Attitude of Policy Holders towards Administration of General Insurance Companies with Reference to Madurai Region

Whenever man is engaged in earning his livelihood, he has to encounter many risks. Some of the risks are expected and some others are quite unexpected. Whatever may be the risk, it will have far reaching impact on the well being of the individual. In a civilized society, many systems have been evolved to guard against such risks. Under certain circumstances avoidance of risk is beyond the control of an individual. Somehow or other the risk results. Necessity is the mother of invention. Hence a need arises to get guarded against it. This necessity led to the invention of insurance. Insurance is the only mechanism available at present to avoid loss arising out of such risks. The economic consequences of the risk can be insured and the real loss is measured in terms of money and it is compensated by the insurer. Insurance is a contract between the policyholder and the insurance company for compensating the loss caused to the policyholder in consideration of premium from him. Unlike life insurance, in general insurance the extent of loss can't be predetermined and it will be estimated according to the circumstances under which the damage occurred. The purpose of general insurance will be served better only when the minute details regarding the policies and the offices of the insurance companies administering them are made known to the general public. Thus a study of attitude of the policyholders towards the general insurance policies assumes significance in a highly expanding economy like India. The findings of the study will enable the insurer to administer the policies efficiently and effectively and the insured to avail of the various benefits of the insurance. Hence, the present study has been undertaken with reference to Madurai Region.