Insurance as a Tool of Risk Management Essay Sample free essay sample

Hindu doctrine gives the self-evident truth of the nature of insurance â€Å"Yat bhavathi cheapness nasyathi’ which means whatever is created will be destroyed. Hazard is hence inevitable in life. Business is a class of life. so in life and concern there are assortment of hazards. The purpose of all insurance is to protect the proprietor from a assortment of hazards which he anticipates by switching the loss suffered by a exclusive person to a professional risk- carrier in consideration for a little sum of premium. The nature of insurance depends on the nature of the hazard sought to be protected. The main assortments of an insurance contract are life. fire. Marine and in modern times new assortments have been added from clip to clip like liability insurance and 3rd party hazard. Insurance is a method of distributing over a big figure of individuals as possible fiscal loss excessively serious to be handily borne by an person. We will write a custom essay sample on Insurance as a Tool of Risk Management Essay Sample or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Thus it serves the societal intent. It is a societal device whereby unsure hazards of persons may be combined in a group and therefore made more certain ; little periodic part by the persons supplying a fund out of which those who suffer losingss may be reimbursed. In modern times. the occurrence of any event may be insured against a premium straight relative to the hazard involved on its occurrence. An component of uncertainness must be present in the class of the occurrence of the event insured against. in some instances. in about all non- life insurance contracts. the occurrence of the event is unsure while in life insurance the event is bound to go on nevertheless the clip is unsure. The establishment of insurance serves a two- crease intent. the immediate. short scope and proximate intent is to protect the single assured from any loss or harm to his life or belongings by administering the loss among a assortment of individuals through a media of professional risk- carriers. The far- sighted intent is to speed up economic growing of the state by mobilising financess for capital formation and helps in the constitution of a public assistance province. History OF INSURANCEThe roots of insurance might be traced to Babylonia. where bargainers were encouraged to presume the hazards of train trade through loans that were repaid ( with involvement ) merely after the goods had arrived safely- a pattern which was given legal force in the Code of Hammurabi ( c. 2100 B. C. ) With the growing of towns and trade in Europe. the mediaeval clubs undertook to protect their members from loss by fire and shipwreck. and to supply nice entombment and support in illness and poorness. By the center of the fourteenth century. as evidenced by the earliest known insurance contract. ( Genoa. 1347 ) . marine insurance was practically cosmopolitan among the nautical states of Europe. In London. Lloyd’s Coffee House ( 1688 ) was a topographic point where merchandisers. shipowners. and investment bankers met to transact concern. By the terminal of the eighteenth century. Llyod’s had progressed into one of the first modern insurance companies. In 1693. the uranologist Edmond Halley constructed the first mortality tabular array. based on the statistical Torahs of mortality and compound involvement. The tabular array corrected in the twelvemonth 17556 by Joseph Dodson. made it possible to break claims. They may besides render their services in finding the consideration of liability affecting accountants’ carelessness and for other professional carelessness instances. They may besides supply their cognition in rendering aid of fidelity insurance differences and insurance accounting differences. STATEMENT OF PROBLEM: The proposed survey aims to analyse the significance of hazard. clip of beginning of hazard in an insurance contract. the different types of hazards covered by assorted types of insurance. its benefits and the function of the life insurance corporation in pull offing hazards. Nature OF INSURANCE CONTRACT1 ) Contract of insurance is non a wagering contract. It is sometimes argued that insurance is a chancing activity as there is uncertainness in both the instances and payment in both the instances is made on occurrence of some event. It is non so. there is a difference. The contract of insurance is a legal contract enforceable at jurisprudence. whereas beting contract is illegal and can non be enforced at jurisprudence. An insurance contract is a contract of extreme good religion but this component is losing in beting contract. Insurance contract has an component of insurable involvement but this is absent in a wagering contract. Insurable involvement is the involvement of such a nature that the owner would be financially insured by the happening of the event insured against. There has to be a capable affair to see in an insurance contract. Absence of insurable involvement renders the contract a nothingness. In instance of insurance contract. hazard of loss or amendss is bing whereas in instance of beting contracts. the hazard is created by both the parties. 