Introduction: The Indian insurance sector has been that one that has waited long enough for a comprehensive legislative overhaul. But recently, various amendments have been introduced to this sector through the legislation. Out of which is the most awaited Insurance Laws (Amendment) Bill which has become a provisional law in Read more…
Introduction: Since independence, the Indian insurance sector has evolved from an open competitive market to nationalization and then back to the liberalized market. Insurance is an indigenous part of the financial system, firstly it incubates the habit of saving, secondly, it provides a security guarantee to urban and rural enterprise Read more…
Introduction: “In India insurance has a deep-rooted history; it is mention in writings of Manu, Yagnavalkya, and Kautilya. It has discuss the pooling of resources that could share during the calamities such as fire, floods, epidemics, and famines.”[1] Apart from this the fossils of insurance can be traced back in Read more…
Introduction: Human beings are complex creatures, that are constantly changing and evolving, for better or for worse. There are several aspects of a human’s life, which shape and define their identity in society. Renowned psychologist, Dr. Revel Miller, has put forth his theory of the ‘Life Wheel’, which “encompasses 7 Read more…
Introduction: The implementation of new technologies by insurance companies requires judicious risk analysis. New technologies require resources that could potentially go down the drain in case of failure. The main objective of insurance companies is profit-making growth. Therefore, new technologies have to be assessed and analyzed by a simple ‘wait Read more…
What is Insurance? Insurance is a contract, represented by a policy, in which an individual or entity receives financial protection or reimbursement against losses from an insurance company. The company pools clients’ risks to make payments more affordable for the insured.[1] It can be described as a social device to reduce or Read more…
INTRODUCTION Public Liability Insurance Act is an act that came as an aftermath of the Bhopal Gas Tragedy that resulted in the tragic death of about 3000 people and is still affecting people with mutations and genetic disorders. This act is enact on the 22nd of January, 1991. This act Read more…
Introduction With the advent of the Oriental Insurance Company in 1818, the life insurance business start in India with the modernity of a corporate structure. Although, insurance, as a concept has been a part of ancient India as well with references to it, find in Manusmriti and Arthashashtra. However, the Read more…