- Transfer Risk to Insurance Company
- Governed by Insurance Contract – Policy
- Payments – Premiums
- Claim Assessed According to Terms of Policy
- Life Insurance V/S General Insurance
Insurance – Where it all began?
1688 London – Investors provide financial guarantee to merchants’ sea cargo at Edward Lloyd’s coffeehouse in London.
1752 Philadelphia – Benjamin Franklin founded contributorship for insurance of houses lost by fire.
Impact of Insurance – Influence of insurance in politics, science and the arts in the last century.