University of Buenos Aires

In the operation for you to bolster bonds together with intercontinental organizations, this University or college of Buenos Aires (UBA) will be looking forward to deepening this hitting the ground with Worldwide HEIs as a key component with this process.Set up within 1821, this University or college of Buenos Aires could be the minute most significant University or college within Latin The us, together with in excess of 350, 000 undergrad pupils as well as around up to 29, 000 expert from the academic workers.

This UBA is often a general public, free of Charge College or university which offers 113 undergrad lessons sent out within it is 13 multidisciplinary academic devices as well as 365 postgraduate lessons (including MAs, PhDs as well as focus courses).

This UBA incorporates a major part within research: Having 5 Book Prizes, around 8, 000 research workers and more in comparison with two, 900 continuous research projects. Within UBA's framework you'll find 17 research institutes determined by this Institution as well as 25 institutes co-directed together with Ministry of Technology, Technologies as well as Productive Creativity. This UBA is actually mixed up in improvement of four research packages addressing: from an interdisciplinary point of view -the subjects of People Proper rights, Environment Change, Social Margin nation as well as environmentally friendly Strength.

Concordia University

                       

Concordia University is actually pleasant, engaged, as well as committed to innovation as well as fineness inside education and learning, analysis, innovative task as well as local community partnerships. Their imaginative and prescient vision is always to list among Canada's top 5 comprehensive colleges inside Europe next ten years, as well as becoming a 1st decision pertaining to learners as well as college in your community, all over Europe, as well as around the globe inside a multitude of explained areas of analysis as well as study.

This university pulls with the range in order to enhance the individual though strengthening society. Their recognized as well as rising benefits as well as research-diversity reflect the reputation as being a comprehensive university inside a key metropolitan metropolis.

Concordia delivers more than 200 basic software programs, 195 graduate student software programs, degrees and diplomas as well as records as well as 35 postgraduate software programs. Non-credit software programs can be found from the College of Prolonged Mastering. Research-creation things to do take a wide-spectrum method to cultural troubles, market desires, ethnical range as well as science as well as engineering. By environmental sustainability in order to people health and well-being, Concordia’s researchers tend to be doing key advantages in order to fresh knowledge.

Concordia’s Sir George Williams campus is Quarter Concordia inside town center Montreal. While using beginning in the Architectural, Pc Science as well as Visible Martial arts disciplines Bundled Complicated (2005) and also the Steve Molson College of Organization developing (2009), Concordia offers capitalized with the instructional benefits inside higher engineering, okay martial arts styles as well as enterprise studies, though contributing to metropolitan renewal.

This Loyola Campus, inside Montreal’s west-end, houses a modern day science complex plus a connection studies as well as journalism developing, remodeled as well as widened inside 2005.

In 2011, your campus good a pair of state-of-the-art analysis facilities: your Heart pertaining to Structural as well as Functional Genomics and also the ACCOMPLISH Heart (Prevention, Assessment, Therapy, Formation) specialized in researching better health via avoidance. This university carries a determination in order to convenience. Having 30 percent of the learners signed up part-time, several lessons can be purchased through the night time. The primary library is actually open around the clock.

Martial arts disciplines as well as Science: This University is actually around the globe known for its software programs as well as analysis inside connection studies, journalism, open public as well as oral history, people protection under the law, workout science, mindset as well as genomics. This School is also distinguished to the small lessons as well as interdisciplinary characteristics of the 6-8 schools/colleges: Open-handed Martial arts disciplines College or university, Science College or university, Loyola College or university pertaining to Multiplicity as well as Sustainability, the teachers of Local community as well as Open public Affairs, College of Canadian Irish Research and also the Simone de Beauvoir Start. Architectural as well as Pc Science: Crucial software programs focus on quality, setting and additionally structure; aviation as well as transportation; nanotechnology as well as products; as well as information stability as well as telecoms. Almost all Bachelors of Architectural software programs from Concordia tend to be recognized from the Canadian Architectural Certification Mother board.

Very good Martial arts disciplines: Procedures consist of digital camera design and style as well as interactive advertising, automated textiles as well as gaming. Learners may specialize in your visual as well as executing martial arts styles in such locations because art work history, modern boogie, design and style, movie generation, songs, theater as well as studio room martial arts styles.

Concordia’s Steve Molson College of Organization is actually recognized from the Connection in order to Advance Collegiate Universities of Organization (AASCB). An excellent basic as well as graduate student enterprise software programs. Accountancy as well as finance is in sought after. Special graduate-level software programs range from the Kenneth Timber Stock portfolio Supervision Software and also the Goodman Expense Supervision Software.

