What do you know by Insurance Industry in India?

Aug 19th, 2016
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Learning objectives: After reading this study material, you will be able to understand • the history of insurance • the various concepts of insurance, benefits, objectives, categories of insurance etc., • the various insurance acts, various types of insurance policies etc., • various corporations namely; DICGC and the functions of DICGC etc., Background: • This study material has been prepared keeping in mind the information required by the student in regard to insurance industry in India and the various types of insurance and benefits out of insurance • After reading the information provided in more than eight pages, the student will be in a better position to know about insurance fairly well and he will be able to answer the questions on insurance industry in India with confidence • The study material will be an eye opener for students aspiring to know about the insurance and its related topics.

Word Count: 3215
Showing Page: 1/8
What are the basic concepts about insurance industry in India?The history of insurance: The idea of insurance was mooted out during 14th century Marine insurance was the oldest form of insurance throughout the world Fire insurance and life insurance were subsequently undertaken by insurers Fire insurance originated in Germany during 16th century Life insurance started in England during 16th century The first life that was insured was of Mr. William Gybbons on 18.6.1653 The first registered office of life insurance was in England with the name Hand in Handsociety in 1696 Life insurance was started during the year 1818 in Bengal Presidency in our country The name of the company was Orient Life Assurance Company Bombay Life Assurance Company was started in 1823 Triton insurance company was commenced for general insurance in 1850 During 1871, Bombay Mutual Life Assurance Society was established During 1874 Oriental Government Security Life Assurance Co Ltd was established The first company which transacted general insurance business was the Indian Mercantileinsurance company limited During 1912, in order to regulate insurance business in our country, the Indian Life Assurancecompanies act was formulated During the year 1928, the Indian Insurance companies act was enacted During 1938, there were 176 insurance companies in India The image of insurance was tainted on account of frauds during the p

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