How risk is handled?

How risk is handled? How risk is handled? An individual is always Concerned because of the uncertainties of life. He does not know whether or not a given loss will …

What do you Know about risk?

What do you Know about risk? What do you Know about risk? Risk has been defined as the uncertainty as to the occurrence of an economic loss. It is the passivity …

Miscellaneous Insurance

Miscellaneous Insurance 1. Definition: “Miscellaneous Insurance Business” means the business of effecting contracts of insurance which is not principally of any kind of Marine and Fire Insurance.” 2. Kinds of …

Fire Insurance

Fire Insurance Indeed, while fire under control is a magnificent servant, it is equally true that out of control, fire is a terrible and merciless master ; It does not …

INSURANCE POLICIES AND RISKS

INSURANCE POLICIES AND RISKS “Insurance is a financial scheme where persons exposed to the same type of risk contribute small amounts (premium) to a common fund from where losses of …

Conventional and Islamic Insurance

Conventional and Islamic Insurance Conventional and Islamic Insurance : HISTORY OF CONVENTIONAL AND ISLAMIC INSURANCE In the seventeenth century, there were no insurance companies as we know them today. The practice …

Types of life insurance policies

TYPES OF LIFE INSURANCE POLICY What are the different types of life insurance policies? Life assurance contracts available are many and the basis of all these policies can be found …

Principles of insurance contract

Principles  of insurance contract What are the principles of insurance contract Insurance is affected by means of a legal contract and must meet the general requirements of contract. Thus the …

Insurance for covering risk

Insurance for covering risk What are the requisites of insurance for covering risk Requisites of insurance may be summarized as follows: 1) Insurance must be effected by means of a …

Different Types of Non-Life Insurance

Different Types of Non-Life Insurance Non-Life insurance policies deals with risks arising due to the loss of property, pecuniary loss or expenses arising out of liability through negligence or carelessness. …

Characteristics of insurable risks

Characteristics of insurable risks What are the characteristics of insurable risks? In order for a risk to insurable, its potential loss must have the following characteristics: The loss must occur …

Insurance Risk Covered Clauses

Insurance Risk Covered Clauses ICC ‘C’ (1)                 Fire or Explosion. (2)                 Stranding, Grounding, Sinking or Capsizing. (3)                 Overturning or Derailment of Land Conveyance. (4)                 Discharge of Cargo at a port …