Principles Insurance

of 57
All materials on our website are shared by users. If you have any questions about copyright issues, please report us to resolve them. We are always happy to assist you.
Related Documents
  General Principles of INSURANCE -Dr. P. Sree Sudha  Significance of Insurance: In the words of Ivamy, General Principles of Insurance, “  A contract of insurance in the widest sense of the term may be defined as a contract whereby one  person called the insurer undertakes in return for the agreed consideration called the premium, to pay to the other person called the assured, a sum of money or its equivalent on the happening of a specified event”  .  Definition of Insurance: In the words of John Birds, Modern Insurance Law, Pg 13,   “It   is suggested that a contract of insurance is any contract whereby one party assures the risk of an uncertain event which is not within his control happening at a future time. In which event the other party has an interest and under which contract the first party is bound to pay money or provide its equivalent if the uncertain event occurs. ”     General terms in Insurance Contract:  Contract of insurance is one whereby a person called the insurer undertakes to make good the loss on the happening of a specified event.  The consideration for a contact of insurance is called premium  i.e the price mutually agreed between the assured and the underwriter for risk undertaken by the latter.   The person who undertakes to indemnify the other against loss is called Insurer .  The person who is given protection is called insured .  The document in which contract of insurance is contained is called Policy . The policy itself is not the contract but it is the evidence of the contact.  The thing or property insured is known as “subject   matter  of insurance.


Jul 23, 2017


Jul 23, 2017
We Need Your Support
Thank you for visiting our website and your interest in our free products and services. We are nonprofit website to share and download documents. To the running of this website, we need your help to support us.

Thanks to everyone for your continued support.

No, Thanks