subject: Insurance Principles And Law Insurance [print this page] Many Americans rely on their automobiles to get to work. No automobile means no job, no rent or mortgage money, no food. A single parent, struggling to make ends meet in the suburbs with 100,000 miles on the odometer, would presumably welcome the guaranteed opportunity for low-priced insurance that would take care of every possible repair on her auto until the day that it reaches 200,000 miles or falls apart, whichever comes first.
Many of us buy life insurance because we want to make sure that our loved ones, especially dependents, remain financially secure after we die. Income replacement is the No. 1 reason people buy life insurance.There is a lot more to a name then may realize. Calling yourself an agent or sales agent makes you sound run of the mill.
New age insurance companies are embarking on new concepts and more cost effective way of transacting business. The idea is clear to cater to the maximum business at the lest cost. And slowly with time, the age-old norm prevalent with government companies to expand by setting up branches seems getting lost.
PCCs (SPC's in certain domiciles) are essentially rent-a-captive companies that ensure complete separation among program participants. According to the laws of specific domiciles, PCCs or SPC's generally guarantee complete separation of each cell's assets, capital, and surplus from each other. Because they can achieve economies of scale, rent-a-captives make captive insurance affordable for companies that would not otherwise be large enough to profitably own and operate their own captive
"Insurance should be bought to protect you against a calamity that would otherwise be financially devastating." ccording to S. 2(6A), "fire insurance business" means the business of effecting, otherwise than incidentally to some other class of insurance business, contracts of insurance against loss by or incidental to fire or other occurrence, customarily included among the risks insured against in fire insurance business. nsurance vitiates the secondary purpose of damages, at the same time incidentally ensuring that the primary purpose is more often achieved.
It can scarcely be realistically asserted that insured defendants are deterred by the prospect of losing no-claims bonus or by increasing of premium on renewal of their policies. Once it is conceded that insurance renders compensation for the sole purpose of damages but then the tort action itself becomes vulnerable to attack, for there are many ways-some perhaps fairer and administratively cheaper than tort- of compensating a victim for a loss
insurance can be purchased directly from the insurance company or through an insurance agent or broker. The main factors to be considered while purchasing insurance policies are: does the policy cover all the risks, are there any limits to the policy, are there any hidden costs and would the company pay for the claims easily. here are many classes of insurance available through out the world. Each country has its own meaning and definition of each insurance class. However, I am not going to elaborate on the different meaning by each country.
by: kalis
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