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Insurance

Life Assured

It is the basic concept of life insurance. Life assured is a term that refers to the individual whose life is being insured through a life insurance policy. This fundamental concept lies at the core of understanding life insurance. It is crucial to recognize that the life assured is the person whose life is being financially protected in the event of their death. In simpler terms, they are the beneficiary of the life insurance policy. This understanding is essential in comprehending the various aspects of life insurance and its significance in financial planning.

Shortage

A crucial concept in finance is the notion of a deficit, which arises when a family is left with insufficient funds following the passing of the policyholder. This occurs whe...

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Spread of risk

Insurance companies use a concept called diversification to minimize the risk of losses among their policyholders. This means selling insurance to a large number of people i...

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Insurer

Insurance is a crucial aspect of risk management, and it involves transferring financial risks to an insurance company. This party, known as the insurer, provides coverage t...

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Reinsurance

Reinsurance is a risk management strategy where a primary insurer transfers risk to a reinsurer. This allows the primary insurer, also known as the ceding company, to protec...

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