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A Project Report

A Project Report



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Published by mistryjinal5467

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Published by: mistryjinal5467 on Jun 13, 2009
Copyright:Attribution Non-commercial


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Insurance may be described as a social device to reduce or eliminate risk of life and property. Under the plan of insurance, a large number of peopleassociate themselves by sharing risk, attached to individual.The risk, which can be insured against include fire, the peril of sea, death,incident, & burglary. Any risk contingent upon these may be insured againstat a premium commensurate with the risk involved.Insurance is actually a contract between 2 parties whereby one party calledinsurer undertakes in exchange for a fixed sum called premium to pay theother party happening of a certain event.Insurance is a contract whereby, in return for the payment of premium by theinsured, the insurers pay the financial losses suffered by the insured as a resultof the occurrence of unforeseen events.With the help of Insurance, large number of people exposed to a similar risk makes contributions to a common fund out of which the losses suffered by theunfortunate few, due to accidental events, are made good. 
The insurance sector in India has come a full circle from being an open competitive marketto nationalization and back to a liberalized market again.The business of life insurance in India in its existing form started in India in the year 1818with the establishment of the Oriental Life Insurance Company in Calcutta., when it wasintroduced for English Widows. Even till the end of the nineteenth century, InsuranceCompanies in India were mainly the overseas companies investing in the insurance worksin India. An interesting fact here was that higher premiums were charged for Indian lives,as they were considered riskier for insurance cover.Insurance is mainly of 2 types: LIFE INSURANCE: GENERAL INSURANCEUnder life insurance the life of an individual is covered whereby an individual or his familyis assured a particular amount. Life insurance covers only the financial losses and not theemotional losses.India General Insurance covers almost everything related to property, vehicle, cash,household goods, health and also one's liability towards others. The basic difference of general insurance with the life insurance policy is that it offers protection againstcontingencies.Some of the important milestones in the life insurance business in India are:
1912 - The Indian Life Assurance Companies Act enacted as the first statute toregulate the life insurance business.
1928 - The Indian Insurance Companies Act enacted to enable the government tocollect statistical information about both life and non-life insurance businesses.
1938 - Earlier legislation consolidated and amended to by the Insurance Act withthe objective of protecting the interests of the insuring public.
1956 - 245 Indian and foreign insurers and provident societies taken over by thecentral government and nationalized. LIC formed by an Act of Parliament, viz.LIC Act, 1956, with a capital contribution of Rs. 5 crore from the Government of India.Some of the important milestones in the general insurance business in India are:

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