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In insurance, the insurance policy is a contract (generally a standard form contract) between the insurer and the policyholder, which determines the claims which the insurer is legally required to pay. In exchange for an initial payment, known as the premium, the insurer promises to pay for loss caused by perils covered under the policy language.
The insurance sector has gone through a number of phases by allowing private companies to solicit insurance and also allowing foreign direct investment. India allowed private companies in insurance sector in 2000, setting a limit on FDI to 26%, which was increased to 49% in 2014, [ 2 ] and further increased to 74% in May 2021.
The Insurance Institute of India (III) is the sole national apex body for insurance underwriters in India, established in 1955 in Mumbai.The institute, formerly known as Federation of Insurance Institutes (J.C. Setalvad Memorial) (Regd.), was created for the purpose of promoting insurance education and training in India. [1]
An entity which provides insurance is known as an insurer, insurance company, insurance carrier, or underwriter. A person or entity who buys insurance is known as a policyholder, while a person or entity covered under the policy is called an insured. The insurance transaction involves the policyholder assuming a guaranteed, known, and ...
A Baltimore City man died and nine other people were injured after a shooting and fiery crash in the Baltimore suburb of Towson Tuesday night, authorities said.
Australia has agreed to invest $3 billion in U.S. shipyards that build the Virginia-class nuclear submarines it will be sold early next decade amid concerns that a backlog of orders could ...
Life insurance is one of the growing sectors in India since 2000 as Government allowed Private players and FDI up to 26% and recently Cabinet approved a proposal to increase it to 49%. In 1955, mean risk per policy of Indian and foreign life insurers amounted respectively to ₹2,950 & ₹7,859 [ 1 ] (worth ₹15 lakh & ₹41 lakh in 2017 prices).
Appalachian State has fired head football coach Shawn Clark after five seasons. The Mountaineers went 5–6 this year (3–5 in the Sun Belt), the program's first losing campaign since its final ...