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Meaning :
Insurance is a co-operative device which spreads , the loss caused by a particular risk to some persons, over a number of persons who are exposed to, same or similar risk and who agree to insure against that risk.
Functional Definition :
Insurance may be defined as a social device whereby a large group of individuals, through a system of equitable contributions, may reduce or eliminate measurable risk of economic loss common to all members of the group. Features : It is a co-operative device It spreads the risk over a large number of persons who are insured against the risk It provides security to the insured
Contractual Definition:
Insurance is a contract in which a sum of money is paid to the assured in consideration of insurers incurring the risk of paying a large sum upon a given contingency.
Features :
It is a contract Where by insurer assumes the risk of insured Promises to pay a specified amount On the happening of a specific event In consideration of the premium paid by the insured
Kinds of Insurance:
Life Insurance:A form of insurance on the life of a person. If the person dies then the insurance policy pays out a sum of money to the policyholder (such as a person's family). Insurance providing for the payment of a stipulated amount to a designated beneficiary upon the death of the insured.
General Insurance:
All other types of insurance are called general insurance or non-life insurance.
Types:Marine Insurance Fire Insurance Liability Insurance Social Insurance Other Insurances
Malhotra committee
In the beginning of the 1990s govt. of India, in the light of the developments in the rest of the world decided to globalize the Indian economy. A committee under the chairmanship of MR. R.N. Malhotra former governor RBI was set up for the insurance sector. These committee submitted the report in January 1994. on the basis of these report , the govt. of India passed insurance regulatory and development authority bill,1999. The bill aims to promote privatization in insurance sector.
PRIVATE SECTOR ENTRY OF FOREIGN INVESTOR INSURANCE REGULATORY AUTHORITY CONTROLLER OF INSURANCE SHARE CAPITAL RURAL AND WEAKER SACTION
AUTHOR ITY
Life Insurance:LIC of India HDFC Standard Life Insurance Co. Ltd. Max New York Life Insurance Co. Ltd. ICICI Prudential Life Insurance Co. Ltd. Birla Sun Life Insurance Co. Ltd. Reliance Life Insurance Co. Ltd. Tata AIG Life Insurance Co. Ltd. SBI Life Insurance Co. Ltd.
General Insurance:New India Assurance Co. Ltd. United India Assurance Co. Ltd. National Insurance Co. Ltd. Oriental Insurance Co. Ltd. Royal Sundaram Alliance Insurance Ltd. Reliance General Insurance Co. Ltd. Allianz Bajaj General Insurance
Regulator of insurance
Before , the insurance act 1938 regulate the insurance sector. In 1993 govt. of India realize for changes in the act due to nationalized so they appointed a committee under the chairmanship of former Governor of RBI, Sh. R.N. MALHOTRA. These committee submitted the report in January 1994. in 1999 the report become an act known as INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY ACT 1999. The act has the power to direct, advice, caution, investigate, search, authorize, register, and liquidate the insurance companies.