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NAME              ROLL NO.PRIYANK DARJI     06HARDIK NATHWANI   27SHASHANK PAI      28SAGAR PANCHAL     29DHARMIK PATEL   ...
      Ethics involves learning what is right or    wrong, and then doing the right thing -- but    "the right thing" is n...
     In 1993, Malhotra Committee, headed by former Finance    Secretary and RBI Governor R.N. Malhotra, was formed to    ...
Insurance is a form of risk management primarily usedto hedge against the risk of a contingent, uncertain loss.Insurance i...
INSURANCE   LIFE    GENERALINSURANCE INSURANCE                      7
Life Insurance Corporation of India (LIC) was formed in September     1956 by an Act of Parliament, LIC Act 1956 with a co...
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Prior nationalization there were 68 Indian insurers (includingLIC) and 45 non-Indian insurers did the business.In Nov. 197...
1. To perform his / her duties in high esteem.2. To give utmost priority to the clients    interest.3. Not to disclose cli...
 Establishing and defining the client Gathering client data, including goals Analyzing and evaluating the financial sta...
Two types of Books                     14
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Ethics in insurance ppt

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Ethics in insurance ppt

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  3. 3. NAME ROLL NO.PRIYANK DARJI 06HARDIK NATHWANI 27SHASHANK PAI 28SAGAR PANCHAL 29DHARMIK PATEL 32KUSH SHAH 39SIDDARTH TAWDE 46 3
  4. 4.  Ethics involves learning what is right or wrong, and then doing the right thing -- but "the right thing" is not nearly as straightforward as conveyed in a great deal of business ethics literature. Many ethicists consider emerging ethical beliefs to be "state of the art" legal matters, i.e., what becomes an ethical guideline today is often translated to a law, regulation or rule tomorrow. 4
  5. 5.  In 1993, Malhotra Committee, headed by former Finance Secretary and RBI Governor R.N. Malhotra, was formed to evaluate the Indian insurance industry and recommended its figure direction. The Malhotra committee was set up with the objective of complementing the reforms initiated in the financial sector. The key industry drivers are related to lifestyle issues in terms of perceiving insurance as a savings instrument rather than for risk cover, need based selling, quality of service and customer awareness. 5
  6. 6. Insurance is a form of risk management primarily usedto hedge against the risk of a contingent, uncertain loss.Insurance is defined as the equitable transfer of the risk of aloss, from one entity to another, in exchange for payment.An insurer is a company selling the insurance; an insured, orpolicyholder, is the person or entity buying the insurancepolicy. The insurance rate is a factor used to determine theamount to be charged for a certain amount of insurancecoverage, called the premium. Risk management, thepractice of appraising and controlling risk, has evolved as adiscrete field of study and practice. 6
  7. 7. INSURANCE LIFE GENERALINSURANCE INSURANCE 7
  8. 8. Life Insurance Corporation of India (LIC) was formed in September 1956 by an Act of Parliament, LIC Act 1956 with a contribution of Rs. 50 million. Subsidiary of Life Insurance:1. Birla Sun Life Insurance2. SBI Life Insurance3. ICICI Prudential4. Kotak Mahindra 8
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  11. 11. Prior nationalization there were 68 Indian insurers (includingLIC) and 45 non-Indian insurers did the business.In Nov. 1972, the general insurance business was nationalized bythe General Insurance Business (Nationalized), Act 1972(GIBNA) and vested in the hand of the GIC and its foursubsidiaries viz.1. National Insurance Co. Ltd.,2. New India Assurance Co. Ltd.,3. Oriental Fire and General Insurance Co. Ltd., and4. United India Insurance Co. Ltd. 11
  12. 12. 1. To perform his / her duties in high esteem.2. To give utmost priority to the clients interest.3. Not to disclose clients confidential and personal information.4. To ensure prompt and sincere service to the client and his or her family.5. To use appropriate methods in convincing clients to protect their insurable interest. 12
  13. 13.  Establishing and defining the client Gathering client data, including goals Analyzing and evaluating the financial status Developing and presenting Financial Planning recommendations Implementing the Financial Planning recommendations 13
  14. 14. Two types of Books 14
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