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We live in a world of uncertainty and face risks in our everyday life. These risks are unpredictable. If we can anticipate and predict them, we can prepare for them. Insurance is the best risk-transfer mechanism and is a process by which the losses of a few, who are unfortunate to suffer such losses, are shared amongst those exposed to similar uncertain events situations. We have life and non-life insurance as the pillars of insurance. In India, the principle of life insurance has been reflected in the institution of the joint-family system in India, which was one of the best forms of life insurance down the ages. Sorrows and
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