Exploring Insurance: A Simple Guide to Tenders and Opportunities in India 2023
Introduction: Insurance is a financial arrangement that provides protection against financial loss or risk. It involves an individual or entity (the policyholder) paying a premium to an insurance company in exchange for coverage. The insurance company, in turn, agrees to compensate the policyholder for specified losses or damages, as outlined in the insurance policy. Key elements of insurance are premiums, policy, coverage, claim, deductible, and underwriting. Government and Insurance Dynamics Insurance intersects with the government and Public Sector Undertakings (PSUs) in various ways, reflecting the regulatory framework, public policy objectives, and the role of the government is to oversee and manage how insurance works to make sure it follows the rules. The government might have its own insurance companies to provide services to people. These companies play a big role in offering insurance services to the public. The government and insurance companies work together to create...
