Insurance policy

Insurance is the way of means or medium for getting the financial security against the risk that occurs. In other words it is the way of reducing uncertainty of occurrence of an event that arises so it can be said that it is an investment from which we get returns only of an investment after certain period when certain loss occurred from the predetermined incident.

             So insurance policy it’s a diminish by which one party for compensations called premium assumes particular risks to the other party and promise to pay in or his nominee  a certain sum of  money on the  specified contingency

History of Insurance business is not long in Nepal event though there were some social and cooperative businesses providing security to the all tomes from ancient time’s modern Insurance business started by some Indian Insurance companies in the early times which were mainly concerned in providing Insurance facilities for import business created in India so Nepal mal chaplain tatha bima company ltd established in 2004 b.s can be taken as a 1^st step of Nepalese Insurance history. Considering the role of Insurance business in the expansion of economic activities and alarming outflow of money from the country the government of Nepal felt the need of large and well organized Insurance company within the country so immediately the government of Nepal established restrain bima sans than under the Insurance policy act 2025 which wit totally financed by the government for about decades In Nepal. Currently there are almost 25 Insurance companies both life and non-life working in the field of Insurance in Nepal. In fact it was only after 2049 that the Insurance business started to flourish in Nepal because many companies and industries were established and the people really become aware of their business policy. As a result distract changes were brought in the field of insurance some basic characteristics of Insurance policy are

1. Pooling of losses

2. Sharing the laws of large number

3. Payment of accident losses

4. Risk transfer

5. Indemnification

              a little classes of Insurance policy available in the market according to the marketing approach are

Insurance is the way of means or medium for getting the financial security against the risk that occurs. In other words it is the way of reducing uncertainty of occurrence of an event that arises so it can be said that it is an investment from which we get returns only of an investment after certain period when certain loss occurred from the predetermined incident.

             So insurance policy it’s a diminish by which one party for compensations called premium assumes particular risks to the other party and promise to pay in or his nominee  a certain sum of  money on the  specified contingency

History of Insurance business is not long in Nepal event though there were some social and cooperative businesses providing security to the all tomes from ancient time’s modern Insurance business started by some Indian Insurance companies in the early times which were mainly concerned in providing Insurance facilities for import business created in India so Nepal mal chaplain tatha bima company ltd established in 2004 b.s can be taken as a 1^st step of Nepalese Insurance history. Considering the role of Insurance business in the expansion of economic activities and alarming outflow of money from the country the government of Nepal felt the need of large and well organized Insurance company within the country so immediately the government of Nepal established restrain bima sans than under the Insurance policy act 2025 which wit totally financed by the government for about decades In Nepal. Currently there are almost 25 Insurance companies both life and non-life working in the field of Insurance in Nepal. In fact it was only after 2049 that the Insurance business started to flourish in Nepal because many companies and industries were established and the people really become aware of their business policy. As a result distract changes were brought in the field of insurance some basic characteristics of Insurance policy are

1. Pooling of losses

2. Sharing the laws of large number

3. Payment of accident losses

4. Risk transfer

5. Indemnification

              a little classes of Insurance policy available in the market according to the marketing approach are

                    1.       Life and health insurances

2.       Property and liability insurance

3.       Social insurance

Other government insurance programs finally the most fundamental and basic principles of Insurance policy are

1.       Principles of Insurance interest

2.       Principles of subjugation

3.       Principles of contribution

4.       Principles of cause primal

5.       Principles of mitigation gloss

So it is the policy of fortuitous lesser by transfer of such risk to insurance who agree to Indemnity insurance for such losses to provide other pecan are benefits an their occurrence or to render senses connected with the risk