Cairo University

Cairo University is a thorough association connected with degree positioned in Giza, Egypt. CU Quest Assertion: Fineness with providing degree companies to fulfill the wants of the countrywide, regional as well as worldwide residential areas, and the efficient continuous share with obtaining Egypt’s cultural as well as economic development.

Our own objective is to be achieved via a dedication to worldwide standards connected with brilliance in the career fields connected with education and learning, study as well as group services, as well as the integration connected with personnel, technologies as well as enterprise devices, and the development of the university’s recruiting.

It had been proven with 1908; presently they have 26 faculties/institutions in numerous methodical martial arts styles, using entire number of with regards to 250000 college students; they are

Teachers connected with Executive,

Teachers connected with Remedies,

Teachers connected with Computers as well as Details Technique,

Teachers connected with Pharmacology,

Teachers connected with Farming,

Teachers connected with Science,

Teachers connected with Economics as well as Politics Science,

Teachers connected with Size Communication,

Teachers connected with Archaeology,

Teachers connected with Arts,

Teachers connected with Marketing,

Teachers connected with Special Schooling,

Teachers connected with Sanita,

Teachers connected with Rules,

Teachers connected with Physiotherapy,

Teachers connected with Dental as well as Dental care Remedies,

Teachers connected with Veterinary clinic Remedies,

Teachers connected with Dar El-Ulum (Linguistic; Arabic),

Teachers connected with Kindergarten,

Teachers connected with Local as well as Metropolitan Preparing,

Core connected with Start Schooling,

Commence connected with Record Scientific tests as well as Investigation,

Commence connected with African-American Scientific tests as well as Investigation,

Connected with Educational Scientific tests as well as Investigation,

National Commence connected with Laser light Enhanced Sciences, as well as

National Cancer malignancy Commence.

Every one of them present each basic as well as postgraduate studies with the exception of the past a few, they give postgraduates studies only.

Autonomous University of Madrid

Having regarding 40. 000 pupils, in excess of a couple of. 500 instructors and analysts along with a staff greater than 1. 000, the Universalized Autonomy de this town (UAM) gives a thorough choice of scientific studies inside it is seven faculties. UAM is additionally pleased with it is powerful analysis motivation that is certainly reinforced by it is half a dozen college or university private hospitals and also the 10 institutes associated with CSIC, Spain’s Countrywide Investigation Local authority or council (five ones along run) and a couple of Madrid’s Innovative Institutes that UAM serves. UAM and CSIC get not too long ago cast some sort of Campus de Excellence alliance that aspires to generate a first class analysis surroundings inside Bio sciences, Nan science and Innovative Resources, Theoretical Physics and Arithmetic.

Mission

UAM’s a few major beliefs are generally quality, leadership and motivation, for you to it is pupils and community. UAM wishes to surpass being a analysis University, besides about it is top parts however around all of it is numerous powerful disciplines. UAM would like it is pupils to be well prepared experts but additionally alert, imaginative and revolutionary individuals of the start entire world. UAM also wishes to always be an energetic interpersonal agent and also the ethnic boss associated with it is geographic spot, in order to venture and transfer it is analysis and expertise for you to contribute to the well being associated with it is surroundings. Lastly, UAM is actually clearly committed to some sort of sustainable surroundings, performs carefully having co-operation NGOs across the world, and it is pleased with it is efforts for you to integrate people who have issues in order to market girl or boy equality.

Autonomous University of Barcelona

The Autonomous University or college involving Barcelona (UAB) had been launched in 1968 which is right now a young, energetic educational institution having an worldwide take on life, thought to be the most effective companies involving schooling within The nation and the EU, thanks to the standard of it is teaching and the excellence involving it is study.

Around 3, six hundred researchers offer you good quality adaptable teaching modified for you to society’s demands for you to more than 45. 000 individuals, such different locations because humanities, cultural sciences, health insurance and existence sciences, trial and error sciences along with engineering. Additionally, on the list of UAB’s identifying attributes is it is organization responsibility for you to strengthening the connection in between educational training along with study.

Universalized Autonomic de Barcelona (UAB) is often a Western benchmark college, both for the standard of it is teaching staff members along with to the progressive nature involving it is study. It's earned the item identification through the How to speak Spanish Federal government being a Campus involving Global Excellence. Started within 1968, it has be a type to check out automobile organization responsibility for you to adding to cultural progress throughout the training involving experts essential through the many innovative economic along with cultural significant.

