Insurance, Nature of Insurance

Insurance - Definition :
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Insurance is a co-operative device to spread the loss, it caused by a particular risk over certain number of peoples and who are exposed to it , and who are agree to insure themselves against the risk.

Nature of Insurance :
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1) risk of sharing
2) co-operative device
3) risk value
4) payment contingency
5) amount of payment
6) more no. of insured persons
7) Insurance is not a gambling
8) Insurance is not a charity

Insurance, Liability insurance

The Liability insurance
covers
1. 3rd party insurance
2. Employees insurance
3. motor insurance
4. reinsurance

Insurance, Property insurance

The Property insurance is an individual and the society is insured against the loss of fire and marine perils. The crop is insured against unexpected decline in protection,death of animals engaged in business. The breakdown of machines that theft of the property and the goods.

The Property insurance may vary in different types:
1. marine insurance
2. fire insurance
3. automobile insurance
4. cattle insurance
5. crop insurance
6. machinery insurance
7. theft insurance

Insurance, personal insurance

The Personal insurance includes insurance of human life that may suffer loss,
1). Due to death
2). Accident
3). Disease etc...........

The Personal insurance is classified in the following

1. life insurance
2. Personal accident insurance
3. Health insurance

Insurance,LIFE INSURANCE

Life insurance is different from other insurance in the sense of that, the subject matter of insurance is life of human being.life insurance enjoy maximum scope,because life insurance is most important property in our society.everyone requires life insurance,because insurance provides protection to our family.the insurer will pay a fixed amount at the time of death.