Archive for ‘Insurance’

August 29, 2015

Marine Insurance Act 1906 of United Kingdom

The Act was passed in the United Kingdom in 1906 as UK act by the parliament to regulate the marine insurance. Sir Mackenzie Dalzell Chalmers was the person who drafted this act. The Act is very important for the UK and has huge significance for the world. This insurance not only governs the English Law but this insurance has huge impact on the marine insurances across the world. This Act has huge impact on almost every Marine Insurance acts and laws across the world that regulate the world Marine Insurance industry. Although this Marine Insurance act would cease to exist by the year 2012 but is expected that this Act will be reenacted by the parliament in 2012.

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August 28, 2015

Marine Insurance

Marine Insurance is an insurance contract between two parties to cover the losses arising out of damages or any other incidents of cargoes, ships, terminals or any other form of transport through which the articles are transferred by using marine routes. There are so many branches and areas of marine insurance. Cargo insurance is one of the most important branches of the marine insurance.

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September 24, 2011

Introduction to the Basics of Life Insurance

Life insurance is a financial tool that has been made to protect you from any risk of uncertain events that can result into losses for you. This loss may be loss of life or loss of health or opportunity to earn money or loss of salary. A life insurance product cannot protect you from risks such as accidents or any kind of events but it can help you to come out of the problem by extending some financial helps.

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September 23, 2011

Concept of Insurance

Risk and uncertainty are incidental to life. Man may meet an untimely death; he may suffer from accident, destruction of property, fire, sea perils, floods, earthquakes and other natural calamities. Whenever there is uncertainty, there is risk as well as insecurity. It is necessary to provide against such risks to save the people from such sudden setbacks or devastating effects in one’s life. From this emerges the concept of insurance. Insurance does not avert or eliminate loss arising from uncertain events; it only spreads the loss over a larger number of people who insure themselves against the risk. The main principle underlying insurance is the pooling of risks. It is thus a co-operative device to spread the loss caused by a risk over a large number of persons who are also exposed to the same risk and insure themselves against that risk. 

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