How Principle of Contribution Works in Insurance:- The Principle of Contribution is a fundamental concept in the field of insurance, which plays a crucial role in managing risk. It refers to the right of an insurer who has paid under a policy to call upon other interested insurers in the loss to contribute rateably to … Read more
Insurance Contract:- Insurance contracts are legal agreements between two parties, the insurer and the insured, that outline the terms and conditions of the insurance coverage. Insurance contracts are essential for managing risk and protecting individuals and businesses from financial loss. These contracts can be complex, and it is essential to understand the elements and clauses … Read more
Types of Marine Losses:- Marine insurance is a type of insurance that provides coverage for ships, cargo, and other related property. It is designed to protect against losses due to damage or loss of the vessel or its cargo. Marine losses can be classified into two main categories: total loss and partial loss. Types of … Read more
Marine Insurance:- Marine insurance is a type of insurance that provides coverage for ships, cargo, terminals, and other means of transport that are used to transfer goods between different points. It is an essential form of insurance that helps to mitigate the financial risks associated with marine transportation. Marine insurance is a complex field that … Read more
Annuity:- An annuity is a financial product that offers a guaranteed stream of income for a specific period or for life. It is a contract between an individual and an insurance company, where the individual makes a lump-sum payment or a series of payments, and in return, the insurance company promises to make regular payouts … Read more
Life Insurance Bonus:- Life insurance is a crucial investment for anyone who wants to provide financial security for their loved ones. It is a contract between the policyholder and the insurance company, where the insurer promises to pay a sum of money to the designated beneficiaries upon the policyholder’s death. In addition to the death … Read more
How & Why Insurance Is Not Gambling:- Insurance and gambling are often compared, but they are fundamentally different. While both involve risk and uncertainty, the purpose, nature, and outcome of each are distinct. Understanding the differences between insurance and gambling is important for individuals, businesses, and society as a whole. Why Insurance Is Not Gambling … Read more
Industrial Life Insurance:- Industrial life insurance is a type of life insurance that has been around for over a century. It is a unique type of insurance that is designed to meet the needs of working-class individuals who may not have access to traditional life insurance policies. This type of insurance is often sold door-to-door, … Read more
Life Insurance Surrender Value:- Life insurance is a financial product that provides a death benefit to beneficiaries upon the policyholder’s death. However, not all policyholders keep their policies until they pass away. Some may choose to surrender their policies for a lump sum payment. This lump sum payment is called the surrender value. Life Insurance … Read more
7 Elements of Insurable Risk:- Insurance is a risk management tool that offers protection to individuals and businesses against financial losses. Insurable risks are the types of risks that can be covered by an insurance policy. However, not all risks can be insured, and only those risks that meet certain criteria can be considered insurable. … Read more