The Insurance Act of 1938 was the first legislation governing all forms of insurance to provide strict state control over insurance business. Purpose:- to safe guard the interest of insured, setting the norms for carrying out the business of insurance smoothly, Minimizing disputes

1. INSURANCE ACT

2. Introduction
• The Insurance Act of 1938 was the first legislation governing
all forms of insurance to provide strict state control over
insurance business.
• Purpose:- to safe guard the interest of insured, setting the
norms for carrying out the business of insurance smoothly,
Minimizing disputes
https://www.letzbank.com/

3. Importance Of Insurance
• Provides protection against occurrence of uncertain events.
• Device for eliminating risks and sharing losses.
• Co-operative method of spreading risks.
• Facilitates international trade.
• Serves as an agency of capital formation.
• Financial support.
• Medical support.
• Source of employment.https://www.letzbank.com/

4. Types of insurance
https://www.letzbank.com/

5. Life Insurance:
• 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, for example
claims related to suicide, fraud, war, riot and civil commotion
is not covered.
https://www.letzbank.com/

6. Health Insurance:
• A type of insurance coverage that pays for medical and
surgical expenses that are incurred by the insured.
• Health insurance can either reimburse the insured for
expenses incurred from illness or injury or pay the care
provider directly.
• Health insurance is often included in employer benefit
packages as a means of enticing quality employees.
https://www.letzbank.com/

7. Car Insurance:
11 terms related to car insurance that you should know while
deciding and choosing an insurance that suits all your needs.
• Policy Term
• Premium
• Third-party Liability
• Comprehensive Coverage
• No Claim bonus
• Bodily Injury Liability Coverage
• Collision and Comprehensive
• Deductible
• Optional Coverage
• Total Loss
• Policy Limits
https://www.letzbank.com/

8. Travel Insurance:
• Travel insurance is insurance that is intended to cover
medical expenses, trip cancellation, lost luggage, flight
accident and other losses incurred while traveling, either
internationally or domestically.
• Travel insurance can usually be arranged at the time of the
booking of a trip to cover exactly the duration of that trip, or a
"multi-trip" policy can cover an unlimited number of trips
within a set time frame.
https://www.letzbank.com/

9. PRINCIPLES OF INSURANCE
• Principle of Insurable interest.
• Principle of Utmost Good Faith.
• Principle of Indemnity.
• Principle of Subrogation.
• Principle of Contribution.
• Principle of Mitigation of Loss.
https://www.letzbank.com/

10. Contact Us
Letzbank,
Plot No. 4,, 1-98/8/9/A, Image Gardens Rd,
Madhapur,
500081 Hyderabad, Telangana,
India.
040-48586878
support@letzbank.com
https://www.letzbank.com/

11. https://www.letzbank.com/