How Insurance is different from Gambling

How Insurance is different from Gambling Although it is common to confuse insurance with gambling, from economic and legal point of view, gambling and insurance are two distinct matters. It is true that insurance company pays an insured a great deal more money than it has received in terms of […]

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The legal forms of Conventional Insurance

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 […]

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Why every risk is not insured

Why every risk is not insured Insurance companies do not cover all risks. That is to say, all risks are not insurable. Usually it is only the ‘pure’ risks which are insurable and not the ‘speculative’ risks. A pure risk can cause only loss but a speculative risk causes either […]

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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 occur to him individually. For an individual, the risk is very large. This is simply because an individual can not […]

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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 of adverse result from a desired outcome. Risk and probability are not synonymous. We must understand the difference between risk and […]

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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 Miscellaneous Insurance: Motor Insurance Private Car policy (PC). Commercial Vehicle policy (CV). Motor Cycle Policy (MC). Land Transportation Operations Policy […]

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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 hesitate to destroy and to kill, this is why the invention of fire insurance is a great blessing to mankind, […]

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