Overview

Introduction In modern times, life insurance is widely recognized as an important need for every individual to cover the risk and to provide economic security to the dependent members of the family. Under life insurance, the insured transfers the risk of life by paying an amount to the insurer. The life ensuring contract provides that the insurer accepts to pay an agreed amount at the time of death to the dependents of the life assured by accepting a premium. The amount which is paid by the insured will be returned as per the terms of the contract. Thus insurance is a social device whereby he uncertain risk of individuals may be combined and security is provided to the people from the fund mobilized through the nominal contributions of its customers.

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9782485024665

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