2 ) Principle of insurance: All insurance contracts except the life insurance contract are contracts of insurance. The rule means that the insurance company undertakes to indemnify the insured against the loss suffered by the insured hazard. It means to do good the loss and to put the insured every bit far as possible in the same fiscal place in which he was before the occurrence of the insured hazard. This rule helps to maintain the premium at a low degree and helps in avoiding an anti- societal act. Meaning OF Hazard: A contract of insurance is a contract under which the insurance company undertakes to protect the insured from a specified loss it occurs. The insured is afraid of loss which is called the hazard of loss and the insurance company undertakes to indemnify him from the appreciated loss it occurs for a consideration called the premium. The insurance company calculates the premium harmonizing to the chance. nature and extent of hazard from which the insured desires to be protected. The hazard of loss is co – extensive with the value of the insurable involvement the insured has. The insurance company fixes the premium harmonizing to the nature. measure. quality and chance of the hazard desired to be covered by the policy. The finding of dimensions of hazard covered by the contract is of import to both the parties. Hazard remains the hazard till the occurrence of the eventuality. Once the eventuality happens it becomes a definite loss and against this loss the insurance company seeks to indemnify the assured. Scope OF Hazard The insurance company indemnifies the insured merely against the loss caused during the period insured. for which the direct and proximate cause is the hazard insured against. In The Wilson Son’s and Co v. Xantho the range of the hazard is described as: It is unfastened to the parties by understanding to widen or restrict the liability of the insurance company in regard of the operation of the hazard. In the absence of such an understanding: 1 ) The hazard includes a ) the loss caused. i. e. hazard brought approximately by the carelessness non merely of the insured but even by his retainers or aliens. and B ) hazard brought about wilfully or maliciously by the insured’s retainers or aliens. but 2 ) The hazard does non include a ) loss caused by the wilful misconduct of the insured or caused with the convenience whether it amounts to a offense or non. B ) loss due to ordinary wear and tear and degree Celsius ) built-in frailty of the topic affair insured as in vitamin D ) and e ) the hazard is such that it must go on and the hazard in insurances is that which may go on and non which must go on. In the instance of Vikram GreenTech Ltd v. New India Assurance Co. Ltd. where the plaintiff in error had insured his poly- houses in a flower gardening undertaking. The proposal form clearly mentioned that merely six poly houses were to be insured. The insured claimed losingss for houses 7. 8A every bit good as 8B which were non expressly mentioned in the proposal signifier. The Supreme Court opined that an insurance contract. is a species of commercial minutess and must be construed like any other contract to its ain footings and by itself. In a contract of insurance. there is demand of uberimma fides i. e. good religion on the portion of the insured. Except that. in other respects. there is no difference between a contract of insurance and any other contract. The four necessities of a contract of insurance are. ( I ) the definition of the hazard.( two ) the continuance of the hazard.( three ) the premium and.( four ) the sum of insurance. Since upon issue of insurance policy. the insurance company undertakes to indemnify the loss suffered by the insured on history of hazards covered by the insurance policy. its footings have to be purely construed to find the extent of liability of the insurance company. The enterprise of the tribunal must ever be to construe the words in which the contract is expressed by the parties. The tribunal while interpreting the footings of policy is non expected to venture into excess liberalism that may ensue in re-writing the contract or replacing the footings which were non intended by the parties. The insured can non claim anything more than what is covered by the insurance policy. The National Claim every bit good as the Supreme Court rejected the claim of the insured. TYPES OF RISKS COVERED BY INSURANCEPure RISKS: A pure hazard offers no chance of addition. It offers merely the possibility of loss. or at best the saving of position quo. Examples of pure hazard are fire. inundation. accident. decease. etc. These are the sorts of hazard which usually are the topic of insurance. Pure hazards are handled as operational and safety issues by professionals and finance forces have to turn to the hazards originating out of failure of above operational and safety steps. Such hazards can non be against public policy. Together they need to guarantee that the organisation is able to defy any hazards or failure of systems and can go on its operations without much battle. The Risk Management and Insurance Planning is required for any organisation to reexamine their hazard direction schemes and to choose for hazard transportation steps like availing insurance screen etc. Bad Hazards: besides known as entrepreneurial hazards. these offer the possibility of additio n or of loss. Trading hazards fall within this class. Generally such hazards are non insurable. Provision against the possibilities of loss with this type of hazard is normally made by commercial minutess or by specific