Insurance is a fundamental way of protecting people’s lives and livelihoods and resources from different risks. Life Insurance Corporation of India played a major role in the Indian insurance sector with a monopoly over life insurance for 50 years. In this article, we are going to discuss insurance of India and the first insurance company in India. Check out below to get to know more about it.
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What is Insurance?
The word insurance comes from the word “ensurance” that derives assurance. Insurance is the right and specific risk transfer of possible losses of life, property, or goods in exchange for money. Through this, the individual or the insurance company receives partial or all possible risks to the client in return for the premium.
It is a part of risk management to avoid uncertain damage. That means, the payment of a certain amount (premium) in the future against any uncertain loss.
In essence, insurance is a financial transaction agreement, in which, in the event of an accident in the future, the money is accepted for a certain period in installment on the basis of its guarantee. See below to know which is the first insurance company in India.
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The First Insurance Company In India:
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Oriental Life Insurance Company:
This era was dominated by foreign insurance companies which did good business in India. The renown insurance companies are Liverpool and London Globe Insurance, Royal Insurance, Albert Life Assurance.
“Bombay Life Insurance Company” was the first insurance company that was established by Indian. This company had started insuring Indian nationals without charging any additional premiums.
Q. What was the first insurance company?
A. Oriental Life Insurance Company is the first insurance company in India.
Q. Who is the first largest insurance company?
A. UnitedHealth Group is the first largest insurance company
Q. Which company is best for life insurance in India?
A. There are several companies available for life insurance in India. But to find out the best among those companies you need to check which company fulfills your requirements.
Q. Who is the father of insurance?
A. Solomon Stephen Huebner is known to be the father of Insurance education.
Q. What are the 7 types of insurance?
A. The 7 types of insurance are as follow:
- Life Insurance
- General Insurance
- Auto Insurance
- Health Insurance
- Property Insurance
- Marine Insurance
- Liability Insurance
Q. Who is the richest insurance company?
A. At present, the richest insurance company is the UnitedHealth Group