Principles of Insurance Principles of Insurance An insurance contract is a type of a legal contract in which a type of risk is transferred to an insurance company in return of a premium by the policyholder. As by their nature‚ insurance contracts may be exposed to misconduct by both parties: the underwriter and the policyholder. Therefore six principles of insurance‚ which are recognised by law‚ were created to reduce this type of abuse. In the following pages I will explain these principles
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Health Insurance Attention Getter: Did you know that at least 50 million people in the US as of 2013 are without health insurance? What if you are one of these people and got seriously ill‚ you would want to be covered right? I believe everyone should have some form of health insurance. Specific Purpose: To persuade my audience that everyone should be entitled to or covered by health insurance. Overview: This morning‚ I’d like to talk to you first about the need of health insurance‚ second
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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. Life insurance or life assurance is a contract between the insurer and the policy owner (policyholder) whereby a benefit is paid to the designated Beneficiary (or Beneficiaries) if an insured event occurs which is covered by the policy. In return‚ the policy owner (or policy payer) agrees to pay a stipulated amount called a premium
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Insurance Insurance a defensive measure used against future conditional losses to hedge the possible risks of the future. It is a legal contract that protects a person from contingent risk of losses through financial means and provides a means for individuals and societies to handle some of the risks faced in daily life. Policies the contracts of insurance that are provided by insurance companies. Premium the regular amount charged from customers by the insurance companies‚ which is
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INSURANCE Every person wants happiness‚ profit and Security. He does not want adversity‚ Sorrow and risk. Hence he makes efforts to free from misshapenness‚ but his efforts fail before some happiness. He has to incur from general to serious losses due to different calamities. On the untimely death of the head of the family the dependents due to fire in the godown the industrialist‚ or shopkeeper‚ due to Sinking or looting of ship businessman has to incur financial loss. It means the whole
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CROP INSURANCE: A Tool to save Farmers from Calamities EXECUTIVE SUMMARY Crop insurance is one of the various types of insurance that are offered to the people. This insurance is directed to the farmers and agriculturists. This Crop insurance scheme has been going on since the time of Kharif 1985. This insurance offers financial assistance for risk management in agriculture. This insurance policy is a relief scheme for the farmers whose crops get spoiled during natural catastrophe. The
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GROWTH OF MOTOR INSURANCE Vehicle first appeared on the roads in United Kingdom (UK) during 1880’s‚ but the first motor insurance is issued during 1890’s. Therefore it is almost 10 years time people use a motor vehicle as a mode of transportation without insurance coverage. Therefore‚ through their (insurer) experiences on other classes of insurance such as fire‚ theft & liability‚ they introduce the motor insurance towards the use of transportation. Then they emphasis it (motor insurance) on the subject
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American enjoy limited or no access to health care. Many efforts have been done to reform this‚ but still but still many people are left without access to the care. These two problems are related due to the fact that if the health care industry gets to high off course people no longer will be able to have any access to it. The higher prices are‚ the lower access people have to it. 5. The main groups in this country without health insurance are the poor people. This include single-parent families‚ black
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Types of Life Insurance Policy Term Policy Term life insurance is the most affordable type of life insurance available. It is designed to meet temporary life insurance needs; providing protection for a specified period of time‚ the term. For example‚ a term of 10‚ 20 or 30 years. This type of life insurance makes sense if you have financial needs that will diminish over time‚ such as a home mortgage or a child’s tuition. Each year‚ a premium is paid to cover the risk of death during that year
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1. A good way to reduce the cost of your car‚ home‚ and health insurance is to: a. Raise the deductibles on your policies b. Reduce your coverage to the minimum c. Keep your auto and home policies with different companies d. Suspend your coverage for a limited time 2. The four documents you must have to protect your family are: a. A will‚ an irrevocable trust‚ an advance directive‚ and a durable power of attorney b. A will‚ a living revocable trust‚ a durable power of attorney‚ and an advance
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