aanchal

Fire insurance is a contract in which the insurer agrees, in exchange for a payment (premium), to compensate the insured for any financial loss caused by fire to property or goods during a specific period. The parties to the contract agree on a maximum amount (written in the contract) the insured can claim in a loss. The insurance company has to pay back the actual amount of the loss set by the policy. A fire insurance policy can not be given to someone else without the insurer's permission because the insured must have an insurable interest in the pro...

Arbitration is one of the oldest ways to settle a dispute besides going to court. We can trace the roots of arbitration back to the village panchayats in India, which have been around for a long time. People believed that the Panchas, when they met as a group as the Panchayat, was the voice of God, and their decisions had to be accepted and followed without question. Alternative Dispute Resolution is a way to settle civil disputes without involving the court. These are ways to resolve disagreements on a large scale. Arbitration and conciliation are the ...

The people made the Constitution of India to maintain social, economic, and political justice. When it comes to justice, economic justice is the most important. For a democracy to be factual, it needs both equality and justice. Because of this, it not only makes sure that everyone has the same status and opportunities but also gets rid of all kinds of differences in wealth and opportunities. Economic justice means that individuals will have no partiality about how much they are worth. It means equal pay for equal work, and everyone should get what is fa...

Early European employers in India gave "bakhshish," or a gift, to their workers on holidays like "Diwali." They probably did this because they were happy with their high profits. Bonuses are a way for employers to encourage their workers to do their best job. The employees have a legal right to be part of the surplus employers use to pay bonuses. The employer should distribute this part among all workers based on their wages, without considering the dearness allowance or any other allowance. Bonuses motivate employees to work at their most incredible c...