The word insurance, on a broader sense means Promise of reimbursement in the case of loss; paid to people or companies so concerned about hazards that they have made prepayments in the form of premium to an insurance company.
In principles, insurance dwells on assumptions such as
1.The losses and consequences are uncertain
2.Rates of losses are fairly quantifiable and predictable
3.Losses are not calamitous
4.Losses are substantial
This unambiguously infers that speculative risks such as those involved in stock investments and gambling are not covered.
Very broadly, insurance can be said to be having two categories; one: Life Insurance and two: Non Life Insurance.
Life Insurance
Life insurance is generally meant to be covering the risk of life insureds life for a predetermined sum, which is called the sum assured to be paid either upon death occurring within the term of the insurance or upon expiry of the term itself. As a matter of fact, most of the life insurance policies are based and developed on this premise.
Non Life Insurance
The instrument non life insurance refers to insurance policy for anything...
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