Analysis of insurance contract final project
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The document analyzes the basic components of an insurance contract, which is an agreement between an insurer and insured individual or company. Key parts include the insuring agreement that outlines the insurer's promises, and there are two basic forms - named perils policies that cover specific listed risks, and all-risks policies that cover all losses. Insurance contracts also contain exclusions that specify perils, losses, or property that are not covered.
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Insurance Contract
An insurance contract is an agreement between an insurer and a policyholder where the insurer agrees to provide compensation or benefits to the policyholder in exchange for premium payments. The basic elements of a contract include consideration, meeting of the minds, capacity to contract, and offer and acceptance. An insurance contract is considered a unilateral, conditional, aleatory, and contract of adhesion. A policy is the written agreement that details all terms of the insurance contract, including the rights and obligations of both parties. It contains details like policy clauses, general provisions, provisions related to the insured, and other important information.
Insurance contracts
An insurance contract is an agreement where an insurance company agrees to compensate the insured for financial losses from specified risks in exchange for premium payments. Key characteristics include indemnifying the exact financial loss, contracts of adhesion drafted by the insurer, and consideration in the form of premiums paid by the insured. Insurance promotes savings, investment, financial security, and protection from risks for individuals and businesses. For a contract to be valid, there must be agreement between competent parties, lawful consideration, a legal purpose, and fulfillment of legal formalities. The principles of utmost good faith, insurable interest, proximate cause, and indemnity also apply to insurance contracts.
Introduction to insurance
This document provides an introduction to insurance, including its history and evolution. It discusses how insurance works by pooling risks and premiums to compensate losses. It outlines some key risk management techniques like risk avoidance, retention, reduction and financing. Specifically, it explains how insurance transfers risk by having many policyholders pay premiums into a common fund that is then used to pay claims of those who suffer losses from insured events. The document provides examples of early insurance practices throughout history and the development of the insurance industry in India.
Llb sc u 1.1 indemnity contract
A contract of indemnity is defined as a contract where one party promises to save the other from loss caused by the conduct of the promisor or a third party. Key elements include an indemnifier who promises to make good any loss, and an indemnified party whose loss will be compensated. A contract of insurance is an example of an indemnity agreement. The indemnified party is entitled to recover damages, costs, and sums paid under any compromise from the indemnifier once a loss event has occurred. However, a life insurance contract is not considered an indemnity because a person's life cannot be replaced or valued in the same way as property.
Insurance And Risk
The document discusses the meaning and characteristics of insurance. It outlines some key points:
1. Insurance involves pooling losses from many individuals so average losses can be substituted for actual losses of a few. It provides payment for unexpected, accidental losses.
2. Risk is transferred from the insured to the insurer, who is in a stronger position to pay losses. Indemnification means restoring the insured to their pre-loss position.
3. For a risk to be insurable, losses must be measurable, large numbers must be exposed, losses cannot be catastrophic, and the chance of loss must be calculable so premiums can be affordable.
Insurance contract
The document defines an insurance contract as a legal agreement between two parties where an insurer agrees to indemnify or reimburse an insured for financial losses from covered risks. It lists the key parties and requirements for a valid insurance contract, including insurable interest, offer/acceptance, consideration, and utmost good faith. The summary also outlines some common documents involved in the insurance process from proposal to policy and some standard clauses included in insurance contracts.
Sale and agreement to sell under Law of Contract 2
Sale and agreement to sell under Law of Contract 2 where the difference or distinctive analysis between sale and agreement to sell is expressely mentioned with some of the provisions prescribed in the statutes of Law
insurance sector ppt
1. The document discusses the history and development of the insurance sector in India. It traces insurance in India back to 1818 and discusses key developments like nationalization of insurance in 1956 and privatization in 1999.
2. The roles, types (life, general, health etc.), and major players (both public and private) of insurance are described. It also compares the market share and business of public sector giant LIC versus private insurers.