The leading campus is found in Bilateral, only twenty-five moments via Barcelona along with the hub involving one of the primary businesses along with engineering companies involving The southern part of European countries. This hosts most of the educational institutions, sections, institutes, companies, also to a large science along with technological know-how group.

The actual university student local community at UAB shows it is worldwide character, having a rendering involving various ethnicity via everywhere over the world. Around 45 % involving postgraduate individuals originate from international locations other than the nation.

UAB imparts top quality along with strenuous programs characterized simply by elevated functional ingredients. It offers, through a agile along with progressive teaching process, diplomas, professionals, graduate student certificates, PhD's as well as other postgraduate along with technical training.

It is around the globe well-known for the good quality along with development within study, along with promotion within excellence along with competitiveness. Numerous study locations stimulates multidisciplinary at UAB, so that it is some sort of multiplying floor for good quality research workers along with experts along with a middle to the dissemination involving knowledge along with technology.

Being a married female student

 For most women, it is difficult to continue education after marriage. A lot of responsibilities are increase to a woman’s shoulders after marriage and it becomes difficult for her to juggle her family life with education. But despite facing new obstacles and living in a completely different environment, some female with dedication and family’s support are able to continue to their studies. Though their life is completely different from what it used to be when they were single, it is definitely a praiseworthy effort on their part

   The difference

   New people, new surroundings and new perspective is what a woman after marriage faces. Then there are new responsibilities ties for her. Our society expects daughter in law to do all the household work like cook, clean wash and more for the family. In such a scenario, it becomes difficult for them to create a balance between their student life and family life.

When i asked one married female student, got married she completed her Bachelors. Before marriage, she used to be a free and an independent person. She studied as well as worked in her own beauty parlour. But due to the household responsibilities after getting married, she couldn’t continue her education. Eventually, she gave birth to her son and the responsibility increased and that made her complete housewife. And she felt she was trapped within the four walls of her house taking care of aged in laws and her son. She reveals, “I was in depression. And my parents suggested me to join classes again. I gathered my courage to study again after a gap of seven years.”

  When I asked another married female student, she response like that. Despite family support, “it is challenging for a married female to manage time for studies”. She want to share her experience, “it’s totally different from when you were unmarried. One has to do all the household chores daily. As such I am unable to attend classes regularly. Nor can I complete assignments on time.”

The female students after marriage can’t be that dedicated to their studies like the way they used to be before their marriage probably because of “our up-bringing” one lecture said. “Our nature has made us think about the family circle. So, after marriage we tend to think that it’s our duty as a daughter in law and wife to fulfil the needs of family and making them happy. In an attempt to be an ideal daughter in law and wife, we tend to immerse completely in house hold work” she opines.

Struggle and support

While some women tend to give up their studies completely after marriage, blaming various reasons, some of them have stood against the odds to continue their education. And public youth’s student who mention above is one fine example. She, who used to feel like a slave in her own house before rejoining college, these day feels like a part of family. Thanks her “understanding” husband and her interest in education, she has got her confidence back. “I am happy to be able to rejoining my college and this has brought back my happiness for my life.” she confesses.

And this interest to thing plays a very important role in woman’s life. One has to have the interest to do something like any work, then only will the family also support, no matter how difficult the way, one should  not give up and keep it up. You can’t be successful if you don’t have the will power and determination. Whether you pursue your career in a certain field after education or prefer to stay as a housewife, education is important than others sector. After marriage, women tend to spend their first few years leaving everything behind only focusing on the new family. But as time passes, they start to feel unsatisfied and trapped which is first of all, their mistake for not being determined about what they need or want. Education dose not only open opportunity for employment but it also builds capacity and maturity to tackle difficulties and take the right decision for her and her family. Studying after marriage, for female is like carrying a double load on their shoulders, but if one struggles on with a will, the result after struggle is more fruitful.”

Accident and health insurance

This is an insurance policy which provides protection against morbidity or ill health risk. It protects for more wanting to have expenses covered at reasonable costs. This covers medical expenses insurance and disability income insurance.

The most popular act known as Mc-Carren Ferguson act of 1945 regulate the life insurance companies. This is the primacy of the state over Federal commissions that supervises and examines the life insurance companies under a coordinated system. Regulation focuses basically on matters relating to insurance premiums, insurance commission charges, investment portfolio holding, sales practices and so on. Regulatory actions were taken against deceptive sales practices if found on investigation. In order to make life insurance regulation effective, various regulatory measures were desired to promote life insurance guaranteed funds to compensate policyholders in the event of failure.

