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    Insurance Types - Life

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    KR
    Life insurance is a contract where the insurer agrees to reimburse the insured's beneficiaries for the occurrence of the insured's death in exchange for premium payments. The contract specifies exclusions like suicide, fraud, or war-related claims. It is governed by insurance legislation to protect policy owners, set industry norms, and minimize disputes between insurers and insured parties.

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    Insurance Types - Life

    Uploaded by

    KR
    152 views4 pages
    Life insurance is a contract where the insurer agrees to reimburse the insured's beneficiaries for the occurrence of the insured's death in exchange for premium payments. The contract specifies exclusions like suicide, fraud, or war-related claims. It is governed by insurance legislation to protect policy owners, set industry norms, and minimize disputes between insurers and insured parties.

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    Life insurance is a contract where the insurer agrees to reimburse the insured's beneficiaries for the occurrence of the insured's death in exchange for premium payments. The contract specifies exclusions like suicide, fraud, or war-related claims. It is governed by insurance legislation to protect policy owners, set industry norms, and minimize disputes between insurers and insured parties.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    152 views4 pages

    Insurance Types - Life

    Uploaded by

    KR
    Life insurance is a contract where the insurer agrees to reimburse the insured's beneficiaries for the occurrence of the insured's death in exchange for premium payments. The contract specifies exclusions like suicide, fraud, or war-related claims. It is governed by insurance legislation to protect policy owners, set industry norms, and minimize disputes between insurers and insured parties.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    of 4

    Life insurance

    Life insurance is a contract between the policy owner and the insurer,
    where the insurer agrees to reimburse the occurrence of the insured
    individual's death orother event such as terminal illness or critical
    illness.
     The insured agrees to pay the cost in terms of insurance premium for
    the service. Specific exclusions are often written in the contract to limit
    the liability of the insurer, for example claims related to suicide, fraud,
    war, riot and civil commotion is not covered.
    TYPES OF INSURANCE
    Insurance Act
    The Insurance Act of 1938 was the first legislation
    governing all forms of insurance to provide strict
    state control over insurance business.
     Purpose:- to safe guard the interest of insured,
    setting the norms for carrying out the business
    of insurance smoothly, Minimizing disputes
    INTRODUCTION
    Insurance is a contract in which an individual or entity
    receives financial protection or reimbursement against losses
    from an insurance company

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