A cooperative undertaking or organization is a voluntary association of individuals for the common interest of its members. It is formed for conducting some business activities. It is a protective device used by the economically weak persons of the society to safeguard their common interest against the exploitation of economically strong.The cooperative may thus be organized not for earning a profit as the main motive but with the basic object of organizing to render services to its members. … [Read more...] about Principles of Cooperative Organization
Basics
Common Terminologies Used in Insurance
Re-InsuranceThe 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