Life assurance may be defined. A contract in which insurer agrees to pay a specified sum on the happening of a particular event. . A contract whereby the amount insured become payable after the consideration of the premium either at death or at a particular age. An economic and social device by which protection may be provided for the insured at a stated age. The primary purpose of different life assurance policies is to afford financial protection to dependents when the earning … [Read more...] about Principles of Life Insurance Policy
Insurance
Things Making Valid Marine Insurance Contract
Marine Insurance is the oldest known type. It is a contract of indemnity in which the underwriter agrees to compensate the insured against specified perils in consideration of a certain premium. Some writers define marine insurance. “It is a contract of indemnity whereby the assure undertakes to indemnify the insured in a manner and to the extent thereby agreed against the loss caused in connection with a marine adventure.” It is primarily concerned with the loss imposed by some maritime perils. … [Read more...] about Things Making Valid Marine Insurance Contract
Types of Life Assurance Policy
Whole Life Policy This policy covers the whole life of the insured person. The assured amount is payable only after the death of such comparatively lower and are paid throughout life for a specific period. This policy is useful to provide protection to the family. It is also named a straight life policy. Term Policy This is the oldest type of policy which is issued for a fixed period of time. If the assured person dies within the specified period the insurance company has to pay the … [Read more...] about Types of Life Assurance Policy
Common Terminologies Used in Insurance
Re-Insurance The insurance company gets a part of the risk insurance with another insurance company. In order to avoid heavy financial loss, this is known as Re-Insurance. This provision does not affect the position of the original assured. He, therefore, can claim only from his own insurance company. The principle of re-insurance is based on the idea that risk must spread over wider field. It thus protects the insurance funds of the original insurer. For further illustration suppose … [Read more...] about Common Terminologies Used in Insurance
Top 10 Insurance Companies in UK – United Kingdom
There are different insurance companies in the UK providing the different type of insurance including life, car, health, accidental, mobile, theft, fire and other insurances. As an insurance policy is a type of contract in which an entity receives financial protection in uncertain circumstances from an insurance company. The Company sets the type of insurance contract between the insurer and policyholder to pay a premium to the insurance company, and term and condition on which the company … [Read more...] about Top 10 Insurance Companies in UK – United Kingdom