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Monthly Archives: December 2009
About Premium in insurance Business
In a contract of insurance, the insurer promises to pay to the policyholder a specified sum of money, in the event of s specified happening. The policyholder has to pay a specified amount to the insurer, in consideration of this promise. ‘Premium‘ is the name given to this consideration that the policyholder has to pay [...]
The life Insurance deals with different risks
In last few weeks, we are just dealing about the insurance and its terms. And now i am going to tell about some important terms about insurance. The life insurance business deals with risks relating to life of human beings. The circumstances that create the loss or damage(risks) are mainly two, death and old age. Insurance does [...]
Insurable Interest
All risks are not insurable. Otherwise, an insurance contract would be no different from a wagering contract or betting. It was explained earlier that speculative risks are not insurable. A wagering con tract is speculative in nature and is illegal in terms of Section 30 of the Indian Contract Act. A subject matter of a [...]
LIFE INSURANCE CONTRACTS
A life insurance policy promises that the insurer will pay to the policyholder a certain sum of money if the person insured dies or any other soecified contingency happens. It is a contract, within the meaning of the Indian Contract Act, 1872. A contrct is an agreement between two or more parties to do, or [...]
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Concept of Reinsurance
Insurance companies are taking risks. They have to pay claims as and when they occur. They cannot be sure when the claim will occur and how big the claim may be. This is so because of the very nature of perils. Insurers normally are financially sound enough to be able to pay claims. But there [...]
Invention of Insurance
Insurance has been known to exist in some form or other since 3000 BC. The Chinese traders, travelling treacherous river rapids would distribute their goods among several vessels, so that the loss from any one vessel being lost, would be partial and shared, and not total. The Babylonian writing off the loans, in case of [...]
Wipro tops list of H-1B visa professionals in 2009
With 1,964 H-1B visas in 2009, Indian IT major Wipro has topped the list of firms that got the coveted US visas for highly skilled professionals.
Microsoft with 1,318 visas came next, with Intel (723) in third place, while Google with 211 in 25th place brought up the rear. IBM India (695), Infosys (440), Polaris Software [...]
Central Bank Issues Directive On Customers With Terror Links
India’s central bank the Reserve Bank of India (RBI) has issued directives to asked all banks to take effective steps to ensure that none of their customers have links with any terror group like the Al-Qaida or the Taliban.
The Reserve Bank of India (RBI) has asked these banks to scan all existing accounts and to [...]
Working Fuctionality of Insurance
The mechanism of Insurance is very simple. People who are exposed to same risks come together and agree that, if any one of them suffers a loss, the others will share the loss and make good to the person who lost. All people who sent goods are exposed to the same risks, which are related [...]
About Level Premiums in Insurance Business