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| Insurance |
Introduction
By paying premiums to insurance companies, the insured person or organization
is free of all possible losses and insurance companies increase their capital
by collecting premiums from a number of insured persons or organizations. In
addition to the cooperation of the insurer, it is possible to save money
privately and to be free from fears of potential risks.
Insurance eligibility
To be covered by a private entity, there are seven insurability principles:
1. There are other factors that can cause similar losses: if an insurance firm
provides out for damages, there must in fact be a large number of factors that
can cause these damages. Lloyds of London, for example, is renowned for
maintaining the lives of prominent musicians and players and their vital
organs.The materials that Lloyds of London insures here are abundant in real
life, and although they may not be the same, they can be categorized.
2. Specific losses: This means that the insurance company will only be engaged
to compensate for one or more specific losses. For example, if the car has
only fire insurance, the insurance company will not be obliged to pay any
compensation if the car is lost.
3. Accidental damage: that is, the amount of damage must be taken out of
control. If any damage is caused by negligence, it may not be compensated
for.
4. Major loss: the amount of loss must be reasonable relative to the insured
person.
5. Premium must be affordable: regardless of the size of the potential loss,
the insurance premium must be within the reach of the insured.
6.The amount of loss must be quantifiable: since not all losses can be
compensated and the insurance company can only compensate in cash, the
potential loss must be measured in cash.
7. In the event of natural disasters, the amount of compensation will be
limited: for example, extensive damage caused by floods or earthquakes,
insurance companies will refrain from paying this amount because such a large
amount of compensation is not possible for a single insurance company.
Legitimacy
1. The idea of absolute good faith
2. Principles of Insurable Interest:
3. Principles of Compensation:
4. Substitution policy:
5. Principles of participation:
6. Policy on the prevention of pollution:
7. Service Policy:
8.Quick demand policy:
9. Policy on the determination of Salami:
Types of insurance
Life insurance
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| Life insurance |
Life insurance is a strategy for transferring or avoiding the risk, loss or
risk of death. Life insurance in the modern era acts as an important way of
reducing financial risks for the insured or his family members in the event of
death or old age of the insured.
Life insurance is a contractual agreement in which the insured company or
insurance provider agrees to pay a pre-determined sum of money for a specified
period of time or at the end of the term in return for the premium to be
charged to the insured at a fixed rate.Life insurance is therefore a
conventional arrangement between the insured and the insurer in exchange for a
fixed premium sum which the insurer agrees to pay to the insured or his heirs
or his candidate after his death or at the end of a specified period of time.
Marine insurance
The contract between the insurer and the insurer to guarantee compensation in
the event of damage to a vessel, ship's goods or freight insurance by a
certain hazard is called naval insurance or marine insurance. According to
Halsbury, a contract that promises to compensate for marine damage to a
certain extent, up to a certain limit, is called naval insurance.
Fire insurance
Uh, R.S. According to Sharma, fire insurance is a contract where one party
agrees to bear the risk of a certain amount of financial loss to the other
party in return for compensation, i.e. the loss or destruction of something by
fire. According to MN Mishra, fire insurance is a scheme that compensates for
fires.
Purpose of insurance against fire:
1. Compensation: one of the main purposes of fire insurance is to compensate
for damages caused or destroyed by fire. If the insured property of the
insured is damaged by fire, the insurer shall pay the appropriate
compensation.
2. Investment Creation: insurance companies re-invest a large portion of their
fire insurance premiums in different businesses and industries. Insurance
companies engage in insurance business for the purpose of this investment.
3. Risk sharing: since fire insurance also distributes losses among other
people in society, it alone protects a person from major losses.
4. Other insurance supplements: life insurance, fire insurance, naval
insurance, accident insurance, etc., no insurance may cover all insurance
activities on its own. Fire insurance is therefore another purpose of fire
insurance to take responsibility and risk a special part of insurance and to
complement other insurance policies.
Fire Insurance Classifications:
1. Valuable insurance policy: a fire insurance policy that is accepted without
determining the value of the insured material at the time of execution of the
contract is called a valued insurance policy. After such insurance policy, the
condition of valuation of the property shall be recorded.
2. Unrated insurance policy: a fire insurance policy that is taken out of the
value of the insured material at the time of execution of the insurance
contract is called an unrated insurance policy. After such insurance policy,
the condition of valuation of the property is recorded.
3. Specific insurance policy: The contract shall be executed at a fixed price
on the property of such fire insurance. In the event of a loss, the insurer
pays a fixed price. Even if it is burned, the insurer will compensate for the
loss of three lakh rupees.
4. Comprehensive insurance policy: In addition to fire insurance, such
insurance policy guarantees the loss of certain assets due to damage caused by
the stolen load worker.
5: Fire Extinguisher Insured: if the fire extinguisher is damaged and the
insured property and property is damaged, the insurance policy to which the
fire extinguisher is subject is called Agni Nibarani Insurance.