direction determinations. such as diversifying concern activities. TYPES OF RISKS COVERED BY DIFFERENT TYPES OF INSURANCE Life Insurance: provides a pecuniary benefit to a deceased’s household or other designated donee. and may specifically supply for income to an insured person’s household. entombment. funeral and other concluding disbursals. Life insurance policies frequently allow the option of holding the returns paid to the donee either in a ball amount hard currency payment. or an rente. Marine insurance covers different types of hazard during the sea ocean trip. The insured can choose the different types of hazard. which may originate during the ocean trip and insurance company will merely liable to counterbalance the mentioned or selected hazard. The undermentioned types of hazards and hazard are by and large covered under Marine insurance 1 ) Hazards of sea: Hazards of sea agencies unknown or excess ordinary accident such as hit with sea hazard or other another ship. accident. in deficiency of pre-knowledge. sea air current. etc. which may damage the ship. The insurance company is apt to counterbalance the mentioned hazards of sea but ordinary gale. moving ridges. wear and tear and non included. 2 ) Hazards of fire: Fire hazards are related to loss or harm due to fire on history of coal. electricity. H2O used for snuff outing fire. lightening. detonation. etc. Insurance company covers harm merely if the fire occurs by chance. 3 ) Jettison: It means intentionally throwing off the lading or portion of ship into the sea to do the ship igniter. If this act is done for the safety of the ship so insurance company will counterbalance the loss but if this act is done with out any ground so insurance company will non liable to counterbalance the loss. 4 ) Simony: When a unlawful act volitionally committed by the crew is known as simony. Such as larceny. puting fire on ship. deceitful sale of lading. etc. The insurance compensate is labile to indemnify the loss against the simony hazard. 5 ) War hazard: Enemy state may damage the ship. capture t he ship during the war clip. Insurance company compensates the loss against war hazard. 6 ) Land hazard: Insurance company besides covers the land hazard and include â€Å"warehouse to warehouse† clause. It compensates the harm or loss through hazard while transporting goods from one ware house to another. Motor Insurance It is likely the most common signifier of insurance and may cover both legal liability claims against the driver and loss of or damage to the insured’s vehicle itself. Motor insurance is extended over autos. commercial vehicles. trains and dawdlers. every bit good as bikes. FIRE INSURANCE Fire: Destruction or harm to the belongings insured by its ain agitation. natural warming or self-generated burning or its undergoing any warming or drying procedure can non be treated as harm due to fire. For e. g. . pigments or chemicals in a mill undergoing heat intervention and accordingly damaged by fire is non covered. Further. combustion of belongings insured by order of any Public Authority is excluded from the range of screen. Lightening: Lightning may ensue in fire harm or other types of harm. such as a roof broken by a falling chimney struck by lightning or clefts in a edifice due to a lightning work stoppage. Both fire and other types of amendss caused by lightning are covered by the policy. Explosion/ Implosion: Explosion is defined as a sudden. violent explosion with a loud study. An detonation is caused inside a vas when the force per unit area within the vas exceeds the atmospheric force per unit area moving externally on its surface. Implosion means spliting inward or prostration. This takes topographic point when the external force per unit area exceeds the internal force per unit area. This policy. nevertheless. does non cover devastation or harm caused to the boilers ( other than domestic boilers ) . economizers or other vass in which steam is generated and machinery or setup topic to centrifugal force by its ain explosion/ implosion. These hazards can be covered in a Boiler A ; Pressure Plant Insurance Policy. which is specially designed to manage these hazards. Aircraft Damage: The loss or harm to the belongings ( by fire or otherwise ) straight caused by aircraft and other aerial devices and/ or articles dropped there from is covered. However. devastation or harm ensuing from force per unit area moving ridges caused by aircraft traveling at supersonic velocity is excluded from the range of the policy. Any loss caused by public violence. terrorist act. etc: Any loss or physical harm to the belongings insured straight caused by such activity or by the action of any lawful governments in stamp downing such perturbation or understating its effects is covered. Further the willful act of any striker or locked out worker. in connexion with a work stoppage or a lock out. or the action of any lawful authorization in stamp downing such act. ensuing in seeable physical harm by external agencies. is besides covered. Malicious act would intend an act with malicious purpose but excepting skip of any sort by any individual. ensuing in seeable physical harm to the insured belongings. whether or non the act is committed in the class of perturbation of public peace or non. Burglary. break-in. larceny or theft does non represent a malicious act for the intent of this screen. Entire or partial surcease