History of Insurance: The Evolution of the Insurance Industry:- Insurance is a concept that has been around for centuries. It is a way to protect oneself from potential risks and losses by transferring the risk to an insurance company. The history of insurance is a fascinating one, with its roots dating back to ancient times. … Read more
Valuation by Services in Marine Loss:- Valuation by Services in Marine Loss: Understanding the Importance of Accurate Assessments:- Valuation by services in marine loss is the process of determining the value of the services provided by marine ecosystems that have been lost or damaged due to human activities. The valuation of marine ecosystem services is … Read more
Differences Between Insurance and Assurance:- Insurance and assurance are two terms that are often used interchangeably, but they are not the same. Understanding the difference between insurance and assurance is important for anyone who wants to protect themselves against financial loss. While both insurance and assurance provide financial protection, they differ in terms of what … Read more
6 Importance of Insurance For a Business:- Insurance is an essential part of running a business. It provides protection against unforeseen events that can cause financial loss, damage to property, or liability claims. Without insurance, a business owner may have to bear the entire cost of such events, which can be devastating for small businesses. … Read more
Principle of Indemnity in Insurance:- The Principle of Indemnity is a fundamental concept in the insurance industry that governs the compensation paid to policyholders. It is a legal principle that aims to restore the policyholder to the same financial position they were in before the loss occurred. The principle of indemnity is based on the … Read more
7 Key Methods to Spread Risk:- Risk is an inevitable part of life, and it is impossible to avoid it entirely. However, there are ways to mitigate risk and minimize its impact. One such way is to spread risk across different investments, geographies, and industries. By spreading risk, individuals and businesses can reduce the likelihood … Read more
Insurance Cover Note:- Insurance cover notes are temporary documents that provide evidence of insurance coverage until a permanent insurance policy can be issued. They are generally used during the negotiation period of an insurance contract and provide immediate coverage to the insured party. Cover notes are legally binding documents that serve as an interim document … Read more
Captive Insurance:- Captive insurance is a type of self-insurance where a company creates a subsidiary to provide insurance coverage for itself or a group of related companies. This approach allows the parent company to control the insurance process and potentially reduce costs. Captive insurance is becoming increasingly popular among companies of all sizes, particularly those … Read more
Principles of Fire Insurance Policies:- Fire insurance policies are designed to provide coverage for losses sustained due to fire damage. These policies are governed by a set of principles that dictate the scope of coverage, the terms of the policy, and the process for filing a claim. Understanding these principles is essential for anyone looking … Read more
3 Types of Risk in Insurance:- Insurance is a crucial aspect of financial planning, and understanding the different types of risks associated with it is essential. Insurance risk refers to the uncertainty regarding potential loss and is the reason why people pay premiums on their insurance policies. There are three types of risks in insurance: … Read more