An operational definition of insurance is that it is
- the benefit provided by a particular kind of indemnity contract, called an insurance policy;
- that is issued by one of several kinds of legal entities (stock company, mutual company, reciprocal, or Lloyd’s syndicate, for example), any of which may be called an insurer;
- in which the insurer promises to pay on behalf of or to indemnify another party, called a policyholder or insured;
- that protects the insured against loss caused by those perils subject to the indemnity in exchange for consideration known as an insurance premium.
In recent years this kind of operational definition proved inadequate as a result of contracts that had the form but not the substance of insurance. The essence of insurance is the transfer of risk from the insured to one or more insurers. How much risk a contract actually transfers proved to be at the heart of the controversy. Continue reading Policy Real Insurance →
Life insurance is designed to protect you and your family against financial uncertainties that may result due to unfortunate demise or illness. You can also view it as a comprehensive financial instrument – as a part of your financial planning offering you savings & investment facilities along with cover against financial loss. By choosing the right policy as per your needs i.e. customised solutions, you will be able to plan for a secure future for yourself and your loved ones.
Choosing the right plan
Identifying the right plan basis your needs is the first crucial step towards insurance planning. At we help you through this decision by identifying your various needs and offering plans that are customised for you. You may also choose a plan for yourself by identifying the life stage you are at. Continue reading Why Need Life Insurance →
The insurance industry provides protection against financial losses resulting from a variety of perils. By purchasing insurance policies, individuals and businesses can receive reimbursement for losses due to car accidents, theft of property, and fire and storm damage; medical expenses; and loss of income due to disability or death.
The insurance industry consists mainly of insurance carriers (or insurers ) and insurance agencies and brokerages. In general, insurance carriers are large companies that provide insurance and assume the risks covered by the policy. Insurance agencies and brokerages sell insurance policies for the carriers. While some of these establishments are directly affiliated with a particular insurer and sell only that carrier’s policies, many are independent and are thus free to market the policies of a variety of insurance carriers. In addition to supporting these two primary components, the insurance industry includes establishments that provide other insurance-related services, such as claims adjustment or third-party administration of insurance and pension funds. Continue reading Industry Insurance →
