A Study on Structure of Insurance Sector In India
Journal Title: International Journal of Business and Management Invention - Year 2018, Vol 7, Issue 9
Abstract
Life insurance is a contract that pledge payment of an amount to the person assured (or his nominee) on the happening of the event insured against. The contract is valid for payment of the insured amount during, i) The date of maturity, or ii) Specified dates at periodic intervals, or iii) Unfortunates death, if it occurs earlier. Among other things, the contract also provides for the payment of premium periodically to the corporation by the policy holder. Life insurance is universally acknowledged to be an institution, which eliminates 'risk', substituting certainty for un certainty and comes to the timely aid of the family in the unfortunate event of death of the breadwinner. By and large. life insurance is civilization's partial solution to the problems caused by death. Life insurance, in short, is concerned with two hazards that stand across the lifepath of every person, That of dying prematurely leaving a dependent family to fend for itself and That of living till old age without visible means of support. Insurance is a co-operative device to share the burden of risk, which may fail on happening of some unforeseen events. such as the death of head of family or on happening of marine perils or loss of by fire. Depends on the large number of persons. This will enable the insurer to spread the losses of risk among large number of persons, thus keeping the premium rate at the minimum. Insurance is a co-operative form of distributing a certain risk over a group of person who are to it. A large number of person share the losses arising from a particular risk.
Authors and Affiliations
R. Vijaya Naik
Keywords
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