Thursday, August 11, 2011

Insurance Law - An Indian Perspective


"A disaster for insurance that otherwise would be financially devastating to be purchased to protect against."

This will help you your own health, home, and guard against financial risks every day.

Insurance in India started in the nineteenth century without any regulation. Some British insurance companies dominating the market serving mostly large urban centers: the colonial era was a typical story. After independence, it took a dramatic turn. Insurance was nationalized. First, life insurance companies were nationalized in 1956, and the general insurance business was nationalized in 1972. It was only in 1999 that private insurance companies have been in the insurance business, with a maximum of 26% of foreign holdings allowed to return.

Extended far beyond the concepts of insurance coverage is a tangible asset. Now the sudden changes in currency exchange rates, the risk of loss due to political unrest, including liability for negligence and damages can be.

Bank with your offer to assure the State Bank of India brings a new dynamism in the game. Collective experience of other countries in Asia have already deregulated their markets and allowed foreign companies to participate. If the experience of other countries is any guide, the Life Insurance Corporation and General Insurance Corporation's dominance is not going to disappear any time soon.
For the purpose of all life insurance, property and a variety of business risks, from which he feared the loss is offset against the owner. Are mainly two types of insurance: life insurance and general insurance. General insurance Fire, marine and miscellaneous insurance against theft or theft insurance, fidelity guarantee, employer's liability insurance and motor vehicles, livestock and crops means includes insurance.

Life insurance in India

"Life insurance is a heartfelt love letter ever written.

It is a hungry baby crying in the night calms. The heart of a bereaved widow relieves.

Is comforting whisper in the dark quiet hours. "

Life insurance in India made its debut well over 100 years ago.condition of the money to pay the money agreed on the duration of human life at a special event contingency specified in the way of the sand.

Better than other forms of life insurance savings!

"There is no death life insurance exalts life. And defeats death.

The premium we pay for freedom of living after death. "

Saver life insurance guarantee full protection against the risk of death through the savings. Life insurance on death, the full sum assured is payable (with bonuses wherever applicable) whereas in other savings schemes, only the amount (with interest) is payable saved.

can be done any contingency. A life insurance policy, a commercial on the generally accepted as security for loans.

Non-life insurance

"Every asset value and safety of the general insurance business is related to the economic value of assets."

Non - life insurance as fire insurance, marine, accident, medical, automotive and home insurance means other than insurance. Assets owner's efforts, as the building, vehicles, machinery and other tangible property that can be built through.
Some of General Insurance policies are:

Property Insurance: Home is the most important rights.The property and insurance and provides protection for the benefit of the family.

Health insurance: The cover, the sudden illness or accident takes care of medical expenses after the hospital provides.
Personal Accident Insurance: This insurance policy life or injury (partial or permanent) due to an accident that provides compensation for the loss. This treatment and the hospital for treatment, including reimbursement of the cost of using facilities.

Travel insurance policy covering the insured against various eventualities while traveling abroad. This personal accident, medical expenses and repatriation, loss of checked baggage, passport etc. covers insurance against

Liability Insurance: This policy in its official capacity of any wrongful act arising from claims made against him by the director or officer or other professionals against loss indemnifies.

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