What are the social and economic values of Insurance What are the social and economic values of Insurance: Dr. Mark R. Greene in his book “Risk and Insurance” has listed some of the social and economic values of insurance as follows: i) The insurance reduces the amount of accumulated reserve fund needed to meet possible […]
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The legal forms of Conventional Insurance What are the legal forms of Conventional Insurance? From historical background of conventional companies, we find that three predominant legal forms have been used as follows: Association of Individuals (Lloyds); Stock companies; and; Mutual associations. A Lloyds Association is an organisation of individuals joined together to underwrite risks on
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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 legal contract and must meet the general requirements of contract as follows: a) It must be made by parties with legal capacity of contract. b)
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