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insurance act- querry

CA.kaya (Chartered accountant) (3990 Points)

13 January 2010

please tell me the meaning of reinsurance ,provident society and mutual insurance company , according to insurance act 1938. i dont want definition. i want simple meaning . thank you

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8 Replies

CA.kaya (Chartered accountant) (3990 Points)
Replied 14 January 2010

please any one reply me

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CA CS CIMA Prakash Somani (Landmark Group) (23502 Points)
Replied 14 January 2010

reinsurance is insurance of already insured property.

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CA CS CIMA Prakash Somani (Landmark Group) (23502 Points)
Replied 14 January 2010

https://www.fsa.gov.uk/pages/doing/small_firms/msr/societies/index.shtml

Hareesh H Sharma (Cleared IPCC..now article) (894 Points)
Replied 14 January 2010

Dear Kaya,

I can help u wit reinsurance from what i knw in accounts..i dunno if insurance act says the same

It means insuring an insured thing again with another insurance company..Which means if a comp (say A) get an ins policy wit policy amt say 100cr and they don wanna take risk on the policy alone as if the evnt happens they will have to pay that whooping amount on their own..So they will insure it with another ins company (say B)...So if the even happens A and B can share the compensation...i hope am clear...And according to A its reins ceeded and for B its reins accepted

Rest two terms i dunno...sorry

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