Banking PPT on Insurance Sector and various other Aspects
1.
2. INSURANCE is a form of contract
or agreement in which one party
agreesto compensate the loss
sufferedby another party.
3. Insurance is desired to safeguard
oneself and ones family against
possible losses on account of risks and
perils. It provides financial
compensation for losses suffered due to
happenings of an unforeseen events.
Certain insurance contracts are also
made compulsory by legislature.
For e.g.: Motor vehicle act 1988,
stipulates that a person driving a
vehicle in a public place should hold a
valid insurance policy covering “ACT
RISK”.
Another example of compulsory
insurance pertains the ENVIRONMENT
ACT, wherein a person using or carrying
hazardous substances must hold a valid
PUBLIC LIABILITY ACT POLICY
4. In 1993, a committee on reforms in the
Insurance sector was appointed under
the chairmanship of Sri R.N.MALHOTRA
to review the present insurance system
and to recommend for appointing an
authority to regulate the business. On
the recommendation made by this
committee, the parliament has enacted a
legislation known as INSURANCE. This
act enables the establishment of an
authority to regulate, promote and ensure
orderly growth of insurance industry.
5. Challenges of
IRDA Development of insurance sector.
Confidence of general public.
Insurance policy regulation (establishing market
discipline
Granting of license to new insurer.
Foreign direct investments.
Market practices -
> uniform system and procedures
> to ensure transparency
> deliberate hype about the returns
Protect insurer, insured.
Provide customer based insurance products.
To help the insured for timely settlement of claim
after the policy is allotted.
6.
7. PARTIES OF INSURANCE
INSURER
PARTY WHO AGREES TO
PAY MONEY AS A
COMPENSATION OF
THE RISK
INSURED
PARTY WHOSEEKS
PROTECTIONAGAINST
THE RISKBY PAYING
PREMIUM
9. Life Insurance, insures the
INSURED against the happening
of certain events i.e. death etc
Insuring anything
Other than
human life is Non
life insurance or
General
insurance
10.
11. SECTION 2 OF THE INSURANCE ACT, 1938 defines
NON-LIFE INSURANCE as fire, marine or
miscellaneous business, whether carried
singularly or combination with one or
more of them.
12. CLASSIFICATION OF NON-LIFE INSURANCE PRODUCTSCLASSIFICATION OF NON-LIFE INSURANCE PRODUCTS
COMMERCIAL
INSURANCE
PERSONAL
INSURANCE
A) Cottage, tiny
and small
sector
insurance.
B) Traders
insurance
C) Rural
industries and
rural
insurance
A)Property
insurance
B)Health
insurance
C)Accident
insurance
13. A) COTTAGE AND TINY & SMALL SECTOR INDUSTRIES: This policy
intended to meet the requirements of small, tiny & cottage
industries.
B) TRADERS INSURANCE : This is for traders of general or non-life
insurance.
C) RURAL INDUTRIES AND RURAL INSURANCE : This is for rural areas
i.e. farmers, fish farmers etc.
A)PROPERTY INSURANCE : This is for insuring property by
means of fire, marine, motor insurances etc.
B) HEALTH INSURANCE : This insurance is generally taken
up for insuring the health of the insured.
C) ACCIDENT INSURANCE : This insurance is for insuring
the accidents i.e. personal accidents insurance etc
14. LIST OF NON-LIFE INSURANCE
COMPANIES
PUBLIC INSURANCE COMPANIES PRIVATE INSURANCE COMPANIES
NATIONAL INSURANCE
CO.LTD
THE NEW INDIA ASSURANCE
CO.LTD
THE ORIENTAL INSURANCE
CO.LTD
UNITED INDIA INSURANCE
CO.LTD
LIFE INSURANCE
CORPORATION OF INDIA
CO.LTD
BAJAJ ALLIANZGENERAL
INSURANCE CO.LTD
ICICI LOMBARDGENERAL
INSURANCE CO.LTD
TATAAIG GENERAL
INSURANCE CO.LTD
RELIANCE GENERAL
INSURANCE CO.LTD
BHARTIAXA GENERAL
INSURANCE CO.LYD
17. DOCUMENTS
REQUIRED҈ MOTOR
Two/four wheeler
RC
Old insurance(if availablle)
Photograph of vehicle.
҈ HEALTH INSURANCE
Age proof
Medical insurance
Residential proof
Photograph
҈ HOME INSURANCE
Copy of registration
҈ FIRE INSURANCE
Proposal
Address proof
Last insurance proof
҈ MARINE INSURANCE
Bill of lading
Receipt
18. MOTOR INSURANCE is a insurance
non-life. It mainly provides insurance
for motor vehicles such as motor
cars, motor bikes etc.
