What is Promissory Note? Section 4 of the Act defines, “A promissory note is an instrument in writing (note being a bank-note or a currency note) containing an unconditional undertaking, signed by the maker, to pay a certain sum of money to or to the order of a certain person, or to the bearer of … Read more
What is a Bank? A bank is an institution that accepts deposits of money from the public which is withdrawable by cheque and uses the deposits collected for lending. Hence, the following four parameters are essential to describe an institution as a bank. Hence, a bank is an intermediary that accepts deposits from the public … Read more
Types of Insurance We can categorize types of insurance into three bases of types of insurance: 1. On the Basis of the Nature of the Business, 2. On Basis Business Point of View, On Basis Risk Point of View: On Basis of Nature of Business The following are the types of insurance on the basis … Read more
Characteristics of Insurance Insurance is a complex financial product with numerous characteristics that define its nature and operation. Here are some of the main characteristics of insurance: Sharing of Risks Insurance is a cooperative device to share the burden of risk which may fall on happening of some unforeseen events, such as the death of … Read more
What is Insurance? Insurance is a contract whereby one person, called the insurer, undertakes in return for the agreed consideration called premium, to pay to another person called the insured, a sum of money or its equivalent on a specified event. In other words, Insurance may be described as a social device to reduce or … Read more
