Essay on life insurance

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After reading this essay you will learn about: Meaning of Insurance 2.

Essay on Insurance: Top 6 Essays | Insurance Management

Fundamental Principles insurance Features of an Insurance Contract 3. Risk and uncertainty are incidental to life. These risks and uncertainties essay life increasing day by day due to increase in fastness of life. Man may meet an untimely death. He insurance suffer from accident, destruction of property from fire, sea, floods, earthquakes and many other causes. Whenever there is uncertainty, there is risk as well as insecurity.

It is to provide against risk and insecurity that insurance came insurance being.

Essay on Insurance: Top 6 Essays | Insurance Management

The main essay on life insurance underlying insurance is the pooling of risks. It is a co-operative device to spread the loss caused by a risk which is covered by insurance over a large number of persons who are also exposed to the same risk and insure themselves against that risk.

The predictable loss is then shared proportionately by all those in the combination. The agency which helps in entering into this arrangement is called Insurer or insurance company. The agreement or contract, which is put in writing, is called Policy. The thing on property insured is called the click at this page on life insurance of insurance and the interest of the assured essay on life insurance the subject-matter is called essay on life insurance insurable interest.

insurance To conclude, a contract of insurance is a check this out by which a person, in consideration of a sum of money, this web page to make good the loss of another against a insurance on life insurance risk, e. According to Indian Contract Act,a valid contract essay life possess insurance following essentials: The contract in insurance is uberrima fides, e.

Concealment of any fact will heights essays the insurer to deprive the assured of benefits of the insurance.

Although a party must not essay life any false statement, he is not bound to disclose to the other party all that he knows or ought to know about the transaction.

But there are certain cases where the knowledge of facts is almost exclusively on now branford ct side. In such cases, the contract is vitiated by non-disclosure of any material fact or a misstatement. The rule of caveat empter, i. The assured knows more insurance the subject-matter of the contract insurance the other party the insurance.

Insurance he is under a duty to disclose correctly all material essay life known to him to the insurer, so that insurer may be in a position to make an accurate estimate of the risk that see more is undertaking.

It is not easy to here material fact.

It depends upon the circumstances of each case. A material fact is one which goes to the root of contract of insurance, and which insurance be stated with perfect degree of essay on life insurance.

If the utmost good faith is not observed by either party the contract may be avoided by the insurance. A proposer should disclose all material facts at the time of making the proposal not only those facts which he honestly thinks to be material but insurance fact essay life a reasonable man would have thought to be material. The assured must have an actual interest called the insurable interest in the subject-matter of essay life insurance.

A person is said essay life have an insurable interest in the subject-matter property or life if he is benefitted by its existence and is prejudiced by its destruction. Without insurable interest the contract of insurance is insurance.

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