Evaluation of Laws with Special Focus to Indian Insurance Business

Abstract

Insurance serves a societal purpose. It is a social mechanism that enables the unpredictable risks faced by individuals to be combined into a group and so made more certain; small, regular contributions from the individuals create a fund from which those who suffer losses may be paid. It is a method of spreading out prospective financial losses that might be too severe for one person to bear comfortably over a large number of people. In this article, evaluation of laws with special focus to Indian insurance business has been discussed.