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insurance

insurance

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Published by amity_acel

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Published by: amity_acel on May 13, 2010
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05/27/2013

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INSURANCE
Dr. N.N.Sengutpa
Introduction
\u2022Insurance is collective bearing of risk.

\u2022Insurance spreads risks and losses of few people among a large no. of people as people prefer small fixed liability instead of big uncertain & changing liability.

\u2022Insurance can be defined as a legal contract b/w 2 parties whereby one party calledInsu rer undertakes to pay a fixed sum of money on the happening of a particular event, which may be certain or uncertain.

Principles of Insurance
\u2022Principle of Utmost good faith or \u201cUberrima

Fides\u201d.
\u2022Principle of Indemnity.
\u2022Principle of Causa Proxima.
\u2022Principle of Insurable Interest.
\u2022Doctrine of Subrogation.

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