3. Benefits of insurance planning and investment opportunities in insurance are highlighted. Laws and regulations governing the insurance sector in India are also briefly outlined.
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Insurance Contract
An insurance contract is an agreement between an insurer and a policyholder where the insurer agrees to provide compensation or benefits to the policyholder in exchange for premium payments. The basic elements of a contract include consideration, meeting of the minds, capacity to contract, and offer and acceptance. An insurance contract is considered a unilateral, conditional, aleatory, and contract of adhesion. A policy is the written agreement that details all terms of the insurance contract, including the rights and obligations of both parties. It contains details like policy clauses, general provisions, provisions related to the insured, and other important information.
Insurance contracts
An insurance contract is an agreement where an insurance company agrees to compensate the insured for financial losses from specified risks in exchange for premium payments. Key characteristics include indemnifying the exact financial loss, contracts of adhesion drafted by the insurer, and consideration in the form of premiums paid by the insured. Insurance promotes savings, investment, financial security, and protection from risks for individuals and businesses. For a contract to be valid, there must be agreement between competent parties, lawful consideration, a legal purpose, and fulfillment of legal formalities. The principles of utmost good faith, insurable interest, proximate cause, and indemnity also apply to insurance contracts.
Introduction to insurance
This document provides an introduction to insurance, including its history and evolution. It discusses how insurance works by pooling risks and premiums to compensate losses. It outlines some key risk management techniques like risk avoidance, retention, reduction and financing. Specifically, it explains how insurance transfers risk by having many policyholders pay premiums into a common fund that is then used to pay claims of those who suffer losses from insured events. The document provides examples of early insurance practices throughout history and the development of the insurance industry in India.
Llb sc u 1.1 indemnity contract
A contract of indemnity is defined as a contract where one party promises to save the other from loss caused by the conduct of the promisor or a third party. Key elements include an indemnifier who promises to make good any loss, and an indemnified party whose loss will be compensated. A contract of insurance is an example of an indemnity agreement. The indemnified party is entitled to recover damages, costs, and sums paid under any compromise from the indemnifier once a loss event has occurred. However, a life insurance contract is not considered an indemnity because a person's life cannot be replaced or valued in the same way as property.
Insurance And Risk
The document discusses the meaning and characteristics of insurance. It outlines some key points:
1. Insurance involves pooling losses from many individuals so average losses can be substituted for actual losses of a few. It provides payment for unexpected, accidental losses.
2. Risk is transferred from the insured to the insurer, who is in a stronger position to pay losses. Indemnification means restoring the insured to their pre-loss position.
3. For a risk to be insurable, losses must be measurable, large numbers must be exposed, losses cannot be catastrophic, and the chance of loss must be calculable so premiums can be affordable.
Insurance contract
The document defines an insurance contract as a legal agreement between two parties where an insurer agrees to indemnify or reimburse an insured for financial losses from covered risks. It lists the key parties and requirements for a valid insurance contract, including insurable interest, offer/acceptance, consideration, and utmost good faith. The summary also outlines some common documents involved in the insurance process from proposal to policy and some standard clauses included in insurance contracts.
Sale and agreement to sell under Law of Contract 2
Sale and agreement to sell under Law of Contract 2 where the difference or distinctive analysis between sale and agreement to sell is expressely mentioned with some of the provisions prescribed in the statutes of Law
insurance sector ppt
1. The document discusses the history and development of the insurance sector in India. It traces insurance in India back to 1818 and discusses key developments like nationalization of insurance in 1956 and privatization in 1999.
2. The roles, types (life, general, health etc.), and major players (both public and private) of insurance are described. It also compares the market share and business of public sector giant LIC versus private insurers.
3. Benefits of insurance planning and investment opportunities in insurance are highlighted. Laws and regulations governing the insurance sector in India are also briefly outlined.
