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Reliance General Insurance
The primary function of insurance is to provide protection against financial losses caused by unforeseen events. This protection is available to individuals, businessmen and large companies alike.
Insurance is a contract whereby, in return for the payment of premium by the insured, the insurers pay the financial losses suffered by the insured as a result of the occurrence of unforeseen events. The term “risk” is used to describe all the accidental happenings, which produce a monetary loss.
Insurance is a method in which a large number of people exposed to a similar risk make contributions to a common fund out of which the losses suffered by the unfortunate few, due to accidental events, are made good. The sharing of risk among large groups of people is the basis of insurance. The losses of an individual are distributed over a group of individuals.
The risk becomes insurable if the following requirements are complied with:
- The insured must suffer financial loss if the risk operates.
- The loss must be measurable in money,
- The object of the insurance contract must be legal.
- The insurer should have sufficient knowledge about the risks he accepts.
Products covered under Reliance General Insurance are :
Insurance is the subject matter of the solicitation.
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