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Ketan Shah
Labour Management Consultant
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Specializing in Labour Law
 
 
bullet The Factories Act, 1948
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bullet Employees' State Insurance Act, 1948
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bullet Employees' Provident Funds & Miscellaneous Provisions Act, 1952
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bullet Payment of Bonus Act, 1965
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bullet Payment of Gratuity Act, 1972
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bullet WorkMens Compensation Act, 1923
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bullet Payment of Wages Act, 1936
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bullet Minimum Wages Act, 1948
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bullet The Apprentice Act, 1961
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bullet The Industrial Employment (Standing Order) Act, 1946
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bullet The Maternity Benefit Act, 1961
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bullet The Child Labour (Prohibition & Regulation) Act, 1886
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bullet Contract Labour (Regulation & Abolition) Act, 1970
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bullet The Bombay Shops & Establishments Act, 1948
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bullet The Equal Remuneration Act, 1976
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bullet The Employment Exchanges (Compulsory Notification Of Vacancies) Act, 1959 No.31 Of 1959
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bullet Bombay industrial reletion act 1947

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All type of general insurance & life insurance.
Meaning of Insurance

Insurance provides financial protection against a loss arising out of happening of an uncertain event. A person can avail this protection by paying premium to an insurance company

A pool is created through contributions made by persons seeking to protect themselves from common risk. Premium is collected by insurance companies which also act as trustee to the pool.

Any loss to the insured in case of happening of an uncertain event is paid out of this pool.Insurance works on the basic principle of risk-sharing.

A great advantage of insurance is that it spreads the risk of a few people over a large group of people exposed to risk of similar type.

Definition

Insurance is a contract between two parties whereby one party agrees to undertake the risk of another in exchange for consideration known as premium and promises to pay a fixed sum of money to the other party on happening of an uncertain event (death) or after the expiry of a certain period in case of life insurance or to indemnify the other party on happening of an uncertain event in case of general insurance.

The party bearing the risk is known as the 'insurer' or 'assurer' and the party whose risk is covered is known as the 'insured' or 'assured'.

Concept of Insurance / How Insurance Works

The concept behind insurance is that a group of people exposed to similar risk come together and make contributions towards formation of a pool of funds. In case a person actually suffers a loss on account of such risk, he is compensated out of the same pool of funds. Contribution to the pool is made by a group of people sharing common risks and collected by the insurance companies in the form of premiums.

 
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All type of general insurance & life insurance. bullet
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304, 3rd Floor, Sapphire Business Hub, B/h. Trinnity Business Park, Nr. Madhuvan Circle, L.P.Savani Road, Adajan, Surat-395009
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