kshipra
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INTRODUCTION Man is a social animal. He contributes to society's well being and gets livelihood and protection from the society in which he lives. Man always seeks protection from risks which infact compel him to live in groups. He remained exposed to various types of risks like death, accidents, loss of health, wealth and property from wild animals, reptiles, floods, fire, earthquakes and other natural calamities. Insurance in some form or ot her ha s be en on answer to hi s pr oblem of security. Insurance is a process in which losses of a few are shared by many who are equally exposed to same risk. One or a few of the whole lot unfortunately suffer the loss and there by al l ot hers sh are the loss. Th ere fore, an indi vi dual’ s sh are of contribution towards the cost of meeting such loss is small. As such insurance is a co- operative venture. MEANING OF INSURANCE Insurance is such a method which provides security and protection against financial loss upto same limits. It is a means of shifting the risks to insure in consideration of a nominal cost called premium. In other words, we can say that insurance is a contract where one party takes the responsibilities of risks of the party in exchange of some fixed amount. As per this contract the first party (insurer) which is taking the responsibility of risk of another party (insured) promises to pay a fixed amount of money to second party either at the end of fixed period or at the happening of same events.
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