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Abstract

Insurance is described as a social device to or eliminate risk of loss to life and property. Insurance is a collective bearing of risk. Insurance spreads the risks and losses of few people among a large number of people as people prefer small fixed liability instead of big uncertain and changing liability. Insurance is a scheme of economic operation by which members of the community share the unavoidable risks. The risks which can be insured against include five, the perils of sea, death, accident and burglary. The members of the community subscribe to a common pool or fund which is collected by the insured to indemnify the losses arising out of risks but it provides for the losses of risk. It is a scheme which corers large risk by paying small amount of capital. Insurance is also a means of saving and investment.Jeevan Anand is one of the most popular plans of LIC (Life Insurance Corporation).

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