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Principles of Insurance

Author: Dr. Rabindra Ghimire

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Nepalese history of insurance has already crossed seven decades. Few courses on insurance had been included in collegiate curriculum of Nepalese universities but there is still lack of separate program on Risk Management and Insurance. Now, the importance of insurance has been realised by academicians and professional, government and non-government sectors. Risk Management and Insurance related books written in foreign context are easily available but merely books are written exploring the issues and including the themes of Nepalese insurance industries. I hope that the book "Insurance: Theory and Practices" will be useful to university teachers, students and learners of insurance, researchers and professionals working in insurance industry. Furthermore, the book can be used as a reference material by the students of BBA -BI program (PU TU), BIM MBA and BBM program (Tribhuvan University), and BBA program (Purbanchal University).
The book has been divided in 14 chapters. First chapter discusses about the fundamental of risk management and insurance including the risk management practices in Nepal. Second chapter highlights the fundamental legal principle of insurance and insurance contract. Third and fourth chapters deliberate fundamentals of life and nonlife insurance. Fifth chapter deals with the theoretical perspective of insurance regulation and Nepalese practices. Basics of underwriting and claims management and Nepalese practices has been discussed in the sixth chapter. Seventh chapter is concerned with basic of Insurance Intermediaries and its practices in Nepal. The eighth chapter discusses various functions of insurance companies and ninth chapter discusses about the management of insurance companies and practices of Nepalese insurers. Tenth, eleventh and twelfth chapters deal with Nepalese life, health and nonlife insurance practices in Nepal. Thirteenth and fourteenth chapters are related to the theory and practices of social insurance and reinsurance.