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Notes on Insurance: Meaning, Need and Functions

After reading this article you will learn about:- 1. Meaning of Insurance 2. Definition of Insurance 3. Nature 4. Basic Types 5. Need 6. Characteristics 7. Working 8. Functions. Meaning of Insurance: If one goes by the word meaning insurance is a contract between two parties whereby the insurer agrees to indemnify the insured upon […]

Notes on the Evolution of Insurance Industry

After reading this article you will learn about the evolution of insurance industry. The insurance industry as we see it today is modern and advance stage which has been attained in a phased manner over a long period. Insurance is basically a financial service as such it grew up like a financial sector on the […]

Notes on the Life Insurance Corporation of India (LIC)

This article provides notes on the Life Insurance Corporation of India (LIC). In India also the concept of insurance remained since the ancient civilizations. Look at the Logo of the Life Insurance Corporation some words in devnagri script (Yagkshema) are written in the logo of LIC. These have been taken from Rig Veda meaning protection […]

Notes on Classification of Insurance: 2 Types

This article throws light upon the two types of insurance. The types are: 1. Life Insurance 2. General Insurance. Type # 1. Life Insurance: There is a life insurance council that decides entire norms relating to life insurance in India; In fact life insurance plays different type of roles. As conceived by the Life Insurance […]

Risk Retention in Insurance: Meaning and Types

After reading this article you will learn about the meaning and types of risk retention. Meaning of Risk Retention: It is nothing than presuming that we are going to incur certain losses on a particular issue but at the same time are not willing to transfer such risks to another party. For example in an […]

Actuary: Meaning and Requirement | Insurance Company

After reading this article you will learn about the meaning and requirement of an actuary in general insurance. Meaning of Actuary: An Actuary is an officer of any insurance company, skilled in statistics, especially on the expectancy of life and the average proportion of losses by time and other accidents. In fact the Actuary is […]

Risk in Insurance: Meaning, Types and Its Transfer

After reading this article you will learn about:- 1. Meaning of Risk 2. Types of Risk 3. Transfer. Meaning of Risk: In simple words risk is danger, peril, hazard, chance of loss, amount covered by insurance, person or object insured. The risk is an event or happening which is not planned but eventually happens with […]

Notes on Reinsurance: Meaning and Types

After reading this article you will learn about the meaning and types of reinsurance. Meaning of Reinsurance: Reinsurance means where a risk is considerable any insurance company would like to insure the risk up to a certain amount themselves. And put the excess risk out to a re-insurance company, or to a more than one, […]

Notes on Over and Under Insurance

This article provides notes on over and under insurance. Notes on Over Insurance: In case of over insurance a situation arises where insurance cover has been taken for the value which exceeds the actual cash value of the insured risks. It can be also known as the replacement value. In case of over insurance the […]

Notes on General Insurance Council of India (GIC)

After reading this article you will learn about:- 1. Introduction to GIC 2. Membership Criteria of GIC 3. Major Activities 4. Insurance Portfolio. Introduction to GIC: The General Insurance Council is a statutory body under the Indian Insurance Act 1938. Section 64 C of Part II-A of the Indian Insurance Act 1938 states that there […]

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