Introduction to insurance
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Introduction to insurance

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Introduction to insurance Presentation Transcript

  • 1. Insurance 1 YOGESH NAMDEO INGLE.,MBA (FINANCE), NET (MANAGEMENT), Ph.D (WIP), G.D.C &A, NCMP.
  • 2. Insurance 2 YOGESH NAMDEO INGLE.,MBA (FINANCE), NET (MANAGEMENT), Ph.D (WIP), G.D.C &A, NCMP.
  • 3. Insurance 3 YOGESH NAMDEO INGLE.,MBA (FINANCE), NET (MANAGEMENT), Ph.D (WIP), G.D.C &A, NCMP.
  • 4. Insurance 4 YOGESH NAMDEO INGLE.,MBA (FINANCE), NET (MANAGEMENT), Ph.D (WIP), G.D.C &A, NCMP.
  • 5. Insurance 5 YOGESH NAMDEO INGLE.,MBA (FINANCE), NET (MANAGEMENT), Ph.D (WIP), G.D.C &A, NCMP.
  • 6. Insurance 6 YOGESH NAMDEO INGLE.,MBA (FINANCE), NET (MANAGEMENT), Ph.D (WIP), G.D.C &A, NCMP.
  • 7.  Dr. Pfeffer defined Insurance as a device for the reduction of the uncertainty of one party called the insured, through the transfer of particular risks to another party called the insurer, who offers, a restoration at least in part of economic losses suffered by the insured. Insurance 7 YOGESH NAMDEO INGLE.,MBA (FINANCE), NET (MANAGEMENT), Ph.D (WIP), G.D.C &A, NCMP.
  • 8.  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‟. Insurance 8 YOGESH NAMDEO INGLE.,MBA (FINANCE), NET (MANAGEMENT), Ph.D (WIP), G.D.C &A, NCMP.
  • 9.  Speculative risks are not insurable.  Pure risk is insurable. Insurance 9 YOGESH NAMDEO INGLE.,MBA (FINANCE), NET (MANAGEMENT), Ph.D (WIP), G.D.C &A, NCMP.
  • 10.  It 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). Insurance 10 YOGESH NAMDEO INGLE.,MBA (FINANCE), NET (MANAGEMENT), Ph.D (WIP), G.D.C &A, NCMP.
  • 11.  This Act came into force on 1st July 1939.  This law is applicable to all the insurance companies and other entities participating in the insurance industry in India Insurance 11 YOGESH NAMDEO INGLE.,MBA (FINANCE), NET (MANAGEMENT), Ph.D (WIP), G.D.C &A, NCMP.
  • 12.  registration compulsory  Deposit  Disclosure  Inspection  Guidelines Insurance 12 YOGESH NAMDEO INGLE.,MBA (FINANCE), NET (MANAGEMENT), Ph.D (WIP), G.D.C &A, NCMP.
  • 13.  IRDA is the regulator of the insurance industry in India and was constituted by an Act of Parliament in 1997. Insurance 13 YOGESH NAMDEO INGLE.,MBA (FINANCE), NET (MANAGEMENT), Ph.D (WIP), G.D.C &A, NCMP.
  • 14.  Issuance of certificate of registration, renewal, modification, withdraw, sus pend or cancel such registration  Protection of the policyholders interest  Laying down qualifications, training and code of conduct for intermediaries  Laying down code of conduct for Surveyors  Control of the rates, terms etc. offered by general insurers in respect of business not  controlled by Tariff Advisory Committee (TAC) Insurance 14 YOGESH NAMDEO INGLE.,MBA (FINANCE), NET (MANAGEMENT), Ph.D (WIP), G.D.C &A, NCMP.
  • 15.  Regulation of investment of funds by insurers  Supervise TAC Insurance 15 YOGESH NAMDEO INGLE.,MBA (FINANCE), NET (MANAGEMENT), Ph.D (WIP), G.D.C &A, NCMP.
  • 16.  Life Insurance  Non- Life Insurance Insurance 16 YOGESH NAMDEO INGLE.,MBA (FINANCE), NET (MANAGEMENT), Ph.D (WIP), G.D.C &A, NCMP.
  • 17.  Utmost good faith  Insurable Interest:  Indemnity  Subrogation  Contribution Insurance 17 YOGESH NAMDEO INGLE.,MBA (FINANCE), NET (MANAGEMENT), Ph.D (WIP), G.D.C &A, NCMP.
  • 18. Insurance 18 YOGESH NAMDEO INGLE.,MBA (FINANCE), NET (MANAGEMENT), Ph.D (WIP), G.D.C &A, NCMP.
  • 19.  The first Life Insurance Company which came into existence in India was “The Oriental Life Insurance Company”, established in 1818. This was a British company.  The first Indian insurance company subsequently came into being in 1871 called the “Bombay Mutual Life Assurance Society”.  Life insurance in India was nationalized on January 19, 1956 Insurance 19 YOGESH NAMDEO INGLE.,MBA (FINANCE), NET (MANAGEMENT), Ph.D (WIP), G.D.C &A, NCMP.
  • 20.  Triton Insurance Company Ltd.” (the first general insurance company) was formed in the year 1850 in Kolkata by the British.  The first Indian general insurer to commence operations was the “Indian Mercantile Insurance Company” in the year 1907. Insurance 20 YOGESH NAMDEO INGLE.,MBA (FINANCE), NET (MANAGEMENT), Ph.D (WIP), G.D.C &A, NCMP.
  • 21. Insurance 21 YOGESH NAMDEO INGLE.,MBA (FINANCE), NET (MANAGEMENT), Ph.D (WIP), G.D.C &A, NCMP.