presentation 4

1. Insurance is a means of protection
from financial loss. It is a form of
risk management, primarily used to
hedge against the risk of a
contingent or uncertain loss.
INSURANCE

3. W O R L D H E A LT H O R G A N I S AT I O N ( W H O ) I N I T S
P R E A M B L E H A S D E F I N E D H E A LT H A S -
“… . H E A LT H I S A S TAT E O F C O M P L E T E P H Y S I C A L ,
M E N TA L A N D S O C I A L W E L L B E I N G A N D N OT
M E R E LY A B S E N C E O F D I S E A S E O R I N F I R M I T Y ”
A S P E R T H E D E C L A R AT I O N O F U N I V E R S A L
R I G H T S 1 9 4 8 , H E A LT H I S R E C O G N I S E D A S O N E
O F T H E F U N D A M E N TA L H U M A N R I G H T S . I T I S
A N E S S E N T I A L C O M P O N E N T O F H U M A N A N D
S O C I A L D E V E LO P M E N T A S W E L L A S O F A
N AT I O N ’ S G R O W T H A N D S TA B I L I T Y.
WHAT IS HEALTH

4. H E A LT H I N S U R A N C E L I K E A N Y OT H E R
I N S U R A N C E I S A C O N T R A C T B E T W E E N T H E
I N S U R E R A N D T H E I N S U R E D
T H E T W O PA R T I E S A R E B O U N D BY T H I S
C O N T R A C T O N M U T U A L C O N S E N T, I N T H E
F O R M O F P R O P O S A L F O R M . T H E U S U A L
E L E M E N T S O F C O N T R A C T L I K E O F F E R A N D
A C C E P TA N C E , C O N S I D E R AT I O N , C A PA C I T Y
TO C O N T R A C T A N D L E G A L I T Y O F T H E F O R M
A R E A P P L I C A B L E H E R E .
T H E P O L I C Y D O C U M E N T I S T H E E V I D E N C E
O F C O N T R A C T
HEALTH INSURANCE

5. LIFE INSURANCE
L I F E I N S U R A N C E ( O R L I F E A S S U R A N C E ,
E S P E C I A L LY I N T H E CO M M O N W E A LT H O F
N AT I O N S ) I S A CO N T R AC T B E T W E E N
A N I N S U R A N C E P O L I C Y H O L D E R A N D
A N I N S U R E R O R A S S U R E R , W H E R E T H E
I N S U R E R P R O M I S E S TO PAY A
D E S I G N AT E D B E N E F I C I A R Y A S U M O F
M O N E Y ( T H E B E N E F I T ) I N E XC H A N G E
A P R E M I U M , U P O N T H E D E AT H O F A N
I N S U R E D P E R S O N ( O F T E N T H E P O L I C Y
H O L D E R ) .

6. L I F E - B A S E D C O N T R A C T S T E N D T O
F A L L I N T O T W O M A J O R
C A T E G O R I E S :
• P R O T E CT I O N P O LI CI E S – D E SI G N E D T O
P R O V I D E A BE N E F I T , T Y P I CA LLY A
LU M P SU M P A Y M E N T , I N T H E E V E N T
O F A SP E CI F I E D O CCU R R E N CE . A
CO M M O N F O R M — M O R E CO M M O N I N
Y E A R S P A ST — O F A P R O T E CT I O N
P O LI CY D E SI G N I S T E R M I N SU R A N CE .
• I N V E ST M E N T P O L I C I E S – T H E M A I N
O BJE CT I V E O F T HE SE P O LI CI E S I S T O
F A CI LI T A T E T H E G R O W T H O F CA P I T A L
BY R E G U LA R O R SI N G LE P R E M I U M S.
CO M M O N F O R M S (I N T H E U . S. )
A R E W H O LE LI F E , U NI V E R SA L LI F E ,
A ND V A R I A BLE LI F E P O LI CI E S.

7. FIRE INSURANCE
FIRE INSURANCE IS PROPERTY
INSURANCE COVERING DAMAGE AND
LOSSES CAUSED BY FIRE. THE
PURCHASE OF FIRE INSURANCE IN
ADDITION TO HOMEOWNER’S OR
PROPERTY INSURANCE HELPS
TO COVER THE COST OF
REPLACEMENT, REPAIR, OR
RECONSTRUCTION OF PROPERTY,
ABOVE THE LIMIT SET BY THE
PROPERTY INSURANCE POLICY.

9. MARINE INSURANCE
MARINE INSURANCE COVERS
THE LOSS OR DAMAGE OF
SHIPS, CARGO, TERMINALS, AND
ANY TRANSPORT OR CARGO BY
WHICH THE PROPERTY IS
TRANSFERRED, ACQUIRED, OR
HELD BETWEEN THE POINTS OF
ORIGIN AND THE FINAL
DESTINATION.

11. THANKS