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INSURANCE CONTRACT

 Inusrance may be defined as a contract between two parties whereby one party called insurer undertakes, in exchange for a fixed sum called premiums , to pay the other party called insure a fixed amount of money on the happenings of a certain events .  Since insurance is a contract , certain sections of Indian Contract Act are applicable. Section 10 of this act says ,"All agreements are contracts if they are made by free consent of the parties , competent to contract , for a lawful consideration and with a lawful objects and which are not hereby declared to be void " . Characteristics of a valid contract: (a) Offer and acceptance = Under an insurance contract a proposal form is an offer from the side of the insured and when the other party i.e , the insurer signifies his willingness to accept it , the offer is said to have been accepted . Thus , submission of the proposal form alongwith the premium is an offer and dispatching of the acceptance letter, is the acceptance from ...
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INTRODUCTION TO INSURANCE

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INSURANCE :   A insurance policy is a contract between an individual (policyholder) and an insurance company (provider). It binds both the policyholder and the insurance company towards each other.    Under the contract, you have to pay a regular amount of money to the insurer and they pay you if bthe sum assured on unfortunate event arises . It has all the details of the conditions or circumstances under which either the insured individual or the policy nominee receives insurance benefits from the insurer. Insurance is a method by which you can protect yourself and your loved ones from facing a financial crises. We can buy an insurance policy for the same , while the insurance comapny takes the risk involved and offer insurance cover at a specific premium.  The policy sets forth the risk covered , the duration of the coverage period , the coverage to be provided ,the amount of any deductibles and the premium payments to be made by the insured party to the insur...
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Market segmentation

  Q) what is marget segmentation ? ans-"Market segmentation is the sub-dividing of a market into homogeneous sub-sets of customers where any subset may conceivably be selected on a marget target to be reached with a distinct marketing mix." Q ?
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