Difference Between Insurance and Assurance

   Insurance and assurance are quite similar, but there are thin lines of difference between them, as the insurance provides protection to t...

Reinsurance (Insurance Act, 1938 Section 101A to Section 101C )

1) What is Reinsurance -        Reinsurance is a risk transfer mechanism whereunder an insurance company passes on the risk on an insura...

Insurable Interest in Life insurance Classification of Insurable Interest in Life insurance (Insurance Law)

              The test of a valid insurance contract is the existence of the insurable interest. Insurable interest is nothing but an inter...

Objective Type Questions on Insurance Contract (Insurance Law )

Multiple Type Questions and Answer...(Insurance Law) 1. Choose the correct option... A. In an insurance contract, an insurer makes ...

Meaning and definition of Premium (Insurance Law)

Introduction - Insurance is a Contract, there are two parties in the contract of Insurance, Insurer and Insured. The insured gives pre...

Explain the concept and scope of life insurance what are the essentials of life insurance contract?

Introduction -                Insurance is a contract in which one party (the insurer) agrees for payment of consideration (the premium) ...

Mode of Payment of Premium (Insurance Law)

What is Premium -   It is the sum Payable (usually annually)  by the insured to the insurer under a contract of insurance.  Meaning an...

Discuss how Insurance is important for Individuals, Organizations, Industry and the Economy.

 Introduction -                In our day-to-day life, we all anticipate various kinds of risks. No one can see an upcoming loss or accu...

Insurance Regulatory and Development Authority

Establishment and Incorporation of Authority -          (1) With effect from such date as the Central Government may, by notification, ap...