Life insurance companies because of their long-term nature of liabilities resulting from future policyholder’s claims, they are able to invest in assets that have longer term maturity characteristics. These include corporate securities like bonds, stocks, mortgages and also in government securities and policy loans. Looking of the liabilities side, life insurance companies have a major capital reflecting policy reserves covering future expected liabilities, death benefit, maturing endowment policies as well as cash surrender values.

The more important types of annuities can be described very briefly. A single premium annuity is purchased by the payment of one lump sun amount. The payments being at stipulated a age for the life of the annuitant. But instalment payment annuities call for premiums periodically over a period of years to the date of retirement, after which the annuity received a fixed income for continuing his life. A life insurance annuity is purchased by the proceeds of life insurance policy that are distributed as an annuity in lieu of a lump sum payment. The life annuity is simply a means of assuring a certain income, which cannot be outlived. Since a part of the principal in addition to the interest earned, is returned each year, the return to the annuity is larger than that which would be produced by interest income alone. Most life insurance policies provide for this type of settlement option.

Female education

Education is considered as one of the most important pre-requisite for the development of the society, village and a country among other pre-requisite for the development. It is a bone for the development of modern and scientific path to the human civilization. It signifies the preparation for life. It is the most precious and permanent property of an individual which cannot be taken by others so, it is the light of life which is continuous and life long process. It is the prime key to personality uplifment which enables each individual to be self-dependent and capable candidate to contribute something for the development of the family, society and country. So, as per as I concerned it is the most important property of an individual which helps to identify what is right and what is wrong.

   “Men and women are the two wheels of a same cart”. This famous statement or saying advocates or signifies the equality of men and women and their paramount role for the development. Nearly, more than half of the population of nation consists of path of peace, progress and prosperity if both of them are not educated and treated well in society. So, simply “female education” refers to that education which is especially given to female or women of the society. But unfortunately, female education has been neglected in many developing countries to like Nepal. People thought that education to girls is useless. So women were steeped in ignorance and darkness. They have been under the male domination for ages. They are only confined on the four walls of a kitchen. Their prime motive was just to give birth to baby and look after it. Women suffer from her birth till her death. They are not even give chance to take decision upon anything. Even Nepalese property law is also unfavourable to the women. They are derived of equal rights to their parental property. Their social life is not safe. Married women are even male-treated at the husband’s home for not fetching much dowry. Many women are bitten on the charge of witch. They are not having their equal rights in the field of education, employment, politics and so on other sector.

But the situation of women in the present context has been improved comparing to past but it is not totally satisfactory until and unless they are provided with equal rights in every field the prosperity of the family, society and nation cannot be thought. Therefore, there should be a demarcating line for the education between son and daughter, only a educated mother can have maintain a quality of life. Concrete and vision programmes should be strictly conducted to foster female education in society; otherwise the entire nation will remain under darkness even in this modern era.

Co education

Education is one of the most important infrastructures of development among other infrastructures of development without which other development and works are impossible to be carried. It is the prime key to personality development which makes enable and each candidate to contribute to be self-reliant/self-dependent to do something for the society and nation. So, it is a boom for the development of modern human civilization. It is the most important basic property of an individual which helps to identify what is right or what is wrong? That’s why it is called a life living property which cannot be lost or stolen by anyone.

So, co-education refers to the system of education both boys and girls together in the same institutions and at the same time. There is no segregation/discrimination between them. In this modern era even girls and are found discriminated on different reasons even in their family, society as well as nation due to which the progress and prosperity the nation has been backward. However, there are co-educational institutions established all over the world due to the need and demand of time. In the older days, co-educational was strongly criticized. The people believed that duo boys and girls are should not read together. They even think that girls are spoil in the company of boys. They have extremely traditional and conservative view. But now the time has massively changed. New and advanced ideas are float. The moon which we used to worship man has put their feet on it. This is the era of equality, humanity and fraternity. Duo boys and girls are equal by birth. So, co-education does promote better understanding and co-operation between boys and girls. They can read and understand each other. It hikes a spirit of intimacy, friendship, equality and humanity between them. Simultaneously, they do not have an air of superiority, inferiority and gender discrimination. This would help in developing a feeling of healthy and congeals competition between them which definitely explore and enhance their potentials. So, because of the normal folks worry that women being the physically could also be vexed and burdened by boys. So, they can no longer study but develop a felling of inferiority. Instead due, the girls and boys will find really a learning environment and healthy competitions between them within the co-educational institutions. So, co –education is most important in developing like Nepal. 