Insurance basics
The document provides an overview of insurance, including definitions and key concepts. It explains that insurance is a protection against financial loss from unexpected events, where premiums collected are used to pay claims. Key principles include utmost good faith, insurable interest, indemnity, subrogation, contribution and proximate cause. It also describes various types of insurance policies like fire, marine, motor, liability, personal accident, health and life. Specific policies covered include machinery breakdown, contractors all risk, boiler and pressure vessel, and medi-claim.
Contract of indemnity
This document discusses contracts of indemnity under Indian law. It defines a contract of indemnity as one where one party promises to save the other from losses caused by the promisor or a third party. It provides examples of indemnity contracts like motor, marine, and fire insurance. The document identifies the indemnifier as the party who promises indemnification and the indemnity holder as the party whose losses are covered. It outlines the rights of an indemnity holder when sued, including damages paid, costs incurred, and sums paid in compromise if following the indemnifier's orders. Finally, it notes the contract act is silent on the rights of the indemnifier.
principles of insurance
This document discusses key principles of insurance, including insurable interest, subject matter of insurance, assignment of policies, utmost good faith, proximate cause, indemnity, subrogation, and contribution. It defines these terms and explains concepts like when insurable interest must exist, exceptions to free assignment of policies, the duration of utmost good faith, factors limiting indemnity, and conditions required for contribution between insurers.
Insurance intermediaries
This document defines and describes different types of insurance intermediaries according to IRDA act 1999, including brokers or agents who represent consumers and match their needs with suitable insurance products. It discusses insurance agents, brokers, bancassurance where banks sell insurance, and micro insurance agents. For agents, it covers eligibility, education, training, functions, rights, and termination. For brokers it discusses licensing and code of conduct regarding clients, sales practices, and more. It also provides details about bancassurance partnerships in India.
General insurance
This document summarizes a presentation about general/non-life insurance. It defines insurance and outlines key principles like utmost good faith, insurable interest, indemnity, contribution, subrogation, and loss minimization. It defines general insurance and describes major types like fire, motor, health, and marine insurance. For fire insurance, it explains scope and perils covered. For marine insurance, it outlines scope, who can take policies, selecting sum insured, and claims. It provides an overview of New India Assurance Co., including its history, position in the market, vision, mission, strengths, international presence, and awards.
Principles of insurance
Insurance involves the equitable transfer of risk, where an insurer agrees to compensate an insured for a potential loss in exchange for a premium payment. The key parties are the insurer (the company), the insured (the policyholder), and the premium (the amount charged). Insurance is governed by acts and involves a contract between the insurer and insured regarding a specific insurable risk, with defined terms and conditions. For a risk to be insurable, it must be measurable, accidental in nature, and not catastrophic. Common types of insurance include life, property, liability, and guarantee policies.
Endowment Policy
This document outlines an endowment policy, which is a type of life insurance that pays out a lump sum amount either upon the death of the policyholder or at the end of a specified term. It provides both a living benefit through periodic payouts as well as life insurance coverage. There are several types of endowment policies that vary based on factors like whether the payout is made to one or multiple lives insured, or whether the payout amount is the standard sum assured or a double amount. While endowment policies have benefits like long-term investment and dual protection, they also have drawbacks such as higher premiums and lower surrender values compared to term insurance plans.
Introduction to Insurance by Dr. Amitabh Mishra
Insurance is a means of protection from financial loss and a contract that provides compensation for specific losses in exchange for payments. It spreads risk over a group of individuals exposed to the same risks. There are two main types of insurance - life insurance, which insures human life, and general insurance, which covers property, liability, and other risks. Insurance can also be classified based on the risk covered, such as personal insurance for life, health and accidents, property insurance for fire and theft, and liability insurance for legal obligations.
Chapter 01 concepts and principles of insurance
The document defines insurance as a social device where individuals transfer risk to an insurer who pools losses to make statistical predictions and provide payments from premium contributions. Legally, it is a contract where an insurer provides security to an insured against specified events in exchange for a premium proportionate to the risk. Key elements are risk transfer from insured to insurer, insurance as a business to meet costs and make profit, and an insurance contract as a legally enforceable agreement. Fundamental principles include utmost good faith, indemnity, subrogation, contribution, and proximate cause. There are various types of insurance and governing laws regulate the insurance sector in India.
