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ICICI Recuritment Report

ICICI Recuritment Report

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Published by Richa Sachdeva

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Categories:Types, Research
Published by: Richa Sachdeva on Jan 08, 2011
Copyright:Attribution Non-commercial

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09/20/2011

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INTRODUCTION
What Is Insurance?
 Insurance is not necessarily an investment from whichone expects to get one's money back, nor it is gambling. Agambler takes risks, while insurance offers protectionagainst risks that already exist.
Insurance is a way toshare risk with others.
Since ancient times, communities have pooled some of their resources to help individuals who suffer loss. About3,500 years ago, Moses instructed the nation of Israel tocontribute a portion of their produce periodically for "thealien resident and the fatherless boy and the widow."-Deuteronomy 14:28, 29.
The Origins of Insurance
Insurance has existed for thousands of years. A form of credit insurance was included in the
Code of Hammurabi,
acollection of Babylonian laws said to predate the Law of Moses. To finance their trading expeditions in ancient times,ship-owners obtained loans from investors. If a ship waslost, the owners were not responsible for paying back the
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loans. Since many ships returned safely, the interest paidby numerous ship-owners covered the risk to the lenders.It was likewise in a maritime setting that later one of theworld's most famous insurance providers,
Lloyd's of London,
was born. By 1688, Edward Lloyd was running acoffeehouse where London merchants and bankers metinformally to do business. There financiers who offeredinsurance contracts to seafarers wrote their names under the specific amount of risk that they would accept inexchange for a certain payment, or premium. These insurerscame to be known as underwriters. Finally, in 1769, Lloyd'sbecame a formal group of underwriters that in time grewinto the foremost market for marine risks.
What if I already have Life Insurance?
As an individual, for the extent of financial protectionyou need is different from that as a married man which inturn is different from that as a parent. At each life stage, itis necessary to re-evaluate the amount of protection andprovision you require and adjust for the same. Below aresome of the events in your life for which you should re-evaluate and plan your life insurance needs.
 
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