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Indemnity is a buckler that protects and secures your business from any attainable risks.
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Here is letter a brief explanation of each of these different types of insurance companies and the specific metier risks insured and other unique attributes.
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What should be included in an essay on insurance?
Essay on the Fundamental Principles or Features of an Insurance Contract Essay on the Advantages/Utilities/Importance of Insurance Essay # 1. Meaning of Insurance: Risk and uncertainty are incidental to life. These risks and uncertainties are increasing day by day due to increase in fastness of life. Man may meet an untimely death.
Which is the correct description of an insurance company?
According to Justice Tindal, “Insurance is a contact in which a sum of money is paid by the assured in consideration of insurers incurring the risk of paying a large sum upon a given contingency.” The agency which helps in entering into this arrangement is called Insurer or insurance company.
What happens in the case of a loss on an insurance policy?
That means that the assured in the case of loss against which the policy has been made shall be fully compensated and never more than the value of the policy. The insurer agrees to make good the loss but the insured, however, is not entitled to make a profit out of the loss.
Which is the main principle of an insurance policy?
The main principle underlying insurance is the pooling of risks. It is a co-operative device to spread the loss caused by a risk (which is covered by insurance) over a large number of persons who are also exposed to the same risk and insure themselves against that risk.
Last Update: Oct 2021
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