Lecture 10.insurance.pptVIP

Lecture 10 Insurance Insurance: provides a pool of fund into which the many contribute and out of which the few who suffer loss are compensated. Insurance has become a vast subject and now enters into almost every activity of man. The idea of insurance is to obtain some indemnity in the event of any happenings that cause loss of money. Insurance is against risk. Chief branches of insurance: 1. Fire 2. Accident 3. Life 4. Marine In international trade, the transportation of goods from the seller to the buyer is generally over a long distance by air, by land or by sea and has to go through the