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Insurance Management

Insurance Management

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Published by Durga Prasad Dash

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Categories:Types, School Work
Published by: Durga Prasad Dash on Nov 18, 2009
Copyright:Attribution Non-commercial

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01/10/2012

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INSURANCEINSURANCEMANAGEMENTMANAGEMENT
BYBYS.P.SENS.P.SEN
 
 
FUNCTIONAL DEFINITIONFUNCTIONAL DEFINITION
Insurance is a co-operative device to spread lossInsurance is a co-operative device to spread losscaused by a particular risk over a number of caused by a particular risk over a number of persons, who are exposed to it and who agree topersons, who are exposed to it and who agree toinsure themselves against the risk. Analysisinsure themselves against the risk. Analysisshows following points:shows following points:1.1.Co-operative device to spread risk.Co-operative device to spread risk.2.2.System to cover a number of persons who areSystem to cover a number of persons who areinsured against the risk.insured against the risk.3.3.The principle to share the loss on the basis of The principle to share the loss on the basis of probability of loss to the risk.probability of loss to the risk.4.4.Method to provide security against losses to theMethod to provide security against losses to theinsured.insured.5.5.Co-operative device of distributing losses.Co-operative device of distributing losses.
 
 
Contractual DefinitionContractual Definition
Insurance is a contract where one party (insurer)Insurance is a contract where one party (insurer)agrees to pay to the other party (insured) or hisagrees to pay to the other party (insured) or hisbeneficiary, a certain sum upon a givenbeneficiary, a certain sum upon a givencontingency (risk) against which insurance iscontingency (risk) against which insurance issought. Analysis indicates;sought. Analysis indicates;1.1.Certain sum, called premium, is charged inCertain sum, called premium, is charged inconsideration.consideration.2.2.A large sum is guaranteed by the insurer whoA large sum is guaranteed by the insurer whoreceived the premium.received the premium.3.3.Payment will be made in a certain definite sumPayment will be made in a certain definite sum(loss or the policy amount whichever may be)(loss or the policy amount whichever may be)4.4.The payment is made only upon a contingency.The payment is made only upon a contingency.

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