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GUJARAT SARKAR DWARA YOJANARI JAMADAR NI EXAM NI TAIYARI KARTA MITRO MATE KHUB J UPYOGI MATERIAL DOWNLOAD KARO.
Insurance is a means of protection from financial loss. It
is a form of RISK MANAGMENT primarily used to HEDGE against the
risk of a contingent, uncertain loss.
An entity
which provides insurance is known as an insurer, insurance company, or
insurance carrier. A person or entity who buys insurance is known as an insured
or policyholder. The insurance transaction involves the insured assuming a
guaranteed and known relatively small loss in the form of payment to the
insurer in exchange for the insurer's promise to compensate the insured in the
event of a covered loss. The loss may or may not be financial, but it must be
reducible to financial terms, and must involve something in which the insured
has an INSURABLE INTREST established by ownership, possession, or
preexisting relationship.
The
insured receives a CONTRACT called
the INSURANCE POLICY which details
the conditions and circumstances under which the insured will be financially
compensated. The amount of money charged by the insurer to the insured for the
coverage set forth in the insurance policy is called the premium. If the
insured experiences a loss which is potentially covered by the insurance
policy, the insured submits a claim to the insurer for processing by a CLAIMS
ADJUSTER.
Methods for transferring or distributing risk were practiced
by CHINESE and BABYLOANIUM traders as long ago as the3RD and 2ND MILLENNIA BC,
respectively. Chinese merchants travelling treacherous river rapids would
redistribute their wares across many vessels to limit the loss due to any
single vessel's capsizing. The Babylonians developed a system which was
recorded in the At some point in the 1st millennium BC, the inhabitants
of created the '. This allowed groups of merchants to pay to insure
their goods being shipped together. The collected premiums would be used to
reimburse any merchant whose goods were jettisoned during transport, whether to
storm or sinkage.
Separate
insurance contracts (i.e., insurance policies not bundled with loans or other
kinds of contracts) were invented in in the 14th century, as were
insurance pools backed by pledges of landed estates. The first known insurance
contract dates from GENOA in 1347, and in the next century maritime
insurance developed widely and premiums were intuitively varied with risks. These
new insurance contracts allowed insurance to be separated from investment, a
separation of roles that first proved useful in MARINE INSURANCE
If the Insured has a "reimbursement" policy, the
insured can be required to pay for a loss and then be "reimbursed" by
the insurance carrier for the loss and out of pocket costs including, with the
permission of the insurer, claim expenses.
Under a
"pay on behalf" policy, the insurance carrier would defend and pay a
claim on behalf of the insured who would not be out of pocket for anything.
Most modern liability insurance is written on the basis of "pay on
behalf" language which enables the insurance carrier to manage and control
the claim
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