FREE COMPLETE STUDY MATERIAL NOTES FOR IBBI EXAMINATION

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ONLINE BATCH STUDY MATERIAL-50 HRS EDUCATIONAL COURSE UNDER RULE 5(1) READ WITH RULE 12(2)(a) FOR REGISTRATION AS VALUERS UNDER THE BANNER OF CEV IAF RVO

 

UNIT-4

CHAPTER-10

PRINCIPLES OF INSURANCE & LOSS ASSESSMENT

WHAT IS INSURANCE

Insurance is considered as a social device whereby a large group of individuals or an organization through a system of equitable contribution called premium may reduce or eliminate certain measurable risks of economic loss.

An insurance Policy is a contract of Indemnity, that is to say, a legal agreement wherein, in consideration of payment of premium by the insured, one party, that is the insurer, undertakes to indemnify the other party that is the insurer, any loss or damage cause by fire or other insured peril to specified property. In the vent of loss, payment by the insured and it is subject to the sum insured under the policy and the terms and conditions as laid down in the policy. Rights and Duties of the contracting parties are also stated in the policy.

It is the business of the insurer to cover himself. It is for this purpose that he has to value the risk by considering the probabilities of loss. This is the process of ascertaining ……………………….READ MORE

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