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Gaurav Seth 6 years, 9 months ago
An Insured is a person who is the buyer of the insurance policy. An insured is the proposer of the policy who pays premium as the consideration to the insurance company. Insured purchases the insurance policies to safeguard the assets from the financial consequences of losses or damage that occur from insured peril
An Insurer is a company who sells the insurance policies. Insurer is the one who bears the risk in return for considration which is known as premium. Insurer agrees to pay to the insured a certain sum of money if the insured peril occurs so that it is possible to continue the benefits
Insured pays the premium to the insurer
Insurer pays the claim to the insured
<hr />For example:
A purchases insurance from Z insurance company.
So here,
A - insured
Z - insurer
A will pay premium to Z
Z will pay claim to A
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Co-operative form of organizations.
- Co-operative housing societies: They are formed to provide residential accommodation to the members. They undertake the development of land and/or construciton of house/flat on the land.
The Characteristics of Co-operative form of organizations are as under:-
- They can maintain direct relations with the manufacturers or wholesalers.
- They can ensure a steady supply of goods and services of high quality at reasonable price.
- They can help producers in purchase of raw material for production of goods and services.
- They can help their members sell their goods at a profit.
- The funds of the society are used in giving loans to needy members on easy terms.
- Co-operatives also help small farmers to cultivating land collectively.
- They also help in providing land or flats to their members.
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Ritesh Patel 6 years, 9 months ago
1Thank You