Licentiate Examination - IC 01 - Principles of Insurance Exam - Important Points
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An accountant can be sued by the client if he faces a loss because of wrong advice, An engineering company can be sued if a bridge built by it collapses claiming some lives, A doctor can be sued if a patient dies because of his neglience.
Insurance is needed to protect One, from the Risks associated with an Asset, and to continue earning the Benefits from it.
Insurance transfers the Risk from the Asset-Owner to the Insurance Company, in Return for a Fee (Premium).
The First Written Insurance Policy was on a Babylonian Obelisk Monument, with the Code of Kind Hammurabi. In India, the First Life Assurance Company was Oriental Life Insurance Company, which was started in Kolkata, in the Year: 1818.
In India, in the Year: 2000, the Insurance Sector was opened-up, to Private Players.
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