Notes on lesson on Insurance and Taxation |

Insurance and Taxation

Insurance and Taxation



Tax is the most important source of income or revenue for the government. Tax is a liability of a person or an organization to the state or government. This note has information about taxation, its objectives and its types.


Insurance is the cooperative method of distributing the risk of an individual caused by death, fire, accident, etc. over a large number of individuals in exchange for a regular contribution called premium.

Types of Insurance

Insurance is a way, which provides security to the man and his property against the risk and uncertainty. There are two types of insurance. They are life insurance and non-life insurance.

Advantages of Insurance

Insurance provides benefits to an individual, family, businessman as well as a society. This note has information about advantages of insurance.