Category Archives: Insurance Concepts

The life Insurance deals with different risks

By | Published: December 30, 2009
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 [...]
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Insurable Interest

By | Published: December 29, 2009
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 [...]
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Concept of Reinsurance

By | Published: December 20, 2009
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 [...]
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