of work or the retarding or break or surcease of any procedure or operations ; or. lasting eviction ensuing from arrogation. hijacking. requisition or devastation by order of the Government or any legitimately established authorization ; or permanent or impermanent eviction of any edifice or works or unit or machinery ensuing from the improper business by any individual of the same or bar of entree to the same. are non covered. Storm. Cyclone. Typhoon. Tempest. Hurricane. Tornado. Flood and Inundation: Storm. Cyclone. Typhoon. Tempest. Tornado and Hurricane are all assorted types of violent natural perturbations that are accompanied by boom or strong air currents or heavy rainfall. Flood or Inundation occurs when the H2O rises to an unnatural degree. Flood or flood should non merely be understood in the common sense of the footings. i. e. . inundation in river or lakes. but besides accretion of H2O due to clogged drains would be deemed to be flood. These ha zards are non thorough. Elements OF Hazard Hazard depends upon assorted elements of the event insured against in its go oning Oklahoman or subsequently. These fortunes must be disclosed by the insured and the insurance companies by and large calculate the premium with mention to these elements: In life insurance. the hazard depends upon: I ) Habits in life or manner of life.two ) Healththree ) Occupationfour ) EnvironmentV ) Position and position in life.six ) Fictional character.seven ) Heredity.eight ) Previous unwellness. andnine ) Opportunities for exposure to particular dangers.In belongings ( includes motor every bit good as fire ) insurance the hazard depends upon: I ) The nature of the belongings like movable or immoveable belongings. perishable or otherwise. two ) Character and fundamental law. three ) Area.four ) Situation and vicinity.V ) Exposure to outside dangers.six ) Inherent defect.seven ) Use and wonts of the assured.eight ) The rubric to the belongings.In Marine insurance the hazard depends upon:I ) Ocean trip and its nature.two ) The path of the ocean trip.three ) The air currents and the storms in the vicinity.four ) The danger of war. gaining control and ictus.V ) Pirates.six ) Mutiny of the crew.seven ) Rebellion of indigens and unsafe seashores. Beginning of hazard: On the portion of the insurance company the hazard commences when the insurance company accepts the proposal and the suggester deposits the first premium. In instance the insurance company gives acceptance conditionally. the original suggester has to follow with those conditions foremost so it becomes the clear credence by the insurance company. These conditions may be associating to payment of premiums or excess premiums or to follow with certain statutory demand. Mere aggregation of sum of premium does non mean that the proposal is accepted. Some formalities besides have to be completed before the payment becomes acceptable. In LIC of India v. Raja Vasireddy Komalavalli Kamba. contract of insurance was to be concluded merely when the party to whom an offer has been made has accepted it unconditionally and communicated its credence to the individual doing the offer. Silence does non ensue in a binding contract. CIRCUMSTANCES AFFECTING THE RISKThere are certain stuff facts which must be disclosed by the insured as it affects the hazard to be undertaken by the Insurance company. In instance of life insurance the age of the assured. his wellness. wonts. etc have to be considered while repairing the premium sum. The Insurance Act. 1938 in Section 45 says that. Nothing in this subdivision shall forestall the insurance company from naming for cogent evidence of age at any clip if he is entitled to make so. and no policy shall be deemed to be called in inquiry simply because the footings of the policy are adjusted on subsequent cogent evidence that the age of the life insured was falsely stated in the proposal. The wonts of life. past and present which tend to shorten life must be disclosed like usage of opium. baccy or intoxicant. Questions about past unwellness are to be treated otherwise with that of the present province of wellness. The latter are affairs of sentiment. Consultations done in ea rly childhood can non be regarded as stuff facts. Information sing the business is indispensable to understand the nature of the hazard. If it is a unsafe business like a soldier. crewman. pilot or a workingman in an ammo mill. the insurance companies charge a higher rate of premium. UTMOST Good FAITH PRINCIPLE The insurance contract is a contract ubberrima fide and hence if the assured has non disclosed all the material facts. the insurance company can avoid the contract. It is a pattern of insurance companies to infix a clause in the policies and proposal signifiers to declare that all the replies stated in the proposal organize shall organize the footing and portion of the footings of the contract in the policy. By such a declaration. the insurance company has a right to avoid the policy with a little fluctuation in revelation of material facts. This regulation was mitigated by Section 45 of the Life Insurance Act. It laid down that No policy can be challenged after two old ages from the day of the month of policy on the land that any statement made in the proposal or in any study of the medical officer or any papers is false or inaccurate unless it is material to unwrap and it was fraudulently made and the policy holder knows at the clip that it was false or he suppressed the fact which was stuff to unwrap. In Mithoolal v. Life Insurance Corporation. the respondent challenged the policy after two old ages of issue as the assured had fraudently suppressed facts. It was held that the latter was non apt. In Suresh. P. V v. Insurance Ombudsman and another MATERIAL FACTS:The ailment was filed by the suppliant as the ombudsman had rejected the claim of his asleep married woman under the Life Insurance Policy. The petitioner’s married woman took an insurance Policy for 50. 