Marine insurance

Marine insurance can be defined as a contract between insurers and insured where by the insurer undertakes to in dignify the insured in a manner and to the interest the agreed, against marine losses incident to marine adventure. Marine insurance business means the business of affecting contracts of insurance upon vessels of any description, including cargo, freights and other interests which may be legally insured in or on relation to such vessels, cargo and freights, property, wares, merchandise and assets of whatever description insured for any transit by land or water or both and whatever or not including ware house risk or similar risks in addition other risks customaril

y included among the risks insured against in marine insurance policies. The major types of marine insurance are as follows:

1.       Hull insurance: insurance of vessel and its equipment are included indoor hull insurance. Equipment here include furniture and fitting, machinery, tools, coal and engine stores etc. Generally to owners of effect hull insurance. If affords protection to owners of all types of ships for loss or damage to their waterborne property.

2.       Cargo insurance: the insurance of cargo includes goods and merchandise. Cargo insurance is available for shipped of goods moving by sea or air in international trade. The terms of insurance can be specific or all risk can be underwritten for a single transaction. The open cargo policy the most common form used and casually covers the cargo warehouse to warehouse, thus including exposure to those risks that are associated with land transportation as well.

3.       Freight insurance: freight is to be payable for the carriage of cargo or if the vessel is authorized, the money to be paid for the use of the entire vassal. The goods or property are not safety transported.

4.       Liability insurance: if may include liability hazards such as collision or running down. Insurance can also be taken for the costs involved in non-compliance of rules and regulate without any intention to receive. It should be clear that marine perils insurance covers not only the “ocean but also the inland perils.” The perils to be included in the policy are clearly defined and the. The insurer will be liable only for the insured perils.

Adverse selection and insurance

Insurance is a co-operative form of distributing a certain risk over and group of persons exposed to it. All individual generally do not have equal level of risk of loss. Some of them may have been facing higher than average chance of loss. The insurer should deal with the probability of loss exposed to the applicants, while accepting and determining the premium.

If a person is exposed greater than average risk, he will be more easy to insure to cover the higher risk. The insurer must find out the level of risks exposed to him before accepting and determining the insurance. When insurance proposal is accepted from the persons highly exposed to the risks, the insurer must determine higher premium than average. Otherwise, adverse selection arises. Hence, adverse selection is the tendency of persons with a higher than average chance of loss to seek insurance at standard levels. The insurers must deal with the problem of adverse selection while accepting the insurance proposal. For example, adverse selection arises when,

1.        A person with serious health problem seeks life or health insurance at standard rates.

2.        A careless driver with weak eyesight seeks auto insurance at standard rates.

3.        A business firm that has been repeatedly robbed or burglarized and that seeks crime insurance at standard rates of premium.

It has been cleared from above examples that some of the groups facing the same risks have greater chance of loss. If such applicants with a higher than average chance of loss succeed in obtaining the coverage at standards rates, we say that the insurer is adversely selected against. The insurer should not underwrite such application for insurance in standard rate of premium. Otherwise, the insurer may be facing more risk than average and more likely to pay the insured amount. This may lead to increment in premium, which may be injustice to other insured with average chance of loss.

 The risk is not exposed in an equal level to all individuals. The degree or level of risk may vary slightly from person to person. So, adverse selection can never be completely eliminated. However, it can be controlled by careful underwriting. Underwriting standards are not met, the insurance is denied. The insurer demands extra premium from the applicants, who are unable to meet the underwriting standards. The insurers frequently sell insurance to applicants who have a higher-than-average chance of loss, but such claimant must pay higher premiums.

The problem of adverse selection arises when applicants with a higher than average chance of loss succeed in obtaining the coverage at standard or average rates. Policy for example:

1. Higher premium clause for life insurance to mineworkers.

2. Higher premium clause for health insurance to workers of chemical factories.

3.The pre-existing conditions clause in health insurance.

4. The suicide clause in life insurance.

Important of fire insurance

      The basic fire insurance policy covers losses resulting directly from damage or destruction by fire or lighting .the first scientific system of obtaining funds to compensate for fire loss was developed after the dangerous caught fire in London. Like other insurance, fire insurance a trust business, which provides relief to the property owners suffered from loss by fire. Even if there is not yet firing the owners can be free from tension, if the properties are insured against fire, because it is the fire insurance, which compensate all loss if accidental fire destroys insured properties. The basic importance of fire insurance can be summarized as below:

1.Compensation: fire insured protects the properties against fire among insured properties, any loss occurred by fire is compensated immediately after necessary examinations.

2.  Economic development: protecting business properties, fire insurance promotes trade and industries. If loss by fire is sure to be compensated by insurer, the investor can invest lots of money in the business without fear. In this way, speedy economic development becomes possible by increased investment in business sectors.

