Basic of Insurance
Insurance is a contract between the two parties. One group is insured and the insurer of the other party. Insurance is insurance with the insured person's life or property. That person is insured risk is insured. Insurance companies are insured by insurance risk is transferred. According to the insurer insures the risk that the person is insured. This insurance is an agreement between the insurer and the insured.
Insurance is a contract in which the consideration is a payment for the insurance company to compensate the insured on the happening of certain events that are responsible. It is the insurer and insured against the risk of loss arising from the insured to the insurer under which the insured is responsible for compensation in an agreement. Some insurance definitions are given below:
According to Gosh and Agarwal, “insurance may be defined as a co-operative form of distributing a certain risk over a group of persons who are exposed to it’.
According to Mc Gill, “Insurance is a process in which uncertainties are made certain”.
In the words of Jon Megi, “Insurance is a plan wherein persons collectively share the losses of risks”.
Thus, a device by which insurance losses caused by unpredictable events likely to be exposed to it, and those who are willing to join themselves against such an event is spread over a large number of individuals. The document in which all the terms and conditions of insurance (ie written agreement) is not a 'policy' is called. The amount for which the insurance policy is taken 'amount' is called. Los consideration in exchange for which the insurer 'insurance premium', known as agreed to. The premium is paid by insurance regularly. It's monthly, quarterly, half-yearly or yearly can be.
Insurance is a contract in which the consideration is a payment for the insurance company to compensate the insured on the happening of certain events that are responsible. It is the insurer and insured against the risk of loss arising from the insured to the insurer under which the insured is responsible for compensation in an agreement. Some insurance definitions are given below:
According to Gosh and Agarwal, “insurance may be defined as a co-operative form of distributing a certain risk over a group of persons who are exposed to it’.
According to Mc Gill, “Insurance is a process in which uncertainties are made certain”.
In the words of Jon Megi, “Insurance is a plan wherein persons collectively share the losses of risks”.
Thus, a device by which insurance losses caused by unpredictable events likely to be exposed to it, and those who are willing to join themselves against such an event is spread over a large number of individuals. The document in which all the terms and conditions of insurance (ie written agreement) is not a 'policy' is called. The amount for which the insurance policy is taken 'amount' is called. Los consideration in exchange for which the insurer 'insurance premium', known as agreed to. The premium is paid by insurance regularly. It's monthly, quarterly, half-yearly or yearly can be.
No comments: