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This document provides an overview of insurance, including its meaning, importance, principles, history, and timeline of major events in the insurance industry in India. It defines insurance as a way to collectively share and reduce risks among a large number of people. The key principles of insurance discussed are utmost good faith, indemnity, subrogation, proximate cause, and insurable interest. It then outlines the history of insurance practices dating back thousands of years, and provides a timeline of major milestones in the development of the insurance industry in India such as the establishment of the first insurance companies and the nationalization of life and general insurance.
This document provides an overview of insurance, including its meaning, importance, principles, history, and timeline of major events in the insurance industry in India. It defines insurance…