Post by Sapphire Capital on Oct 22, 2008 19:48:17 GMT 4
The Social Security Character of Life Insurance
G. Gopalakrishna
LIC of India
The Icfai University Journal of Insurance Law, Vol. 6, No. 4, pp. 12-22, October 2008
Abstract:
The concept of insurance is initiated to protect the people against the risks that are uncertain. It has developed the risk transferability and risk sharing model in order to secure the people, security ensured by insurance. The nature of the security varies from class to class of insurance products. Life insurance is considered a tool of social security as it supports the destined dependent of the insured after his sudden demise. It is considered valuable as it provides safety and offers peace of mind to the beneficiaries of the policy and also considered a profitable investment and saving model. Married Women Property Act, 1874, contains provisions to secure certain monetary benefits for the wife and children of the insured after his demise. Thus, the author opines that the life insurance and other types of insurance act as a device of social security.
papers.ssrn.com/sol3/papers.cfm?abstract_id=1283587
G. Gopalakrishna
LIC of India
The Icfai University Journal of Insurance Law, Vol. 6, No. 4, pp. 12-22, October 2008
Abstract:
The concept of insurance is initiated to protect the people against the risks that are uncertain. It has developed the risk transferability and risk sharing model in order to secure the people, security ensured by insurance. The nature of the security varies from class to class of insurance products. Life insurance is considered a tool of social security as it supports the destined dependent of the insured after his sudden demise. It is considered valuable as it provides safety and offers peace of mind to the beneficiaries of the policy and also considered a profitable investment and saving model. Married Women Property Act, 1874, contains provisions to secure certain monetary benefits for the wife and children of the insured after his demise. Thus, the author opines that the life insurance and other types of insurance act as a device of social security.
papers.ssrn.com/sol3/papers.cfm?abstract_id=1283587