Providing financial protection for home loan borrowers is the objective of Mortgage Redemption Insurance (MRI).  The sum assured under a keyman insurance policy is generally linked to the business's profitability.  Mortgage Redemption Insurance can be categorized as a form of decreasing term life assurance. Keyman insurance covers losses arising from an extended period during which a key person is unable to work.  A policy is executed under the Married Women’s Property Act (MWP Act). If the policyholder does not appoint a special trustee to receive and manage the benefits under the policy, the sum secured under the policy will be payable to the Official Trustee of the State. Mahesh ran a business on borrowed capital. Following his sudden death, creditors are working to recover Mahesh's assets. However, a term life insurance policy purchased under Section 6 of the MWP Act is protected from creditors.  Under the MWP Act, maturity claims are paid to trustees. For...

  **Origins of Insurance:** The concept of insurance began at Lloyd’s Coffee House in London. The first life insurance company in the world was the Amicable Society for Perpetual Assurance, established in 1706 .  **Insurance History in India:** Oriental Life Insurance Co. Ltd - 1818 Triton Insurance Co. Ltd - 1850 Bombay Mutual Assurance Society Ltd National Insurance Company Ltd Insurance Act - 1938 Nationalisation of Life Insurance - 1956, leading to the formation of the Life Insurance Corporation of India (LIC) on September 1, 1956. General Insurance Business Nationalisation Act (GIBNA) - 1972 marked the nationalisation of general insurance. The Insurance Regulatory & Development Authority of India (IRDA) was established in 1999 and came into effect in April 2000; it was later renamed IRDAI in 2004. The insurance ways of reducing the burden: Insurance reduces the burden in two main ways: 1. **Primary Risk of Burden** 2. **Secondary Risk of Burden:** Setting aside reserv...