Insurance.Docx

{ key out:g} {draw: instal} {draw: butt} Table of contents Table of Contents { school school schoolbook:bookmark-start} {text:bookmark-end} {text:bookmark-start} 1. Overview of indemnification policy {text:bookmark-end} {draw:frame} policy is a contr figure push with betwixt two parties whereby one troupe agrees to undertake the chance of another in exchange for servant known as premium and promises to pay a located sum of cash to the other caller on contingency of an changeable termination (death) or after the expiry of a certain compass point in facial expression of life indemnity or to indemnify the other party on hazard of an uncertain emergence in case of general insurance policy. The party bearing the in tribute is known as the insurer or assurer and the party whose run a risk is cover is known as the insured or assured. indemnity provides financial security measure against a loss arising out of calamity of an uncertain event. A person can avail this protection by paying premium to an insurance company. A jackpot is created with contributions made by persons seeking to protect themselves from public risk. grant is collected by insurance companies which also act as trustee to the pool. Any loss to the insured in case of happening of an uncertain event is paid out of this pool. spare-time activity figure explains the mechanism of insurance. Insurance works on the radical principle of risk-sharing.

A great advantage of insurance is that it spreads the risk of a few people over a volumed group of people exposed to r isk of kindred slip {text:bookmark-s! tart} 2. Types of Insurance {text:bookmark-end} Insurance is of two types: living Insurance Non – Life Insurance or universal Insurance {text:bookmark-start} {text:bookmark-start} {text:bookmark-start} 2.1 Types of general insurance {text:bookmark-end} {text:bookmark-end} {text:bookmark-end} car *I*nsurance* :*- Auto insurance protects you against financial loss if you have an accident. It is a lease between you and the...If you want to get a full essay, ordain it on our website: OrderCustomPaper.com

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