This document discusses insurance, including its definition, history in Nepal, types of insurance, and effects on daily life. It begins by defining insurance as a legal contract between three parties that distributes risks by having the insurer assume the risk of loss in exchange for premiums from the insured. The document then covers the historical development of insurance in Nepal starting in 2004, describes the main types of insurance like life, marine, fire, and miscellaneous, and explains how insurance works by sharing losses among many. It concludes by discussing the positive effects insurance has on families, business, employment, the economy, and society by providing compensation against losses and encouraging risk-taking.

1. INSURANCEMaking a difference for lifePresented By : KhusbooSurekaRoll # 10115

2. Agenda:Introduction to Insurance.Elements of Insurance Contract.Historical Background.Types of Insurance.How Does An Insurance Works?Insurance & Its Effect In Our Daily Life.Insurance Gives Compensation Not Profit.Source : http://en.wikipedia.org/wiki/Insurancehttp://historiesofnepal.blogspot.com/2010/09/life-insurance-in-nepal.html2

3. INTRODUCTION TO INSURANCEEconomic Institution.

4. Three parties contract.

5. Written Agreement.

6. Distributes the risks.

7. Legal Agreement.

8. Assumes the Risk. 3

9. Element of insurance contractThe insured must have insurable interest in the subject of insurance.

10. The insurer’s obligation to indemnify.

11. The insurer assumes the risk of loss.

12. As a consideration insured or policy holder have to pay a premium to the insurance company.4

13. HISTORICALBACKGROUNDMal Chalani Ra Bima Company in 2004

14. Nepal Insurance and Transport Company in 2016

15. Nepal Insurance Co. Ltd in 2048

16. RastriyaBeema Corporation under insurance Act 2025 .

17. In 2043 New Insurance Act was introduced

18. National life and general insurance Co. Ltd from the private sector in 2043. Source : http://en.wikipedia.org/wiki/Insurance,http://historiesofnepal.blogspot.com/2010/09/life-insurance-in-nepal.html5

19. TYPES OF INSURANCEInsurance Cover Various Types of Risk Underthe Four Heading. They are:Life Insurance

20. Marine Insurance