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Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to protect against the risk of a contingent or uncertain loss. An entity which provides insurance is known as an ...
A book is a medium for recording information in the form of writing or images. Books are typically composed of many pages, bound together and protected by a cover. [1] Modern bound books were preceded by many other written mediums, such as the codex and the scroll. The book publishing process is the series of steps involved in their creation ...
The Insurance Regulatory and Development Authority of India ( IRDAI) is an autonomous [1] and statutory body under the jurisdiction of Ministry of Finance , Government of India. It is tasked with regulating and licensing the insurance and re-insurance industries in India. [2] It was constituted by the Insurance Regulatory and Development ...
Insurance in India covers both the public and private sector organisations. It is listed in the Constitution of India in the Seventh Schedule as a Union List subject, meaning it can only be legislated by the Central Government only. The insurance sector has gone through a number of phases by allowing private companies to solicit insurance and ...
Hundi. A hundi for Rs 2500 of 1951, stamped in the Bombay Province with a pre-printed revenue stamp. A hundi or hundee is a financial instrument that was developed in Medieval India for use in trade and credit transactions. Hundis are used as a form of remittance instrument to transfer money from place to place, as a form of credit instrument ...
Underwriting. Underwriting ( UW) [1] services are provided by some large financial institutions, such as banks, insurance companies and investment houses, whereby they guarantee payment in case of damage or financial loss and accept the financial risk for liability arising from such guarantee. An underwriting arrangement may be created in a ...
The New India Assurance Co. Ltd. ( NIA) is an Indian public sector insurance company owned by the Government of India and administered by the Ministry of Finance. Headquartered in Mumbai, [5] it is the largest nationalised general insurance company of India based on gross premium collection inclusive of foreign operations. [6]
These new insurance contracts allowed insurance to be separated from investment, a separation of roles that first proved useful in marine insurance. The first printed book on insurance was the legal treatise On Insurance and Merchants' Bets by Pedro de Santarém (Santerna), written in 1488 and published in 1552. Modern insurance