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Effect of Liberalisation in Insurance Industry

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Introduction The journey of insurance liberalization process in India is now over seven years old. the primary major milestone during this journey has been the passing of Insurance Regulatory and Development Authority Act, 1999. This along side amendments to the Insurance Act 1983, LIC and GIC Acts paves the way for the entry of personal players and possibly the privatization of the hitherto public monopolies LIC and GIC. Opening from insurance to non-public sector including foreign participation has resulted into various opportunities and challenges. Concept of Insurance In our lifestyle , whenever there's uncertainly there's an involvement of risk. The instinct of security against such risk is one among the essential motivating forces for determining human attitudes. As a sequel to the present go after security, the concept of insurance must are born. The urge to supply insurance or protection against the loss of life and property must have promoted people to form so
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Everything About Life Insurance!

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I want to start out off this 2010 with a piece of writing regarding life assurance . many of us find this subject morbid but believe me once I say this contract is as important as a Will and will be taken even as seriously as insurance . thanks to the length in details of this text I even have provided chapters for straightforward reading. I hope this may educate you on life assurance and therefore the importance of its necessity. (Note: For better understanding "You" is that the policy owner and therefore the insured) Chapters: 1= Introduction 2=When/If you've got life assurance already 3= Difference between a insurance broker and Broker 4= sorts of Policies 5= What are Riders and popular sorts of Riders 6= The checkup 1) About general Life Insurance: This is a contract between you and an insurance firm to pay a particular amount (the premium) to a corporation in exchange for a benefit (called the benefit , face amount, or policy amount) to the benef
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Fire Insurance Under Indian Insurance Law

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A contract of Insurance comes into being when an individual seeking insurance protection enters into a contract with the insurer to indemnify him against loss of property by or accompanying fire and or lightening, explosion, etc. this is often primarily a contract and hence as is governed by the overall law of contract. However, it's certain special features as insurance transactions, like utmost faith, interest , indemnity, subrogation and contribution, etc. these principles are common altogether insurance contracts and are governed by special principles of law. FIRE INSURANCE: According to S. 2(6A), "fire insurance business" means the business of effecting, otherwise than incidentally to another class of insurance business, contracts of insurance against loss by or accompanying fire or other occurrence, customarily included among the risks insured against in insurance business. According to Halsbury, it's a contract of insurance by which the insurer agrees
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Product Perception: How Does Your audience View Your Brand?

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If you perceive your product as boring then your audience also will . And if they perceive it as boring you'll feel an equivalent way. it is a vicious circle , really. The only thanks to change how consumers view your product is to shift their perception about your industry or product from an uneventful or negative mindset to at least one that's more positive and upbeat. For example, automobile insurance usually features a negative connotation and is perceived as an uneventful or dreaded industry-depending on your driving record, I'm sure. However, Geico decided to shift the way drivers (even bad drivers) viewed automobile insurance by creating a likeable representative: the friendly gecko who's known for his cheesy one-liners. Soon, the cavemen joined the Geico scene with a well-liked response from consumers. In fact, the cavemen were so well liked that they even got their own spin-off series at one point (which was, much to no one's surprise, canceled).
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Executive insurance - Why Private Companies Need It

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Since its inception about fifty years ago, D&O insurance has evolved into a family of products responding differently to the requirements of publicly traded companies, privately held businesses and not-for-profit entities and their respective board members, officers and trustees. Directors' & Officers' Liability, Executive Liability or Management insurance are essentially interchangeable terms. However, insuring agreements, definitions, exclusions and coverage options vary materially depending upon the sort of policyholder being insured and therefore the insurer underwriting the danger . Executive insurance , once considered a necessity solely for publicly traded companies, particularly thanks to their exposure to shareholder litigation, has become recognized as an important a part of a risk transfer program for privately held companies and not-for-profit organizations. Optimization of protection may be a common goal shared by all kinds of organizations. In our o
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Health Insurance Help to Lower Your Premium

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Illness for non-work related injuries are often financially devastating. Insurance keeps you protected against disastrous health care expenses and lost wages. There are enormous insurance plans available day-to-day, the insurance cost and its benefits vary from one plans to a different . Before enrolling for a policy, a private should consult the insurance agencies, read the policy to urge the entire information about the advantages and costs and also the way the plan works. Today, there are more sorts of insurance to settle on from than were available just a couple of years ago. Traditional differences between and among plans don't longer any longer . Also, there's been an increased emphasis on the role of consumers in managing their own health care and health care finances. there's attention on providing information on the value of care and health care quality-at the extent of the physician, physician group, and hospital-to help consumers and employers choose among
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Advantages and drawbacks on Group insurance VS Individual insurance

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In this article we'll explore the explanations that motivate employers to urge group insurance for workers and that we will check out the benefits and drawbacks from both points of view. Group insurance VS Individual Private insurance Probably the foremost significant peculiarity of insurance is that the substitution of group underwriting for individual underwriting. In group cases, no individual evidence of insurability is typically required, and benefit levels are often substantial, with few, if any, important limitations. Group underwriting normally isn't concerned with the health or other insurability aspects of any particular individual. Instead, it aims to get a gaggle of individual lives or, what's even more important, an aggregation of such groups of lives which will yield a predictable rate of mortality or morbidity. If a sufficient number of groups of lives is obtained, and if these groups are reasonably homogeneous in nature, then the mortality or morbidi
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