Important Information About Insurance
Important Information About Insurance
What is insurance?
Insurance is the transfer of equitable and specific risk of possible loss of life, property or goods in exchange for money. Through this, the individual or the insurance company accepts part or all of the potential risk of the client in return for money (premium). It is a part of risk management to avoid uncertain losses.
What do you mean by insurance?
Insurance is an agreement or guaranty, in return for a small premium (money), against various future losses such as vehicle damage, health damage, house damage, property damage, theft or death and more. Good amount of compensation from insurance companies due to many types of damages
What is insurance What is life insurance?
Life insurance is a contract entered into between an insured and an insurance company; Where the insurance company gives an assurance that on the death of the policyholder, a certain sum will be paid to the heirs of the policyholder.
What year was life insurance introduced ?
In 1973, Surma and Rupsa Life Bima Corporation were merged to establish Jeevan Bima Corporation by order of the President.
Why is general insurance called contract of indemnity?
On the death of the insured person, the monetary benefit is paid to the nominee at the end of the term as the life indemnity is not indemnified. Property insurance provides compensation equal to the value of the damaged property. Hence insurance is called contract of indemnity.
What is the replacement policy?
In case of property insurance, if there is a total loss of the property and the insurer pays the full claim, the insurer gets full rights over the remaining portion of the property. The policy of passing the right from the insured to the insurer is called the policy of substitution.
Is General Insurance Corporation Government?
General Bima Corporation is the only state general or non-life insurance company in Bangladesh which is managed under the direct control and supervision of the Ministry of Finance, Government of Bangladesh. It was formed on 14 May 1973 under the Insurance Corporation Act 1973.
What is essay insurance and why?
Insurance is a legal contract between two parties – the insurer and the insured. Insurance is a legal contract between two parties i.e. insurance company (insurer) and individual (insured). In this, the insurance company promises to cover the loss of the insured in the event of an insured event.
What are the benefits of insurance?
Life is insured for security. Insurance is generally an attempt to cover the losses incurred by the absence of a family member who is the breadwinner. Insurance does not return life but provides security for the financial loss of the family in case of death.
Is insurance halal?
No, insurance is a completely impermissible and haram transaction in the eyes of the Shariah. All reliable institutions and most of the jurists of the world, including the branch organization of OIC “International Fiqh Academy” and the famous religious organization of Saudi Arabia “High Ulama Parishad” have come to the conclusion that all types of commercial insurance are impermissible and haram.
