Types of Insurance
INSURANCE
Every person wants happiness, profit and Security. He does not want adversity, Sorrow and risk. Hence he makes efforts to free from misshapenness, but his efforts fail before some happiness. He has to incur from general to serious losses due to different calamities. On the untimely death of the head of the family the dependents due to fire in the godown the industrialist, or shopkeeper, due to Sinking or looting of ship businessman has to incur financial loss. It means the whole life atmosphere is full of uncertainties and risks. The need for gaining security from these losses brought insurance into existence.
TYPES OF INSURANCE
There are three types of insurance -: a) Life Insurance b) Fire Insurance c) Marine Insurance
Life Insurance
Life insurance originated for the first time in England on 18th June, 1583. On this day life insurance of Sh. William Gybbon of England was done for one year. In seventeenth and eighteenth century life insurance developed on commercial basis. Life Insurance was started in India in 1870 with the establishment of Bombay Mutual Insurance Society Limited. After this Oriental Life Insurance Company was established in 1874.
Meaning of Life Insurance
Life insurance is a contract in which the insurer in consideration of premium promises to pay certain sum of money to the insured Person after the maturity of a certain period or to the nominated person in event of his death. When death will occur is not certain. This uncertainty is the risk which gives birth to insurance for the indemnity of the loss of the karta (doer). According to the Federation of Insurance Institutes, Mumbai : “Life Insurance is a contract in which the insurer promises to pay a certain amount in return of premiums to the insured or to his successor in event of loss of life.” According to the Life Insurance Corporation of India: “Life insurance is a contract in which a sum
Every person wants happiness, profit and Security. He does not want adversity, Sorrow and risk. Hence he makes efforts to free from misshapenness, but his efforts fail before some happiness. He has to incur from general to serious losses due to different calamities. On the untimely death of the head of the family the dependents due to fire in the godown the industrialist, or shopkeeper, due to Sinking or looting of ship businessman has to incur financial loss. It means the whole life atmosphere is full of uncertainties and risks. The need for gaining security from these losses brought insurance into existence.
TYPES OF INSURANCE
There are three types of insurance -: a) Life Insurance b) Fire Insurance c) Marine Insurance
Life Insurance
Life insurance originated for the first time in England on 18th June, 1583. On this day life insurance of Sh. William Gybbon of England was done for one year. In seventeenth and eighteenth century life insurance developed on commercial basis. Life Insurance was started in India in 1870 with the establishment of Bombay Mutual Insurance Society Limited. After this Oriental Life Insurance Company was established in 1874.
Meaning of Life Insurance
Life insurance is a contract in which the insurer in consideration of premium promises to pay certain sum of money to the insured Person after the maturity of a certain period or to the nominated person in event of his death. When death will occur is not certain. This uncertainty is the risk which gives birth to insurance for the indemnity of the loss of the karta (doer). According to the Federation of Insurance Institutes, Mumbai : “Life Insurance is a contract in which the insurer promises to pay a certain amount in return of premiums to the insured or to his successor in event of loss of life.” According to the Life Insurance Corporation of India: “Life insurance is a contract in which a sum