Summary |
Turning to insurance in the modern sense (ie insurance in a modern money economy, in which insurance is part of the financial sphere), easy methods of transferring or distributing risk were practiced by Chinese and Babylonian traders as long as the 3rd and 2nd millennia BC, respectively, Chinese merchants travelling treacherous river rapids would redistribute their wares across many vessel’s capsizing. The Babylonians developed a system which was recorded in the famous code of Hammurabi, C 1750 BC, and practiced byeearly Mediterranean sailing merchants. If a merchant received a loan to fund his shipment, he would pay the lender an additional sum in exchange for the lender’s guarantee to cancel the loan should the shipment be stolen.
Content:
1. Brief history and perspective of life insurance
2. Life Insurance Corporation of India
3. Essential feature of insurance contracts
4. Types of life insurance policy
5. Assignment and nomination of the policyholder
6. Insurance outsourcing: India gains momentum as off shoring intensifies
7. Information relating to private insurance
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