Indemnity
1. An indemnity is a contractual agreement where one party promises to compensate the other for any losses or damages.
2. Indemnity clauses are commonly found in rental agreements, leases, and contracts involving intellectual property to allocate risks and limit liability for damages.
3. Suppliers have become more reluctant to provide intellectual property indemnities due to factors like open source software, increased litigation risks, and more software patents.
Fire Insurance
It includes the basic information about fire insurance policy. history, risk, procedure of taking fire insurance policy and various policy.
Surrender Value in Life Insurance by Dr. Amitabh Mishra
Surrender value refers to the amount a policyholder will receive from an insurance company if they choose to terminate their life insurance policy before its maturity or insured event occurs. Surrender value applies to the savings and earnings portion of whole life insurance policies and is calculated based on the total premiums paid minus any applicable surrender charges. There are two types of surrender values - guaranteed surrender value, which is a minimum of 30% of premiums paid after 3 years; and special surrender value, which is calculated as the paid-up value plus bonuses multiplied by the surrender value factor, a percentage that increases each year. Surrender values aim to balance paying out policyholders while still allowing insurance companies to cover their obligations and expenses.
Insurance
Insurance can be defined as the equitable transfer of risk of loss from one entity to another in exchange for payment. It involves an insurer, insured, a premium, and compensation for loss due to a specified peril or risk. Key principles of insurance include utmost good faith, insurable interest, indemnity, subrogation, contribution, proximate cause, and mitigation of loss. Insurance provides important social and economic benefits but also involves costs like business costs and fraudulent claims. Regulations ensure transparency and consumer protection in the insurance industry.
Principles of insurance
This document discusses the key principles of insurance. It defines insurance as a form of risk management that involves the equitable transfer of risk from one entity to another in exchange for payment. The main entities in an insurance agreement are the insurer, who sells the insurance, and the insured, who buys the insurance policy. Premiums are the amounts charged for a certain level of insurance coverage. Several acts govern insurance in India. The document also discusses insurable risks, types of insurance, fundamental insurance principles like indemnity and insurable interest, and circumstances under which an insurer must return paid premiums.
TYPES OF LIFE INSURANCE POLICIES IN INDIA
Helps customer find the best policy according to their suitable needs
Features,pros,cons and suitability of various policies are given :-
1. Term Policy
2. Whole Life Policy
3. Unit Linked Insurance Policy (ULIP)
4. Money Back Policy
5. Endowment Policy
Rights of share holders’ of a company
1. Common shareholders have six main rights: voting power on major issues, ownership in a portion of the company, the right to transfer ownership, entitlement to dividends, opportunity to inspect corporate books and records, and the right to sue for wrongful acts.
2. In addition to these six rights, corporate governance policies are also important in determining how a company treats shareholders.
3. A shareholder rights plan outlines what actions a company's board can take to protect shareholder interests, such as exercising rights if another entity acquires a certain percentage of shares in an attempt to take over the company.
5 uses for life insurance benefits
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General insurance
Fire insurance protects people from financial losses caused by fires. It involves sharing fire-related losses incurred by some through contributions to a common fund by all who are exposed to fire risk. Fire insurance pays for losses that are unexpected and occur due to chance. It aims to restore the insured's financial position prior to the loss through the principle of indemnity.
Corporate Governance
If management is about running the business, corporate governance is about seeing that it is run properly. All companies need managing and governing.
Engineering insurance
This document provides information about different types of engineering insurance policies. It discusses:
1) Construction phase insurance policies like contractors all risks policy and erection all risks policy which provide coverage during construction projects.
2) Operational phase insurance policies like machinery breakdown insurance and boiler and pressure plant insurance which provide coverage once projects are operational.
