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Criminal law

In the field of finance, it is crucial to understand the concept of criminal law. This branch of law deals with actions that are considered harmful to society, such as rape, murder, and robbery. These transgressions are prosecuted by government authorities, and the offender may face penalties such as fines or imprisonment. It is essential to have a grasp of criminal law and its implications in the world of finance.

Incurred but not reported losses (IBNR)

A knowledgeable professor of finance must be well-versed in the concept of "incurred but not reported" (IBNR) losses, which refers to claims that are not reported to the i...

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Commission

In the world of finance, it is important to understand the concept of commission. This refers to the fee paid to an agent or insurance salesperson as a percentage of the pol...

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After Tax Rupees

Discretionary income, as defined by the Income Tax Act, is the remaining income a policy holder has after taxes have been paid for a specific financial year. It is the amoun...

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Entire contract clause

Life insurance is a crucial aspect of financial planning that involves a contract between the insurance company and the policyholder. This contract, which is legally binding...

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