Insurance Act 1938
To regulate the activities of these Insurance Companies, and prevent them from becoming speculative, and force them to act on sound Actuarial principles, the Life Insurance Companies Act was passed…
What is Insurance?
The first preamble to the first English Marine Insurance Statute of 1601 observed that by means of insurance “it shall come to pass that loss lighteth lightly upon many rather…
What is Insurance Underwriting
Underwriting the process of determining the level of risk presented by the proposer and deciding whether to accept the same and if so at what terms and at what price.
Glossary related to Insurance regulations in India
“Actuary” means an actuary possessing such qualifications as may be specified by the regulations made by the Authority “Authority” means the Insurance Regulatory and Development Authority established under sub-section (1) of section…
General Insurance Concepts
Acceptance : The reception of something by another with the intention of retainment as indicated by the action of the receiver. In the case of a contract, acceptance indicates and…
Life Insurance concepts
LIFE INSURANCE CONCEPTS Accident: An unexpected and unintended event or incident. Accident and Health Insurance: One of the insurance covers where benefits include loss of income reimbursement, in case of…