Principles of Insurance |6 Basic principles of Insurance

Principles and functions of Insurance

Principles of Insurance The following are some basic principles of insurance . These principles are very important when insurance companies are established, they need to follow these principles. 1) Principal of utmost good faith: A contract of insurance must be made based on utmost good faith mean credible information. It is important that the insured … Read more

Types of Insurance | 7 Types of insurance companies


Types of Insurance There are many types of insurance. But the most known are given here; 1) Life/Personal Insurance In this type of insurance, the Insurer will pay you the fixed amount of insurance money at the time of death or at the expiry of a certain period. Most of the people do life insurance … Read more

What is Insurance and Insurance premium?


Insurance What is Insurance and Insurance premium? Insurance is a risk transfer mechanism. It’s a method of shifting the responsibility for losses to the party who is a specialist for handling the risk by spreading it over a large number of people or firms Insurance is a means of protection from financial loss. It’s a … Read more