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Insurance

Basics of Insurance

Meaning of Insurance
Insurance provides financial protection against a loss arising out of happening of an uncertain event. A person can avail this protection by paying premium to an insurance company. 
A pool is created through contributions made by persons seeking to protect themselves from common risk. Premium is collected by insurance companies which also act as trustee to the pool. Any loss to the insured in case of happening of an uncertain event is paid out of this pool.
Insurance works on the basic principle of risk-sharing. A great advantage of insurance is that it spreads the risk of a few people over a large group of people exposed to risk of similar type.

Definition 
Insurance is a contract between two parties whereby one party agrees to undertake the risk of another in exchange for consideration known as premium and promises to pay a fixed sum of money to the other party on happening of an uncertain event (death) or after the expiry of a certain period in case of life insurance or to indemnify the other party on happening of an uncertain event in case of general insurance. 
The party bearing the risk is known as the ’insurer’ or ’assurer’ and the party whose risk is covered is known as the ’insured’ or ’assured’.

Concept of Insurance / How Insurance Works
The concept behind insurance is that a group of people exposed to similar risk come together and make contributions towards formation of a pool of funds. In case a person actually suffers a loss on account of such risk, he is compensated out of the same pool of funds. Contribution to the pool is made by a group of people sharing common risks and collected by the insurance companies in the form of premiums.

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Latest News


Mah Polybutenes: Outcome of AGM We kindly want to inform you that the outcome of Annual General Meeting held on September 20, 2017.
Wed, 20 Sep 2017 23:31:27 +0530


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Wed, 20 Sep 2017 23:30:41 +0530


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Wed, 20 Sep 2017 23:30:09 +0530


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Wed, 20 Sep 2017 23:29:20 +0530


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Wed, 20 Sep 2017 23:27:13 +0530


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Wed, 20 Sep 2017 23:24:00 +0530


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Wed, 20 Sep 2017 23:23:16 +0530


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Wed, 20 Sep 2017 23:17:54 +0530


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Wed, 20 Sep 2017 23:17:08 +0530


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Wed, 20 Sep 2017 23:14:27 +0530


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Wed, 20 Sep 2017 23:13:38 +0530


Jackson Invt: Outcome of AGM This is to place on record that the members at the 35th Annual General Meeting of the Company held on September 20, 2017, members of the Company, have duly approved all the businesses as specified in the Notice conveying the AGM.
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Kilitch Drugs: Outcome of board meeting The Board of Directors of the company, had at its meeting held on September 20, 2017 and appointed Ms. Jill Gada as the "Company Secretary Compliance Officer" of the company w.e.f. September 20, 2017.
Wed, 20 Sep 2017 23:11:31 +0530


Power Finance: Outcome of AGM Please find attached herewith proceedings of the 31st Annual General Meeting of the Company to be held today i.e. September 20, 2017.
Wed, 20 Sep 2017 23:08:30 +0530


Muthoot Finance: Outcome of AGM This is to inform you that the 20th Annual General Meeting of the Company was held on September 20, 2017.
Wed, 20 Sep 2017 23:07:44 +0530