Licentiate Examination - IC 11 - Practice of General Insurance Exam - Important Points
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Risk Engineer : A common definition - or probably more correct description - of the Risk Engineer is that of the 'Eyes of the underwriter'.
A reinsurance company that sells reinsurance to Reinsurance Company is a 'retrocessionaire'.
A reinsurance company that buys reinsurance from a Reinsurance Company is a 'retrocedent'.
The origin of insurance can be traced back to the fourth century B.C. in the 'bottomry bonds' which were issued by the Mediterranean merchants
In India, nationalisation of life insurance companies took place in 1956 and that of the general insurance companies in 1972. But in 2000 reforms were initiated by the Government and the insurance sector was liaeralised and opened up to private and foreign players.
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