3) Key details of different engineering insurance policies including perils covered, exclusions, and policy provisions. The document aims to educate about engineering insurance for infrastructure development projects.
Presentation 1
Insurance provides protection from financial losses by allowing individuals to pool risks. There are various principles of insurance including utmost good faith, insurable interest, indemnity, subrogation, proximate cause, mitigation, and contribution. The main types of insurance are life, fire, and marine. Life insurance provides protection for death and funds for retirement. Fire insurance covers property losses from fire. Marine insurance protects goods and cargo being shipped by sea.
87356964 introduction-to-insurance[1]
Fire insurance provides compensation for losses caused by fire or other perils related to fire. It shifts the burden of fire losses from victims to the broader society through a system where many share the losses of a few. The document discusses the meaning, definition, and nature of fire insurance as well as the scope, functions, and causes of losses covered. It also examines the role of fire insurance in loss prevention and the public and private activities used to reduce fire risks and losses.
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Insurance basics
The document provides an overview of insurance, including definitions and key concepts. It explains that insurance is a protection against financial loss from unexpected events, where premiums collected are used to pay claims. Key principles include utmost good faith, insurable interest, indemnity, subrogation, contribution and proximate cause. It also describes various types of insurance policies like fire, marine, motor, liability, personal accident, health and life. Specific policies covered include machinery breakdown, contractors all risk, boiler and pressure vessel, and medi-claim.
Contract of indemnity
This document discusses contracts of indemnity under Indian law. It defines a contract of indemnity as one where one party promises to save the other from losses caused by the promisor or a third party. It provides examples of indemnity contracts like motor, marine, and fire insurance. The document identifies the indemnifier as the party who promises indemnification and the indemnity holder as the party whose losses are covered. It outlines the rights of an indemnity holder when sued, including damages paid, costs incurred, and sums paid in compromise if following the indemnifier's orders. Finally, it notes the contract act is silent on the rights of the indemnifier.
principles of insurance
This document discusses key principles of insurance, including insurable interest, subject matter of insurance, assignment of policies, utmost good faith, proximate cause, indemnity, subrogation, and contribution. It defines these terms and explains concepts like when insurable interest must exist, exceptions to free assignment of policies, the duration of utmost good faith, factors limiting indemnity, and conditions required for contribution between insurers.
Insurance intermediaries
This document defines and describes different types of insurance intermediaries according to IRDA act 1999, including brokers or agents who represent consumers and match their needs with suitable insurance products. It discusses insurance agents, brokers, bancassurance where banks sell insurance, and micro insurance agents. For agents, it covers eligibility, education, training, functions, rights, and termination. For brokers it discusses licensing and code of conduct regarding clients, sales practices, and more. It also provides details about bancassurance partnerships in India.
General insurance
This document summarizes a presentation about general/non-life insurance. It defines insurance and outlines key principles like utmost good faith, insurable interest, indemnity, contribution, subrogation, and loss minimization. It defines general insurance and describes major types like fire, motor, health, and marine insurance. For fire insurance, it explains scope and perils covered. For marine insurance, it outlines scope, who can take policies, selecting sum insured, and claims. It provides an overview of New India Assurance Co., including its history, position in the market, vision, mission, strengths, international presence, and awards.
Principles of insurance
Insurance involves the equitable transfer of risk, where an insurer agrees to compensate an insured for a potential loss in exchange for a premium payment. The key parties are the insurer (the company), the insured (the policyholder), and the premium (the amount charged). Insurance is governed by acts and involves a contract between the insurer and insured regarding a specific insurable risk, with defined terms and conditions. For a risk to be insurable, it must be measurable, accidental in nature, and not catastrophic. Common types of insurance include life, property, liability, and guarantee policies.
