suffer losses, the insurance companies effectively manage to compensate the losses, financially, using the premium collected. ... of losses among members of the pool.1 Figure 1.1 illustrates this principle of pooled risk sharing which forms the basis of all types ... Every year on an average, 4 houses get burnt, resulting into a total loss of Rs. 40, 000. ... White, M.D., The Philosophy of Life Insurance, www.bankinsurance.com/editorial/artic1es/ pdfs/bim/1993-philosophy-of-life- insurance.pdf.
|Title||:||Fundamentals Of Life Insurance: Theories And Applications|
|Publisher||:||PHI Learning Pvt. Ltd. -|