this project in on insurance

1. INSURANCE
BST ACTIVITY– ART INTEGRATION

2. DEFINATION
• It is contract or agreement under which one party agrees in return for a
consideration to pay an agreed amount of money to another party to
make a loss, damage or injury to something of value in which the insured
has a pecuniary interest as a result of some uncertain.
• The agreement/ contract is put in writing and is known as ‘policy’.
• The person whose risk is insured is called ‘insured’ and the firm which
insures the risk of loss is known as insurer/assurance underwater.

3. IMPORTANCE OF INSURANCE
• Provides protection against occurrence of uncertain events.
• Device for eliminating risks and sharing losses.
• Co-operative methods of spreading risks.
• Facilitates international trades.
• Serves as an agency of capital formation.
• Financial support and medical support.
• Source of employment.

4. MERITS & DEMERITS OF INSURANCE
MERITS:-
• Providing protection.
• Distribution of risk.
• Loan facility
• Investment element
• Helpful in economic development
DEMERITS:-
• Economic viability for the banks to take up as
Bancassurance is volume business.
• Training of people & lack of vision & awareness.
• Useful for selling only certain line of product.
• Initial investment.

5. TYPES OF INSURANCE
• Life insurance fire insurance marine
insurance

6. LIFE INSURANCE
• A life insurance is a contract between the policy owner and the insurer.
• Where the insurer agrees to reimburse the occurrence of the insured
individual’s death or other event such as terminal illness or critical
illness.
• The insured agrees to pay the cost in terms of insurance premium for
the service.
• Specific exclusions are often written in the contract to limit the liability
of the insurer.
• EXAMPLES: fraud, war and claims related to suicide

7. FIRE INSURANCE
• Insurance that is used to cover damage to a property caused by fire.
Fire insurance is a specialized form of insurance beyond property
insurance and is designed to cover the cost of replacement,
reconstruction or repair beyond what is covered by the property
insurance policy. Policies cover damage to the building itself and may
also cover damage to nearby structures, personal property and
expenses associated with not being able to live in or use the property if
it is damaged.

8. MARINE INSURANCE
• This policy covers goods, freight and other interests against loss or
damage to goods which is transported through road, sea or air.
• Marine insurance covers the loss of ships, cargo, terminals, and any other
transporter cargo by which property is transferred.

9. THANK YOU
DONE BY:
PIYUSH D SIRVI