Business Of Insurance


 
 
Concept Explanation
 

Business Of Insurance 

In India the insurance business is majorly divided into life and non - life or general insurance. Life insurance includes all risks related to the lives of human beings and general insurance covers the rest. General insurance is further divided into three categories such as

1. Fire - dealing with all fire related risks

2. Marine- dealing with all transport related risks and ships

3. Miscellaneous - dealing with all others like liability, fidelity, motor, crop, engineering, construction, aviation, personal accident, etc

Personal accident and sickness insurance, which are related to human beings, is classified as 'non-life' in India, but is classified as 'life' in many other countries.

In India the category Non-life is termed as Property and Casualty in some other countries.

In India, the IRDA has, in 2005, issued Regulations enabling micro-insurance (broadly meaning insurance for small Sums Assured, like 5 to 50 thousands) to be done by both life and general insurers on the basis of mutual tie-ups. A policy may be issued by a life insurer covering both

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