Risks and uncertainties are incidental to life. In business, as in private life, there are dangers and risks of every kind.Man may meet untimely death. He may suffer from accident. The loss may be of life or property., and may occur due to death,accident,fire,floods,perils of sea,earthquakes etc. All these events, being uncertain, there is always the risk and insecurity to life and property. The risk is uncertain and the loss arising from risk is also uncertain. No one can prevent such risks or minimise them.
Insurance can protect one person from loss arising from future uncertain events like fire, accident or early death. Here, with the help of insurance, a person keeps himself protected against the losses which may occur due to the uncertain events.Insurance is a way, by which the loss likely to be caused by an uncertain event, spread over a large number of persons who are also exposed to the same type of risks and insure himself against those risks.Insurance may be defined as a cooperative device to spread the loss caused by a particular risk over a number of persons who are exposed to it and who agree to insure themselves against that risk.
THE TWO VITAL CORPORATIONS:
The risks which can be insured have increased in number and extent owing to the growing complexity of the present day economic system. Our Govt. has established two Corporations under seperate act,to deal the insurance business.
The Life Insurance Corporation had provided Life insurance business and the General Insurance Corporation which has four distinct companies namely, 1)The National Insurance Co. 2)The New India Insurance Co. 3) The Oriental Insurance Co. and 4) The United India Insurance Co.
In Life Insurance Co., the company covers the losses and risks of human life. and the general insurance Corporation companies lookafter the other business of risks covered for other living beings like animals, birds etc. and also cover the risk factors throug Fire,Marine, and some other Miscellaneous insurance business.
Nowadays, after Globalistion, More number of competitors are in the fray like ICICI insurance,Bajaj insurance, SBI,CANBANK insurance.There are so many health insurance schemes thro’ these companies which promote good business and at the same time the insured gets favour also,by getting protection through the risk 
Umberlla.
with regards.,
