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
CA CS CIMA Prakash Somani
(Landmark Group)
(23502 Points)
Replied 14 January 2010
reinsurance is insurance of already insured property.
CA CS CIMA Prakash Somani
(Landmark Group)
(23502 Points)
Replied 14 January 2010
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
CA.kaya
(Chartered accountant)
(3990 Points)
Replied 14 January 2010
thank you sir. provident society and mutual insurance company( as per insurance act ) means wat
Hareesh H Sharma
(Cleared IPCC..now article)
(894 Points)
Replied 14 January 2010
Rest of the two terms i dunno kaya...may be try googling it friend
CA CS CIMA Prakash Somani
(Landmark Group)
(23502 Points)
Replied 14 January 2010
Rest of two terms are well explained in the link provided by me :)
Hareesh H Sharma
(Cleared IPCC..now article)
(894 Points)
Replied 14 January 2010
That does it kaya....search well the link provided by Prakash sir...Btw is it from any CA subject...
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