3.  Secured life: Fire insurance is important for individual life also. One can be free of tension purchasing fire insurance policy for all his properties. Any risk of loss by fire can be transferred to insure and hence private life of people can be financially safe and sound. It is the fire insurance, by which one can live happily without the mercy of others, even if most properties are destroyed by fire, because all losses are compensated by the insurance company.

4. Social benefits: fire insurance is more important from the nation and society point of view, too.People can live happily if their properties are insured. Even after loss from fires, people will not suffer financially. In this condition they should not depend upon others. At the same, theft, robbery, murder and other criminal activities are also reduced significantly.

Basic features of insurance

There are four major characteristics of insurance. Overall definition of insurance can be expressed based on those characteristics. According to the preceding definitions, insurance typically includes the following characteristics:

1.       Pooling of losses

2.       Payment of accidental losses

3.       Risk transfer

4.       Indemnification

1.Pooling of losses: pooling is the spreading of losses incurred by the view over the whole group, so that in the process, average loss is substituted for actual loss. It is the heart of insurance. Pooling implies:

                i.   The sharing of losses by the entire groups: for example, assume that 400 taxi drivers of America agree that if any accident happens and destroys the vehicles, the other member of the group will indemnify the loss of unlucky driver, who has a loss. If the loss is valued of $4000, each driver has to pay only $10

       ii. Prediction of future loss: it is a prediction of future loss with some accuracy based on the law of large numbers. By pooling or combining the loss experience of a large number of exposure units, an insurer may be able to guess future losses can be with great veracity. From the viewpoint of the insurer, if future losses can be guess, objective risk is reduced. Thus, another feature often.

2. Payment of accidental losses: an accidental loss is on that unforeseen and unexpected and occurs as a result of chance. It is the second characteristics of insurance. The law of large numbers is based on the assumption that losses are accidental and occur randomly. For example, a person may be hit by car in the road and break a leg. The loss would be fortuitous. Only such accidental losses are paid by insurance.

3.Risk theory: actually, insurance is a risk transfer business, in which a particular risk of an insured is transferred to the insurer. Risk transfer means that a pure risk is transferred loss than the insured. Particularly, the pure risks of individual and organizations that are disability destruction and accidental loss of property and liability lawsuits. Risk transfer is an essential element of insurance.

4.Indemnification: indemnification is one of the most important characteristics of insurance. Insurance should provide somebody with insurance policy, disability income insurance policy. This will restore at least part of the lost wages. protection, especially financial protection  restored to the approximate financial position prior to the occurrence of the loss, thus, the insurer should reimburse after loss occurred by particular risk for premium received from the insurer against the risks. It should also be noted that insurer indemnify the losses from risk only in specific situation. If the loss occurred because of the negligent operation of the owner, the insurance company will not legally be liable to indemnify the losses. However, the insured may be indemnified under some policies such as auto-liability

Insurance and gambling compared

Insurance and gambling seem to be same in some extent. Insurance is often erroneously confused with gambling. But actually there is great difference in nature and function between them. The basic difference among them can be summarized as given below:

1.Exacting risk and creation of risk: insurance is a technique for handling an already existing pure risk. For example, we pay $ 10 an insurer for auto insurance; the risk of vehicle accident is already present and is transferred to the insurer by a contract. No new risk is made by the transaction. But gambling creates a new speculative risk. For example, we bet $50 on football game, anew speculative risk is created.

2.Interest in the prevention of a loss: Insurance and the insured both have a common neither the insurance not the insurer is place in apposition where the gain of the winner comes at the expense of the loser. But gambling is socially unproductive, because the winner’s gain comes at the budgets of the loser.

3. Minimizing uncertainty and increasing uncertainty: insurance helps to minimize the uncertainty and risks in the society, hence it promotes industrialization and economic development. In contrast, gambling increases uncertainty, risks and conflict in the society. It does not promote industrialization. Rather than it increases people’s will to earn money by speculation or luck, not by honest activities of labor. Hence gambling increases bad people and social crime.

4. Restore: Generally, insurance contract restore the insured financially in completely of partially if a loss occurs. In contrast, consistent gambling transactions generally never restore the losers to their former financial position.

5. Prevention of loss:Insurer and the insured both have a common interest in the prevention of a loss. Both parties win if the loss doses not occur. But in case of gambling one can win only if the second party loses financially.

