Life insurance and swot analysis commerce essay

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Life insurance and swot analysis commerce essay

Insurance is a contract between two parties whereby one party called insurance company undertakes in exchange for a fixed amount called premiums, to pay the other party called insured a fixed sum of money on the occurrence of a certain event.

Insurance is a protection against fiscal loss originating on the occurrence of an unexpected event. Insurance companies collect premiums to supply for this protection. A loss is paid out of the premiums collected from the sing public and the Insurance Companies act as legal guardians to the sum collected.

For Example, in a Life Policy, by paying a premium to the Insurer, the household of the insured individual receives a fixed compensation on the decease of the insured. Similarly, in auto insurance, in the event of the auto meeting with an accident, the insured receives the compensation to the extent of harm.

It is a system by which the losingss suffered by a few are spread over many, exposed to similar hazards.

Life insurance and swot analysis commerce essay

Logic of insurance It is a system by which the losingss suffered by a few are spread over many, exposed to similar hazards. A loss is paid out of the sum premiums collected from the sing public and the Insurance Companies act as legal guardians to the collected.

It provides fiscal compensation for the losingss suffered due to the occurrence of any unanticipated events. By taking life insurance a individual can hold peace of head and need non worry about the fiscal effects in instance of any ill-timed decease. Certain Insurance contracts are besides made compulsory by statute law.

Another illustration of compulsory insurance pertains the Environmental Protection Act, wherein a individual utilizing or to transporting risky substances as defined in the Act must keep a valid public liability Act policy.

Insurance in India Insurance is a federal topic in India and has a history dating back to Life and general insurance in India is still a nascent sector with immense potency for assorted planetary participants with the life insurance premiums accounting to 2. The Insurance sector in India has gone through a figure of stages and alterations, peculiarly in the recent old ages when the Govt.

Presently, the largest life insurance company in India is still owned by the authorities.

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History of Insurance in India Insurance in India has its history dating back boulder claywhen Oriental Life Insurance Company was started by Europeans in Kolkata to provide to the demands of European community.

Pre-independent epoch in India saw favoritism among the life of aliens and Indians with higher premiums being charged for the latter. It was merely in the twelvemonthBombay Mutual Life Assurance Society, the first Indian insurance company covered Indian lives at normal rates.

At the morning of the 20th century, insurance companies started mushrooming up. The Life Insurance Companies Act, made it necessary that the premium rate tabular arraies and periodical ratings of companies should be certified by an actuary. However, the disparage still existed as favoritism between Indian and foreign companies.

The oldest bing insurance company in India is National Insurance Company Ltd, which was founded in and is making concern even today. The Insurance industry earlier consisted of merely two province insurance companies: GIC had four subordinate companies.

With consequence from Decemberthese subordinates have been de-linked from parent company and made as independent insurance companies: Life Insurance Corporation Act, Even though the first statute law was enacted init was merely in 19 Januarythat life insurance in India was wholly nationalized, through a Government regulation ; the Life Insurance Corporation Act, effectual from 1.

There were insurance companies of both Indian and foreign beginning in Nationalization was accomplished by the govt. The Life Insurance Corporation of India was created on 1 September,as a consequence and has grown to be the largest insurance company in India as of Different Insurance Companies Insurance is an approaching sector, in India the twelvemonth was a landmark twelvemonth for life insurance industry, in this twelvemonth the life insurance industry was liberalized after more than 50 old ages.

Insurance sector was one time a monopoly, with LIC as the lone company, a public sector endeavor. But nowadays the market opened up and there are many private participants viing in the market.Disclaimer: This essay has been submitted by a student. This is not an example of the work written by our professional essay writers.

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Vol.7, No.3, May, Mathematical and Natural Sciences. Study on Bilinear Scheme and Application to Three-dimensional Convective Equation (Itaru Hataue and Yosuke Matsuda).

India`s one the taking life insurance company is HDFC Standard Life Insurance Company Ltd. which gives assortment of single and group insurance solutions. It is a joint venture between HDFC Ltd.

(Housing Development Finance Corporation Limited). Life Insurance Corporation of India was established in It comprises of 8 zonal offices and divisional offices. LIC is fully government-owned. It provides individual insurance, group insurance and pension plans.

The subsidiaries of life insurance corporation of India are LIC International. Analysis of the industry’s environment (SWOT Analysis) HDFC and Standard Life first came together for a possible joint venture, to enter the life Insurance market, in January The list of Library databases for Authorized ASU Students, Faculty & Staff.

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