Asian Journal of Management and Commerce
2020, Vol. 1, Issue 2, Part A
Why we need to buy health insurance
Author(s): Dr. Manoj Kumar
Abstract: Insurance is a contract, represented by a policy, in which an individual or entity receives financial protection or reimbursement against losses from an insurance company. The company pools clients’ risks to make payments more affordable for the insured. It is a legal contract between two parties – the insurance company (insurer) and the individual (insured), wherein the insurance company promises to compensate for financial losses due to insured contingencies in return for the premiums paid by the insured individual. The entire general insurance business in India was nationalised by General Insurance Business (Nationalisation) Act, 1972 (GIBNA). General Insurance Corporation of India (GIC) was formed in pursuance of section 9(1) of GIBNA. It was incorporated on 22 November 1972 under the Indian Companies Act, 1956 as a private company limited by shares. GIC was formed for the purpose of superintending, controlling and carrying on the business of general insurance. It provides insurance for theft, marine, fire, vehicles, buildings, jewellery, stock-in-trade, machinery, accidental and health insurance.
Pages: 50-53 | Views: 108 | Downloads: 30
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How to cite this article:
Dr. Manoj Kumar. Why we need to buy health insurance. Asian J Manage Commerce 2020;1(2):50-53.