Principle of fire insurance

There should be a valid contract to make fire insurance valid. A valid fire insurance contract is based mainly on the following principles:

1.       Principles of utmost good faith: insurance is based on utmost good faith I.e., disclosure of all essential things exactly by both parties in insurance deal. The law compels the parties to the contract to make full disclosure of all material facts. The material facts are the information which may affect the decision of parties to enter or not to enter into an agreement. The insurer calculates the risk of the insurance and fixes the price. The insurer knows the nature of risk he is transferring. Full or partial concealment of the any one of the parties makes the contract void.

2.       Principle of insurable interest: insurable interest is a necessity for a valid insurance contract. Insurable interest means the interest of such a nature that the event insured against might cause of the subject matter of insurance, he has no interest. If you are out of the owner ship of the house, your interest in the loss is zero.

Capacity of person means more than what is found in the contract. In insurance he must have also an interest in the insurance properly.

3.       Principle of indemnity: indemnity means security against loss or damage or compensation for loss. It is equal to an exact financial compensation.  The loss must be estimated in money value. The compensation will be equal but never more than the value of loss to give the margin of profit. The insured is restored with property loss or this is reinstated in his position before loss. In case of fire and marine insurance, amount of loss plus a certain amount of profit that the insured might have earned if there was no loss is taken an amount of compensation.

4.       Principle of subrogation: the principle of insurance or applicable in fire and other property insurance. subrogayion is a combination of two latin words : sub and roagare  meaning  under and asking respectively. This means stepping into the shoes of other. By this principle, one party to contract gets the power to exercise all the rights of another party against a third party.

5.       Principle of proximate cause: this principle looks at the origin of loss. Compensation is payable only when the loss takes place by the insured peril. Sometimes insured peril comes along with several uninsured perils. Some perils before and some perils come after the insured perils. There is a series of event attached to the perils causing the loss. In such complicated situation previous legal decisions guide the insurers’ action. We mention a few points taken from such decision. Firs what is proximate cause? It is :

The active efficient cause

The active cause set in mention a chain of other events

Then the events cause the loss

In the chain there is no intervention of any other outside force

 Every event is the result of a cause. The criteria to pick up the direct cause of loss are to find out the domination, effective and proximate cause. But losses which are un-direct or consequential may be covered by special agreement with insurance company.

Benefits of insurance to society

People live in society. Society is full of risks and uncertainty. Insurance is a social tool providing financial compensation to those, who suffer from bad luck. Such payment being made from accumulated contribution of all parties participating in the scheme. Insurance provides durability in the society by necessary arrangement of security against loss from unexpected risks. Societies become more peaceful and safe by insurance, which provides different profits and financial security against losses from risk. The major benefits of insurance to society are:

1.        Indemnification for losses: all remembers of society are facing different risks. If risks are insured, all losses arise from unexpected risks are compensated. Indemnification permits individuals and families to be their former financial position after a loss occurs. As a outcome, they can maintain their financial security.

2.        Fewer burdens to society: because insured are restored either in part or in whole a loss occurs, they are less likely to apply for civil assistance or welfare profit, or to look financial assistance from relatives and friends. So other member of the society need not help the unlucky member even after suffering from loss. If the individual has not insured the risk, the relatives and friends should help him financially, when he becomes unlucky sufferer from the risks.

3.        Source of investment funds: insurance is a business of collection of fund and payment to insured suffered from sudden incidents. Hence, insurance industry accumulates funds as premium from society and become an important source of funds for capital investment. Insurance companies collect premium in advance of the loss and funds not needed to pay immediate losses can be loaned to business forms. Generally, insurance companies invest such funds typically in shipping centres, hospitals, factories, housing development etc. In this way, insurance business creates capital fund and promotes economic development of a country.

4.        Less worry and fear: another benefit of insurance to society is that it decreases the worry and fear of member of society regarding the risk of accident and immature death. If family heads have adequate amounts of life insurance, they are likely to worry about the financial security of their dependents in the event of premature death. Similarly, businessmen who are insured enjoy greater peace of mind because they know they are covered if a loss occurs.

5.        Prevention of loss: when a loss occurs from risks, the insurer has to indemnify them financially. Since loss of insured is transferred to insurer in the insurance policy, the insurance company should bear the risk. It means occurrence of loss from now become the interest of the owner of the property as well as the insurance company. That is why; insurance party are actively involved in numerous programs about loss prevention. They employ a wide variety of loss avoidance personnel, including safety engineers and professional in fire prevention, professional safety and health, and products culpability.

