16

Insurance

Chapter Objectives

This chapter will enable you to develop an understanding of the following:

  1. Meaning and principles of insurance

  2. Origin and development of insurance

  3. Opening up of the insurance sector in India

  4. Insurance Regulatory and Development Authority

  5. Health insurance

  6. Insurance intermediaries

  7. Risk management in insurance

  8. General insurance

  9. Reinsurance

  10. Micro insurance

  11. General Insurance Corporation of India

  12. Non-life insurance sector

  13. Life insurance

  14. Life Insurance Corporation of India

  15. Life insurance industry

INTRODUCTION

Life is full of risks. Being a social animal and risk averse, man always tries to reduce risk. An age-old method of sharing of risk through economic cooperation led to the development of the concept of ‘insurance’. ...

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