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The main motive of insurance is cooperation. Insurance is defined as the equitable transfer of risk of loss from one entity to another, in exchange for a premium. 1. Nature of contract : Nature of contract is a fundamental principle of insurance contract. An insurance contract comes into existence when one party makes an offer or proposal of a contract and the other party accepts the proposal. A contract should be simple to be a valid contract. The person entering into a contract should enter with his free consent. 2. Principal of utmost good faith : Under this insurance contract both the parties should have faith over each other. As a client it is the duty of the insured to disclose all the facts to the insurance company. Any fraud or misrepresentation of facts can result into cancellation of the contract. 3. Principle of Insurable interest : Under this principle of insurance, the insured must have interest in the subject matter of the insurance. Absence of insurance...

Human beings, his family and properties are always exposed to different kinds of risks. Risk involve the losses. Insurance is a tool which reduces the cost of loss or effect of loss caused by variety of risk. It accumulates funds to meet individual losses. It is not device to prevent unwanted event of happening or cause of loss but protects them against that loss by compensating which as lost. The role and importance of insurance are discussed as follows: 1. Insurance provides security Insurance provides safety and security against the loss on a particular event. Life insurance provides security against death and old age sufferings. Fire insurance protects against loss due to fire while Marine insurance provides protection and safety against loss of ship and cargo. For personal accident and sickness insurance financial protection is given when the individual is unable to earn. In other insurance too, this security is provided against the loss at a given contingency....

Prior to becoming self-employed, there are a number of factors that need to be considered and clarified, including social security, insurance coverage and retirement provisions. Being well-informed will help you implement the steps and measures required for your social and professional security. In principle, insurances can be divided into three main categories: personal, property and asset insurances. It is difficult to make a general statement about coverage needs of new or potential entrepreneurs as these needs largely depends on the type of business and the individual risk situation. We recommend that you consult an insurance expert and request offers from various providers. Some general information concerning the different types of insurance is provided in the following. Overview of contents Personal insurances Property insurances Buildings insurance (fire) Property insurance (chattels) Technical insurances Transport ins...

According to business dictionary, Insuarance is a promise of compensation for specific potential future losses in exchange for a periodic payment. Insurance is designed to  protect  the financial well-being of an individual, company or other entity in the case of unexpected loss. Some forms of insurance are required by law, while others are optional. Agreeing to the terms of an  insurance policy  creates a contract between the insured and the insurer. In exchange for payments from the insured (called premiums), the insurer agrees to pay the policy holder a sum of money upon the occurrence of a specific event. Insurance is a form of risk management in which the insured transfers the cost of potential loss to another entity in exchange for monetary compensation known as the premium . (...