6.        Enhancement of credit: specially, life insurance is taken as a kind of investment. The insured are assumed as of good financial position. The insurance policy can be used as collateral against loan from bank. Hence, the certificate of insurance policy is precious assets of the insured like fixed deposit certificate and gold. Insurance provide a borrower a better credit facility, because it guarantees the values of the borrower’s collateral. It also gives greater assurance that the borrower has a good financial position and the loan will be repaid. B

Bank and other formal financial institutions accept properties as collateral, only if they are insured. The property insurance protects the lender’s financial interest, if the resources is damaged or ruined. Similarly, if a new car is purchased and financed by a bank, physical damage insurance on the car may be required before the loan is made. In this way, insurance enhances the credit of insured in society.

Cost of insurance to society

Insurance business provides financial protection to the members of society. The insurance industry provides jobs to thousands of workers. However, it is not without cost. It costs much to the society. Insures are the members of society, who have to bear not only for the contribution for indemnity, but also for the administration, selling and running costs of insurance business. In view point of insured, uncertainty concerning the payment of a covered loss is reduced because of insurance. Although the cost of doing insurance is not necessarily wasteful, the payment of premium is waste of money if no loss occurs from the risk in given period. Although the insurance industry provides enormous economic benefits to society, the society has to bear unnecessary cost for insurance. The major social costly of insurance are:

1.        Cost of insurance business: to provide insurance facilities to the society, insurance companies should be established. It needs huge funds established and operates an insurance company. They consume many financial resource of the society. An insurance company needs capital, labour, land, building and other administrative expenses. Such precious resources can be used in other productive sectors in the society. In financial terms, it is an important cost of doing insurance business; actually, some more amounts are added to the pure premium to cover the expenses incurred by insurance companies in their daily operations. Such additional amount is loaded to pay all administrative property and liability, insurance consume more than 25 percent of each premium whereas operating expenses of life insurers cover more than 10 percent of total expenditure. Such expenditure is extra burden for the insured. As a result, total costs to society are increased.

2.        Fraudulent claims: insurance is a risky business. There is a great chance of fraud claims and over claims. The insurer must take enough precaution in admitting the claims of the examples of fraudulent

a.       Most fraudulent occurs in auto insurance. Auto accidents are faked or staged to collect benefits.

b.      Dishonest policy owners take out life insurance policies for the individual, who suffers from incurable disease. Somebody even become able to take life policy for expired individuals, who are late reported as having died and amount claimed.

c.       Dishonest claimants fake slip and fall accidents.

d.      Phony burglaries, thefts, or acts of vandalism are reported to insurer in many cases.

e.      False health insurance claims are submitted to collect benefits

3.         Inflated claims: inflated claim is another important over cost on society. Premium must be increased to pay the additional expenses occurred by inflated claims. As a result, additional resources of insured should be paid as premium. Although the loss is not intentionally caused by the inflated claim may exceed the actual financial loss some of the inflated claims include the following:

a.       In property insurance, insured often inflate the amount of damage in claims so that more amounts will be receivable. In general, the experts from the insurance company evaluate

the amount of loss and cot some from the claims from insured, so insures May deliberately claim more than the actual loss.

b.      Health insurance, disabled persons often malinger to collect disability-income benefits for a longer duration.

Life insurance

Human life is full of risks and dubiety. Every single step of life is full of risks. We cannot eliminate risk. However, we can make provision for financial guarantee against risk. Insurance is a way of decreasing uncertainty of emergency of an event. Insurance is stake, from which we get return only when certain loss occurred from predetermined incident.

Insurance has wide scope and areas nowadays. So there is no single definition of insurance. Insurance can be explained from the angle of several disciplines. The definition of insurance can be expressed from the viewpoints of law, economics, history, and sociology and risk theory.

We can define the insurance from two dimensions:

1.Functional: according to functional concept, insurance is a co-operative device to spread the loss caused by a particular risk over a number of persons, who are on displayed to it and who permit to insure themselves against the risk. Thus the insurance is :

a) A co operative device to advanced he risk

b) The system to spread the risk over a number of persons who are insured against the risk the principle to share the loss of each member of the society on the basis of probability of loss to their risk.

c) The method to provide security against losses to the insured.

d) In other words, insurance is a cooperative device of distributing losses, falling on an individual of his family over a large number of persons, each bearing a formal expenditure and feeling secure against heavy loss.

2. Contractual definition: according to contractual concept, insurance has been defined to be that in which a sum of money as a premium is paid in consider of the insurers incurring the risk of paying a large sum upon a give contingency. In this way, insurance is a contract where:

a) Certain sum, called premium, is charged in consideration,

b) Against the said consideration, a large sum is sure enough to be paid by  the insurer who received the premium,

c) The payment will be made in a certain definite sum such as the loss or the policy amount which ever may be, and

d) The payment is made only upon an exigency.