This PPT is about the classification of Insurance.

1. Neenu Pappachan

2. A financial risk management tool in which the insured
transfers a risk of potential financial loss to the
insurance company that mitigates it in exchange for
monetary compensation known as the premium. Some
of the popular insurance policies are life insurance,
health insurance, automobile insurance and home
insurance.
The Insurance Regulatory and Development
Authority, an agency of the Government of India, is the
regulatory body for the insurance sector’s supervision
and development in India.

3.  General Insurance Companies
 Life Insurance Companies

4.  Classification from business point of view
 Classification on the basis of nature of business
 Classification from risk point of view

5.  Life Insurance
 General Insurance

6. Life insurance
 Financial security for the
family after the insurer
passes away.
 Coverage period - more
than a year.
 Risk covered - Premature
death, Illness…
 Main products - whole life,
endowment, life annuity
plan, medical and health…
 Insurance policy that protects
you against losses and
damages.
 Coverage period - usually one
year.
 Risk covered - Property loss…
 Main products - motor
insurance, fire/ house
owners/ householders
insurance, personal accident
insurance, medical and
health insurance, travel
insurance…
General Insurance

7.  Life Insurance
 Fire Insurance : A fire insurance is a contract to
indemnity the insured for distribution of or damage to
property caused by fire.
 Marine Insurance : A contract of marine insurance is
an agreement whereby the insurer undertakes to
indemnity the assured in a manner and to the extent
thereby agreed, against marine losses, that is, the
losses incidental to marine adventure.

8.  Social Insurance
Sickness Insurance
Death Insurance
Disability Insurance
Unemployment Insurance
Old-age Insurance
 Miscellaneous Insurance
Crop insurance
Cattle insurance
Burglary insurance
Vehicle insurance

9.  Personal Insurance
 Property Insurance
 Liability Insurance

10.  Principle of Uberrimae fidei (Utmost Good Faith)
 Principle of Insurable Interest
 Principle of Indemnity
 Principle of Contribution
 Principle of Subrogation
 Principle of Loss Minimization
 Principle of Causa Proxima (Nearest Cause)