Successfully reported this slideshow.

General Ins. Intro To Basics

978 views

Published on

  • Be the first to comment

  • Be the first to like this

General Ins. Intro To Basics

  1. 1. INDIA INSURANCE FORUM<br />IIF<br />INTRODUCTION <br />TO <br />INSURANCE <br />1<br />
  2. 2. 2<br />INDIA INSURANCE FORUM<br />IIF<br /><ul><li>(INSERT PICTURE)
  3. 3. PLEASE FEEL FREE TO ASK QUESTIONS AT ANY POINT
  4. 4. THE MORE YOU ASK, THE MORE WE ALL LEARN</li></li></ul><li>Contents:<br /><ul><li>DEFNITION OF INSURANCE
  5. 5. ORIGIN OF INSURANCE
  6. 6. PRINCIPLES OF INSURANCE
  7. 7. Conclusion</li></ul>3<br />INDIA INSURANCE FORUM<br />IIF<br />
  8. 8. 4<br />INDIA INSURANCE FORUM<br />IIF<br />DEFINITIONS OF INSURANCE:<br />Insurance Is the poOLING of resources from many to pay for the losses OF THE FEW.<br />Insurance is a form of risk management in which the insured transfers the cost of potential loss to another entity in exchange for monetary compensation known as the premium.<br />
  9. 9. 5<br />IIF<br />When did INSURANCE originate?:<br /><ul><li>(INSERT PICTURE)</li></li></ul><li>6<br />INDIA INSURANCE FORUM<br />IIF<br />When did INSURANCE originate?:<br /><ul><li>In 3000 BC, Chinese merchants used to spread their goods in various vessels to reduce damages
  10. 10. Rhodian merchants, in 916 bc, used to have practices called “bottomry” and “respodentia” for protecting their interests
  11. 11. Modern insurance originated from Lloyds coffee house, in London, in the 17th century</li></li></ul><li>7<br />INDIA INSURANCE FORUM<br />IIF<br />PRINCIPLES OF INSURANCE<br />UTMOST GOOD FAITH<br />INSURABLE INTEREST<br />INDEMNITY<br />PROXIMATE CAUSE<br />SUBROGATION<br />
  12. 12. 8<br />INDIA INSURANCE FORUM<br />IIF<br />PRINCIPLES OF INSURANCE<br />UTMOST GOOD FAITH (uberrimae Fidei)<br /><ul><li>agreement "of utmost good faith" .Under law, it is assumed that insurance contracts are entered into by all parties in good faith, meaning that they have disclosed all relevant facts and intend to carry out their obligations. Where lack of good faith can be proved, such as in a fraudulent application to obtain insurance, the contract may be nullified.</li></li></ul><li>9<br />INDIA INSURANCE FORUM<br />IIF<br />PRINCIPLES OF INSURANCE<br />INSURABLE INTEREST<br /><ul><li>Insurable interest exists when an insured person derives a financial or other kind of benefit from the continuous existence of the insured object. A person has an insurable interest in something when loss-of or damage-to that thing would cause the person to suffer a financial loss or other kind of loss.</li></li></ul><li>10<br />INDIA INSURANCE FORUM<br />IIF<br />PRINCIPLES OF INSURANCE<br />INDEMNITY<br /><ul><li>The principle of indemnity is an insurance principle stating that an insured may not be compensated by the insurance company in an amount exceeding the insured's economic loss."Financial compensation sufficient to place the Insured in the same financial position at the time of a loss, as he was enjoying immediately prior to the loss"</li></li></ul><li>11<br />INDIA INSURANCE FORUM<br />IIF<br />PRINCIPLES OF INSURANCE<br />PROXIMATE CAUSE<br /><ul><li>The efficient cause which brings about a loss with no other intervening cause which breaks the chain of events. an insurance policy is designed to provide compensation only for such losses as are caused by the perils which are stated in the policy. when the loss is the result of two or more causes, the proximate cause means the direct, the most dominant and most effective cause of which the loss is natural consequence.</li></li></ul><li>12<br />INDIA INSURANCE FORUM<br />IIF<br />PRINCIPLES OF INSURANCE<br />SUBROGATION<br /><ul><li>LEGAL PRINCIPLE under which an INSURED PARTY SURRENDERS its RIGHTS against a THIRD PARTY to the INSURER After claiming and RECEIVING a compensation for an insured LOSS.
  13. 13. Subrogation can be defined as the right of one person TO stand in place of another and to avail themselves of THEIR rights and remedies. Therefore, if THE Insurance company has paid A Claim, they will then have the right to recover their loss from any party that they can prove is responsible for The occurrence. </li></li></ul><li>Conclusion:<br /><ul><li>PRACTICE OF INSURANCE
  14. 14. IMPORTANCE OF INSURANCE AS PART OF RISK MANAGEMENT</li></ul>13<br />INDIA INSURANCE FORUM<br />IIF<br />
  15. 15. Think Big, Think Fast, Think Ahead,<br />Ideas are no one's monopoly.<br />Late Mr. Dhirubhai Ambani<br />THANK YOU.<br />ENSURING YOUR FUTURE<br />14<br />INDIA INSURANCE FORUM<br />IIF<br />OUR GOAL – TO BECOME THE INSURER OF CHOICE FOR __________<br />

×