a complete transfer of the ownership of the policy to some other person. Usually assignment is done for the purpose …
Procedure involved in taking out a Marine Insurance Policy
Procedure for Taking out a Marine Insurance Policy The procedure involved in taking out a Marine Insurance policy is quite simple and straight forward. The intervention of an insurance …
Rights of Insurer in a Fire Insurance Policy
Rights of Insurer in a Fire Insurance Policy The following are the rights of an insurer in a fire insurance policy. Right to avoid the contract. Right of control …