Endowment Policy
This document outlines an endowment policy, which is a type of life insurance that pays out a lump sum amount either upon the death of the policyholder or at the end of a specified term. It provides both a living benefit through periodic payouts as well as life insurance coverage. There are several types of endowment policies that vary based on factors like whether the payout is made to one or multiple lives insured, or whether the payout amount is the standard sum assured or a double amount. While endowment policies have benefits like long-term investment and dual protection, they also have drawbacks such as higher premiums and lower surrender values compared to term insurance plans.
Introduction to Insurance by Dr. Amitabh Mishra
Insurance is a means of protection from financial loss and a contract that provides compensation for specific losses in exchange for payments. It spreads risk over a group of individuals exposed to the same risks. There are two main types of insurance - life insurance, which insures human life, and general insurance, which covers property, liability, and other risks. Insurance can also be classified based on the risk covered, such as personal insurance for life, health and accidents, property insurance for fire and theft, and liability insurance for legal obligations.
Chapter 01 concepts and principles of insurance
The document defines insurance as a social device where individuals transfer risk to an insurer who pools losses to make statistical predictions and provide payments from premium contributions. Legally, it is a contract where an insurer provides security to an insured against specified events in exchange for a premium proportionate to the risk. Key elements are risk transfer from insured to insurer, insurance as a business to meet costs and make profit, and an insurance contract as a legally enforceable agreement. Fundamental principles include utmost good faith, indemnity, subrogation, contribution, and proximate cause. There are various types of insurance and governing laws regulate the insurance sector in India.
Indemnity
1. An indemnity is a contractual agreement where one party promises to compensate the other for any losses or damages.
2. Indemnity clauses are commonly found in rental agreements, leases, and contracts involving intellectual property to allocate risks and limit liability for damages.
3. Suppliers have become more reluctant to provide intellectual property indemnities due to factors like open source software, increased litigation risks, and more software patents.
Fire Insurance
It includes the basic information about fire insurance policy. history, risk, procedure of taking fire insurance policy and various policy.
Surrender Value in Life Insurance by Dr. Amitabh Mishra
Surrender value refers to the amount a policyholder will receive from an insurance company if they choose to terminate their life insurance policy before its maturity or insured event occurs. Surrender value applies to the savings and earnings portion of whole life insurance policies and is calculated based on the total premiums paid minus any applicable surrender charges. There are two types of surrender values - guaranteed surrender value, which is a minimum of 30% of premiums paid after 3 years; and special surrender value, which is calculated as the paid-up value plus bonuses multiplied by the surrender value factor, a percentage that increases each year. Surrender values aim to balance paying out policyholders while still allowing insurance companies to cover their obligations and expenses.
Insurance
Insurance can be defined as the equitable transfer of risk of loss from one entity to another in exchange for payment. It involves an insurer, insured, a premium, and compensation for loss due to a specified peril or risk. Key principles of insurance include utmost good faith, insurable interest, indemnity, subrogation, contribution, proximate cause, and mitigation of loss. Insurance provides important social and economic benefits but also involves costs like business costs and fraudulent claims. Regulations ensure transparency and consumer protection in the insurance industry.
Principles of insurance
This document discusses the key principles of insurance. It defines insurance as a form of risk management that involves the equitable transfer of risk from one entity to another in exchange for payment. The main entities in an insurance agreement are the insurer, who sells the insurance, and the insured, who buys the insurance policy. Premiums are the amounts charged for a certain level of insurance coverage. Several acts govern insurance in India. The document also discusses insurable risks, types of insurance, fundamental insurance principles like indemnity and insurable interest, and circumstances under which an insurer must return paid premiums.
TYPES OF LIFE INSURANCE POLICIES IN INDIA
Helps customer find the best policy according to their suitable needs
Features,pros,cons and suitability of various policies are given :-
1. Term Policy
2. Whole Life Policy
3. Unit Linked Insurance Policy (ULIP)
4. Money Back Policy
5. Endowment Policy
Rights of share holders’ of a company
1. Common shareholders have six main rights: voting power on major issues, ownership in a portion of the company, the right to transfer ownership, entitlement to dividends, opportunity to inspect corporate books and records, and the right to sue for wrongful acts.
