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 the few will be taken. As such the insurer is really a trustee of the fund. Hence insurers are subject […]

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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 was for individuals, who came to be called “underwriters,” because they wrote their names TO benefit the wording of insurance […]

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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 under the following headings : Terms Insurance: This is the simplest and oldest form of insurance and provides for payment […]

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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 contract must not be against public policy, must be enacted by parties with legal capacity to contract, must be […]

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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 legal contract and must meet the general requirements of contract as follows: a) It must be made by parties with […]

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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. Non-Life policies are of different types such as : Marine Insurance: Marine policies relate to three areas of risk, the […]

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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 by chance; The loss must be definite; The loss must be significant; The rate of loss must be predictable; The […]

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Basic ideas about Risk and Insurance

Basic ideas about Risk and Insurance Basic ideas about Risk and Insurance is known to all this is my opinion. Most of the bankers have know knowledge about insurance. For this reason I try to represent here a basic knowledge about risk and insurance related information. What is risk? Risk […]

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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 distress. (5)                 Collision or Contract with any external object other than water. (6)                 General Advantage. (7)                 Jettison. (8)                  Salvage Charges. […]

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