000 from Life Insurance Corporation of India. She died on history of cervical malignant neoplastic disease. Before her decease. she paid 10 quarterly premium due on her policy. On the decease of the life assured. the petitioner’ claim for the insurance sum as per the policy. was repudiated by the LIC on the land that the life assured had lied about non being admitted to any infirmary or nursing place for general check-up. observation. intervention or operation and was non enduring from any disease. The insured had undergone intervention at a infirmary for Rheumatoid Arthritis three old ages before the policy commenced. The Corporation alleged suppression of material facts. Cancer was detected merely after the policy was taken and it was the proximate caus e of decease. The Corporation under Section 45 of the Insurance Act. 1938 has to turn out that ISSUES RAISED I ) Whether there was non-disclosure is of a stuff fact? ( two ) Whether there was deceitful suppression made by the policy holder? ( three ) Whether the policy holder knew at the clip of doing the contract that the information given by the assured was false or that she has suppressed facts which it were material to unwrap? four ) Whether the renunciation of claim by Life Insurance Corporation was valid under Section 45 of the Insurance Act. 1938? Analysis The Kerala High Court referred to Mithoolal Nayak v. Life Insurance Corporation of India every bit good as Life Insurance Corporation v. Asha Goel instance. The High Court held that it is non sufficient to turn out that the statements were false. The Corporation has to turn out that the false statements made by the petitioner’s married woman were fraudulently made by her and that she must hold been cognizant at the clip of doing the statement that the same were false and there was in fact suppression of stuff fact. She was an illiterate adult female and she suppressed the fact of holding arthritic arthritis unwittingly and non fraudulently. Judgment: Finally the tribunal held that the renunciation of the claim of the suppliant was illegal and unsustainable. RISK MANAGEMENTBasic stairss in hazard direction are:a ) Identifying hazard:B ) Quantifying hazard:degree Celsius ) Recommendationsvitamin D ) Monitoring consequences.Risk direction ensures that an organisation identifies and understands the hazards to which it is exposed. Risk direction besides guarantees that the organisation creates and implements an effectual program to forestall losingss or cut down the impact if a loss occurs. A hazard direction program includes schemes and techniques for acknowledging and facing these menaces. Good hazard direction doesn’t have to be expensive or clip consuming ; it may be every bit unsophisticated as replying these three inquiries: 1. What can travel incorrect? 2. What will we make. both to forestall the injury from happening and in response to the injury or loss? 3. If something happens. how will we pay for it? Insurance is merely a portion of a entire risk- direction programme. While hazard direction and insurance are closely related. insurance entirely is non risk direction. Risk direction is far broader and includes the constructs of avoiding. forestalling. and minimising loss. In add-on. hazard direction references methods other than insurance for reassigning the fiscal effects of losingss that do happen. Risk Appraisal: Insurance requires the appraisal of hazards so that they can be recognized and priced. Risk Pricing: Insurance puts a pecuniary value on hazards. Insurance can assist reconstruct the well-being of a policy holder after a daze. Besides. if good designed. insurance can make inducements for policy holders to cut down hazardous behaviour. Risk direction provides a clear and structured attack to placing hazards. Having a cl ear apprehension of all hazards allows an organisation to step and prioritise them and take the appropriate actions to cut down losingss. BENEFITS OF RISK MANAGEMENT: Risk direction has other benefits for an organisation. including: * Salvaging resources: Time. assets. income. belongings and people are all valuable resources that can be saved if fewer claims occur. * Protecting the repute and public image of the organisation. * Preventing or cut downing legal liability and increasing the stableness of operations. * Protecting people from injury. * Protecting the environment.* Enhancing the ability to fix for assorted fortunes.* Reducing liabilities.