2. In addition to these six rights, corporate governance policies are also important in determining how a company treats shareholders.
3. A shareholder rights plan outlines what actions a company's board can take to protect shareholder interests, such as exercising rights if another entity acquires a certain percentage of shares in an attempt to take over the company.
5 uses for life insurance benefits
Life insurance can be an important part of your financial strategies, helping to ensure a more secure financial future for your loved ones when you're gone
General insurance
Fire insurance protects people from financial losses caused by fires. It involves sharing fire-related losses incurred by some through contributions to a common fund by all who are exposed to fire risk. Fire insurance pays for losses that are unexpected and occur due to chance. It aims to restore the insured's financial position prior to the loss through the principle of indemnity.
Corporate Governance
If management is about running the business, corporate governance is about seeing that it is run properly. All companies need managing and governing.
Engineering insurance
This document provides information about different types of engineering insurance policies. It discusses:
1) Construction phase insurance policies like contractors all risks policy and erection all risks policy which provide coverage during construction projects.
2) Operational phase insurance policies like machinery breakdown insurance and boiler and pressure plant insurance which provide coverage once projects are operational.
3) Key details of different engineering insurance policies including perils covered, exclusions, and policy provisions. The document aims to educate about engineering insurance for infrastructure development projects.
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Presentation 1
Insurance provides protection from financial losses by allowing individuals to pool risks. There are various principles of insurance including utmost good faith, insurable interest, indemnity, subrogation, proximate cause, mitigation, and contribution. The main types of insurance are life, fire, and marine. Life insurance provides protection for death and funds for retirement. Fire insurance covers property losses from fire. Marine insurance protects goods and cargo being shipped by sea.
87356964 introduction-to-insurance[1]
Fire insurance provides compensation for losses caused by fire or other perils related to fire. It shifts the burden of fire losses from victims to the broader society through a system where many share the losses of a few. The document discusses the meaning, definition, and nature of fire insurance as well as the scope, functions, and causes of losses covered. It also examines the role of fire insurance in loss prevention and the public and private activities used to reduce fire risks and losses.
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Insurance
This document provides an overview of insurance. It discusses how insurance works by pooling funds from many insured entities to pay for losses some may incur. It also describes key concepts like insurable risk, indemnification, and the business model of insurers which involves underwriting policies and investing premiums to pay claims. The document outlines different types of insurance and principles like affordability and calculability of risk that make something insurable. It also discusses effects of insurance on risk taking and society.
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Insurance is a risk management relationship where the insurer agrees to bear the burden of potential losses for the insured in exchange for premium payments. Key aspects include the insured party, insurer, insurance policy contract outlining coverage and limits, and insurable interest requirement. There are various categories of insurance such as individual vs group, personal vs commercial, and liability vs property/casualty. Common types of insurance include auto, health, disability, life, homeowner's/renter's, fire, business liability, and professional liability.
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Insurance
This document provides an overview of the insurance industry in India. It discusses key concepts like the insurer, insured, and policy. It outlines the history of insurance in India dating back to 1850 and the nationalization of insurance companies in 1956. It also describes the main types of insurance like life, fire, marine, and general insurance as well as principles of insurance such as insurable interest, indemnity, and mitigation. The advantages of insurance for protection, investment, and industrial development are highlighted.
Insurance
Insurance is a contract where an insurer agrees to compensate a policyholder in the event of a specified loss or liability in exchange for premium payments. Key principles of insurance include utmost good faith, indemnity, and insurable interest. There are various types of insurance like life, fire, marine, personal accident, health, and property insurance which are governed by the general principles of contract law and aim to socialize risk while protecting policyholders from financial losses.
A project report on customer perception towards insurance
The document provides an introduction and overview of the insurance industry in India. It discusses the history and evolution of insurance from ancient times to its nationalization in India in the 1950s. It also summarizes the key types of insurance like life and non-life insurance. The insurance industry in India is categorized into public and private sector for both life and non-life insurance. It provides a breakdown of the major players in both life and non-life insurance sectors in India.
