Since the dawn of civilization human beings are scrolling themselves to fulfill the
Needs and in order to do that they create assets. Every asset has a value and is
Expected to last for a certain period of time during which it will perform. If asset
lasts for a certain time, one is prepared to manage the continuance of the same
benefits in future with other provisions. However in case the asset breaks down
suddenly or unexpectedly, the benefits from that asset stop and that may effect
the future benefits also. Hence, one wants to have guarantee not to suffer loss
due to sudden breakdown of asset and enjoy its fruits in usual manner. In
financial term, this guarantee is known as INSURANCE.
Insurance aims at providing protection against possible chances of losses or to
Offer financial compensation against the loss. Human being is revenue
generating- asset. When the above principle is applied to human life, it is termed
as LIFE INSURANCE.
WHAT IS LIFE INSURANCE ?
Life insurance is a contract that pledges payment of an amount to the person
assured (or his nominee) on the happening of the event insured against.
The contract is valid for payment of the insured amount during:
• The date of maturity, or
• Specified dates at periodic intervals, or
• Unfortunate death, if it occurs earlier.
Among other things, the contract also provides for the payment of premium
periodically to the Corporation by the policyholder. Life insurance is universally
acknowledged to bean institution, which eliminates 'risk', substituting certainty for
uncertainty and comes to the timely aid of the family in the unfortunate event of
death of the breadwinner.
By and large, life insurance is civilization’s partial solution to the problems
caused by death. Life insurance, in short, is concerned with two hazards that
stand across the life-
Path of every person:
1. That of dying prematurely is leaving a dependent family to fend for... [continues]
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(2009, 09). India's Exim Policy. StudyMode.com. Retrieved 09, 2009, from http://www.studymode.com/essays/India-s-Exim-Policy-230097.html
"India's Exim Policy" StudyMode.com. 09 2009. 09 2009 <http://www.studymode.com/essays/India-s-Exim-Policy-230097.html>.
"India's Exim Policy." StudyMode.com. 09, 2009. Accessed 09, 2009. http://www.studymode.com/essays/India-s-Exim-Policy-230097.html.