Comperative Analysis

Chapter-1 1.1 Introduction indemnity is a contract between two parties whereby iodine party called insurer undertakes in exchange for a firm amount of money on the happening of a authentic event. policy is a protection against financial loss arising on the happening of an unexpected event. The primary purpose of life Insurance is the protection of the family. Insurance in it`s various forms protects against such misfortunes by having the losses of the unfortunate hardly a(prenominal) paid by the piece of the many who are exposed to the same risk. This is the essence of insurance- the manduction of losses and substitution of surety for uncertainty. Insurance companies collect premiums to reserve for this protection. A loss is paid out of the premiums collected from the insuring semipublic and the insurance companies act as trustees of the amount collected. In is a system by which the losses suffered by a few are spread over many, exposed to similar risks. In the western world, life insurance evolved mainly from the mari time industry. Started by private financiers who used to gamble on the lives of seafarers by pass five times the money deposited with them in case of certain contingencies? The service industry is one of the fastest growing sectors in India today.

The upcoming sectors which are really showing the graph towards upward are - Telecom, Banking, and Insurance. These sectors really have a lot of business towards the economy. Amongst the above-mentioned areas insurance is one sector, which took a lot of time in positioning itself. The insurance business of non-life companies was not frequently in problems but the major problem was with life insurance. Life Insurance Corporation of India had monopoly for more than 45 years, but the establish then was completely different. Previously people felt that Insurance is only for classes not for masses but now the propose is vice-versa. The story of insurance is probably as old as the story of mankind. The same... If you want to get a full essay, gild it on our website: Orderessay

Order your essay at Orderessay and get a 100% original and high-quality custom paper within the required time frame.