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Insurance is a contract where one party agrees to compensate the other for potential future losses in exchange for regular payments. There are various types of insurance contracts that provide coverage for personal liability, property, and guarantees. Insurance serves important functions like providing certainty against risks, allowing for risk sharing, and preventing and mitigating losses. Key principles of insurance include cooperation between parties, assessing probabilities of losses, requirements for insurable interest, indemnification of losses, subrogation, and utmost good faith. Insurance is relevant for individuals by providing safety, security, and encouraging savings, and it's relevant for businesses and society by helping with economic growth and protecting wealth.
Principles of insurance
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birla sun life SIDDANNA M BALAPGOL
BSLI was the first company to introduce
the concept of an assistant. The assistant is a
dedicated resource to help the policyholder with any
queries or service needs.
3.
Online Purchase: BSLI was the first company to
offer online purchase of life insurance policies.
4.
Pure Term Plan: BSLI launched the first pure term
plan in the Indian market.
5.
Unit Linked Plans: BSLI pioneered the launch of
unit linked plans in India.
19
Birla Sun Life Insurance
6.
Bancassurance: BSLI was the first private player to
sell policies through the bancassurance route.
Ict lesson
Fire insurance is a contract between an insurer and insured where the insurer agrees to indemnify the insured for losses from fire damage to property. The insurer will pay agreed amounts to compensate for fire losses up to a set amount in exchange for premium payments. There are different types of fire insurance policies including valued policies that set agreed property values, average policies that account for underinsurance, specific policies that set maximum payout sums, and floating or declaration policies that cover moving or fluctuating property amounts.
Ict lesson
Fire insurance is a contract between an insurer and insured where the insurer agrees to indemnify the insured for losses from fire damage to property. The insurer will pay agreed amounts to compensate for fire losses up to a set amount in exchange for premium payments. There are different types of fire insurance policies including valued policies that set agreed property values, average policies that account for underinsurance, specific policies that set maximum payout sums, and floating or declaration policies that cover moving/changing property amounts.
Ppt on insurance
The document provides an overview of life insurance products in India. It begins by defining insurance and life insurance, and outlines the key principles of insurance including insurable interest, utmost good faith, and indemnity. It then describes various types of life insurance policies like whole life, term life, endowment plans, annuities, and group life insurance. The document concludes by summarizing popular life insurance products offered by LIC and private insurers in India.
The Insurance Act 1938 and The Insurance Regulatory Authority Act 2000
The document discusses insurance law in India. It provides context on the history and development of insurance regulation in India, including key milestones like the nationalization of life insurance in 1956 and general insurance in 1972. It summarizes the key Indian insurance acts like the Insurance Act of 1938, Life Insurance Corporation Act of 1956, and the Insurance Regulatory and Development Authority Act of 1999 which partially deregulated the insurance sector. The document also contrasts the market scenario before and after the 1999 act, which allowed private companies and foreign investment in the insurance sector.
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The document discusses the significance of insurance. It provides 3 key points:
1. Insurance provides safety and security against sudden losses by offering financial support. It reduces uncertainties in business and life.
2. Insurance generates financial resources by collecting premiums which are invested and used for economic development, creating employment opportunities and capital formation.
3. Life insurance encourages savings by enabling systematic savings through regular premium payments and providing an investment option. The insured receives a lump sum at maturity.
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financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
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Analysis of insurance contract final project
- 4. Analysis of Insurance Contracts the insurance policy is a contract between the insurer and the insured Insurer Insured Individual Company person
- 5. Basic Parts of an Insurance Contract The insuring agreement summarizes the major promises of the insurer The two basic forms of an insuring agreement in property insurance are Named perils policy All-risks” policy where only those perils where all losses are specifically named in covered the policy are covered
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