INSURANCE

Insurance is a contract between two parties where by one party agrees to protect the other party against a loss which may or may not arise for a consideration i.e. premium.
PARTIES IN INSURANCE CONTARCT

INSURER INSURED

TYPES OF INSURANCE

LIFE INSURANCE FIRE INSURSNCE MARINE INSURANCE MOTOR INSURANCE

LIFE INSURANCE
Insurer agrees to pay specified amount to insured on the happening of an event, either death or maturity whichever is earlier, charging Premium.

44% household having individual life insurance policy.

Insured will get claim only if loss will happen.

FIRE INSURANCE

Reliance General Insurance company ltd. Bajaj Allianz General Insurance company ltd.

MARINE INSURANCE
Covers the risk related to ship, cargo, freight between the points of origin & final destination.

MARINE INSURANCE ACT,1906

MOTOR INSURANCE
Car

Trucks
Motorcycles

Other road vehicles In INDIA

Private car Two wheeler

Commercial vehicle