* Assisting in clearly specifying insurance demands. An effectual hazard direction pattern does non extinguish hazards. However. holding an effectual and operational hazard direction pattern shows an insurance company that his organisation is committed to loss decrease or bar. It makes his organisation a better hazard to see. ROLE OF INSURANCE IN RISK MANAGEMENT Insurance is a valuable risk-financing tool. Few organisations have the militias or financess necessary to take on the hazard themselves and pay the entire costs following a loss. Buying insurance. nevertheless. is non risk direction. A thorough and thoughtful hazard direction program is the committedness to forestall injury. Risk direction besides addresses many hazards that are non insurable. including trade name unity. possible loss of tax-free position for voluntary groups. public good will and go oning donor support. The Courts in assorted judgements have opined that the staff of insurance companies should give prompt and effectual service to the people and efficaciously pull off the personal businesss of the life insurance companies. The instances are as follows: In the landmark instance of Life Insurance Corporation of India v. Asha Goel. the Supreme Court observed that â€Å"The Corporation has grown in size and at present it is one of the largest public sector fiscal projec ts. The policy-holders and the populace at big look frontward to motivate and efficient service from the Corporation. Therefore the governments in-charge of direction of the personal businesss of the Corporation should bear in head that its credibleness and repute depend on its prompt and efficient service. Therefore. the attack of the Corporation in the affair of renunciation of a policy true issued by it should be one of extreme attention and cautiousness. It should non be dealt with in a mechanical and everyday mode. † In the instance of Life Insurance Corporation v. Anuradha. the tribunal observed that Life Insurance Corporation is a societal public assistance establishment and it should believe of inventing a policy available in insurgence afflicted parts which would take attention of the assured and his household members in such countries. In short the Supreme Court hinted that the footings and conditions of the insurance policies in the insurgence affected countries should be suited in conformity with the demands of the people in such countries. In United India Assurance Co. Ltd v. Hasan Sultan Nadaf. the National Commission did non O.K. the pattern of the insurance companies to do feeble alibis in order to get the better of the echt claim of the insured. In this instance the claim of the insured was rejected on the land that the proprietor of the shed of the mill had no insurable involvement in it. This pattern was held to be indefensible and a square alibi to improperly reject the claim. The policy should hold been issued after inspecting the shed and if the factum of insurable involvement was non verified so it meant that the insurance company was foolhardy. flagitious and behaved in a manner that was damaging to the involvement of the consumer. Decision Hazard is a load non merely to the person but to the society every bit good. There exists several techniques for managing of hazard of which insurance is the most practical method for managing hazards. Insurance nevertheless does non ever to the full counterbalance the insured for losingss suffered. This may be the consequence of restriction of the liability accepted by the insurance company. hapless direction of case by the insured leading to breach in screen or uninsurable losingss. Insurance therefore reduces the frights of future hazard to the person insured and by capital formation it helps the growing of the industry. accelerates production. lubricates the machinery of production and distribution and improves the economic system of the state. It mobilizes the resources. accelerates and stabilizes growing and helps in the constitution of a public assistance province. After opening up of the insurance sector. Insurance Regulatory and Development Corporation. has monitored the ope rations of the insurance companies. It tries to protect the involvements of the consumers and helps in the fiscal soundness of the insurance industry. The insurance sector plays a critical function in the procedure of economic development of any state. It acts as mobiliser of nest eggs. as fiscal intermediary. as booster of investing activities. as stabilizer of fiscal markets and as a hazard director. Insurance services lead to efficient and productive allotment of capital resources. facilitate growing of trade and commercialism. replacement for authoritiess societal security programmes. and assist persons and houses in efficient direction of hazards. Post 9/11 onslaught the CEO’s of major companies in the universe have realized the demand for equal insurance in all perceptible countries impacting their company. It can be safely be assumed that the insurance market has enormously improved after globalisation. It will surely increase insurance incursion and all professionals every bit good as populace at big should work the chances offered by this sector. Bibliography * Murthy A ; Dr Sharma. â€Å"Modern Law of Insurance† . 4th edition. Lexis Nexis Wadhwa Nagpur. ( 2009 ) * Srinivasan M N. Principles of Insurance Law. Wadhwa A ; Company Nagpur. ( 2006 ) * Verma. Upadhyay. Srivastava. â€Å"Risk Management in Banking and Insurance† Deep and Deep Publications. ( 2007 ) * Ratanlal and Dhirajlal. ( 2004 ) â€Å"Law of Insurance† Lexis Nexis: Butterworths. Wadhwa. Nagpur. WEB RESOURCES hypertext transfer protocol: //www. manupatra. com/hypertext transfer protocol: //www. indiankanoon. org/doc/559952/hypertext transfer protocol: //www. ibc. ca/en/Business_insurance/risk_management/