Bst project insurance
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The document defines insurance as a contract where one party agrees to pay an agreed amount of money to another party if they incur a loss. Insurance provides protection from uncertain events by spreading risks. It facilitates international trade and serves as a source of capital formation and employment. Types of insurance include life, fire, and marine. Life insurance reimburses for death or illness. Fire insurance covers property damage from fire. Marine insurance covers loss or damage to goods during transport by road, sea or air.
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Burglary Insurance
Burglary insurance originated in 1887 at Lloyds in London to cover losses due to theft, robbery, or larceny. It is an important add-on insurance policy for small businesses to protect their livelihoods and property. Burglary insurance covers various classes of theft including residence theft, bank burglary, safe deposit box losses, and interior office and store robbery.
Burglary insurance
Burglary insurance covers losses due to theft, robbery, or larceny. It originated in 1887 in London and covers various types of businesses and property. The types of burglary insurance include residence insurance, bank burglary insurance, safe deposit box insurance, mercantile open stock insurance, mercantile safe insurance, and paymaster or messenger robbery insurance. Burglary insurance protects small businesses from losses of property or money due to crime.
Chapter 1: Introduction to Insurance
Insurance is a social device for spreading the chance of financial loss among
a large number of people. Insurance protects against pure risk.
Risk is the possibility of losing economic security.
Risk can be of two kinds: speculative or pure And only pure risks are insurable
Pure risk involves only two possible outcomes:
loss or no loss, with no possibility of gain or profit
Speculative Risk
involves three possible outcomes: loss, no loss or profit
The Law of Large Numbers:
The average of the results obtained from a large number of trials should
be close to the expected value.
Underwriting:
The process of selecting certain types of risks that have historically
produced a profit.
Peril:
A potential cause of loss. Accident, fire, and theft are common perils.
Hazard:
Anything that increases the seriousness of a loss or increases
the likelihood that a loss will occur.
Adverse Selection:
Is the tendency of person with a higher than average chance
of loss to seek insurance at the average state, which if not
Controlled by underwriting, result in higher than expected
Loss levels.
Insurance is not same as gambling. Gambling is creat a new
speculative risk and socially is unproductive but insurance
Deals with pure risk and socially is productive.
Insurance is not same as hedging. Insurance involves the
Transfer of pure risk and reduce objective risk but hedging
Involves just the transfer of speculative risk not risk
Reduduction.
Types of Insurance:
Private insurance, consist of health insurance, property and
liabilty insurance.
Government Insurance, cnosist of social insurance and other
Government insurance programs.
How does insurance work?
You pay a fee called a premium, and in exchange,
the insurance company agrees to pay you a certain
amount of money
-Basic Characteristics Of Insurance
Pooling of losses
Payment of fortuitous losses
Risk transfer
Indemnification
-Pooling of losses
Spreading of losses incurred by the few over the entire group.
• Key mechanism is “law of large number”.
• Future losses are predicted based on law of large number.
Note
• Pooling of loss is the spreading of losses incurred by the few over the
entire group so that in the process average loss is substituted for actual loss.
• The primary purpose of pooling is to reduce the variation in possible
Outcomes , which reduces risk.
-Payment of fortuitous losses
A fortuitous loss is one that is unforeseen and
unexpected and occurs as a result of chance.
Insurance policies do not cover intentional losses
-Risk Transfer
Risk transfer means that a pure risk is transferred from
the insured to the insurer,who typically is in a stronger
Financial position to pay the loss than the insured.
-Indemnification
Means that the insured is restored to his or her approximate
financial position prior to the occurrence of the loss.
- Insurable Risk
Insurer normally insure only pure risk.
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.
Why Life Insurance is Required ?
The document discusses the concepts of insurance and life insurance. It defines insurance as protecting the economic value of assets by compensating for losses. Insurance works by pooling together individuals exposed to similar risks - if one person suffers a loss, others share the burden. Life insurance specifically promises to pay a sum of money if the insured person dies or experiences another specified event. It is needed to cover the financial loss to dependents if a person's death or disability reduces their earnings potential early in life.
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.
Fire insurance
1) Fire insurance provides coverage for losses due to fire to both commercial and residential properties. It can cover buildings, machinery, equipment, inventory and other property.
2) There are different types of fire insurance policies including specific insurance policies that provide a fixed payout amount, reinstatement policies that cover rebuilding costs, and floating policies that cover inventory stored in multiple locations.
3) To make a claim, the insured needs to provide documents like the insurance policy, loss assessment reports, bills and invoices, and police reports in the case of arson. The insurance company will then pay the claim amount as per the policy terms.
Recommended
Burglary Insurance
Burglary insurance originated in 1887 at Lloyds in London to cover losses due to theft, robbery, or larceny. It is an important add-on insurance policy for small businesses to protect their livelihoods and property. Burglary insurance covers various classes of theft including residence theft, bank burglary, safe deposit box losses, and interior office and store robbery.
Burglary insurance
Burglary insurance covers losses due to theft, robbery, or larceny. It originated in 1887 in London and covers various types of businesses and property. The types of burglary insurance include residence insurance, bank burglary insurance, safe deposit box insurance, mercantile open stock insurance, mercantile safe insurance, and paymaster or messenger robbery insurance. Burglary insurance protects small businesses from losses of property or money due to crime.
Chapter 1: Introduction to Insurance
Insurance is a social device for spreading the chance of financial loss among
a large number of people. Insurance protects against pure risk.
Risk is the possibility of losing economic security.
Risk can be of two kinds: speculative or pure And only pure risks are insurable
Pure risk involves only two possible outcomes:
loss or no loss, with no possibility of gain or profit
Speculative Risk
involves three possible outcomes: loss, no loss or profit
The Law of Large Numbers:
The average of the results obtained from a large number of trials should
be close to the expected value.
Underwriting:
The process of selecting certain types of risks that have historically
produced a profit.
Peril:
A potential cause of loss. Accident, fire, and theft are common perils.
Hazard:
Anything that increases the seriousness of a loss or increases
the likelihood that a loss will occur.
Adverse Selection:
Is the tendency of person with a higher than average chance
of loss to seek insurance at the average state, which if not
Controlled by underwriting, result in higher than expected
Loss levels.
Insurance is not same as gambling. Gambling is creat a new
speculative risk and socially is unproductive but insurance
Deals with pure risk and socially is productive.
Insurance is not same as hedging. Insurance involves the
Transfer of pure risk and reduce objective risk but hedging
Involves just the transfer of speculative risk not risk
Reduduction.
Types of Insurance:
Private insurance, consist of health insurance, property and
liabilty insurance.
Government Insurance, cnosist of social insurance and other
Government insurance programs.
How does insurance work?
You pay a fee called a premium, and in exchange,
the insurance company agrees to pay you a certain
amount of money
-Basic Characteristics Of Insurance
Pooling of losses
Payment of fortuitous losses
Risk transfer
Indemnification
-Pooling of losses
Spreading of losses incurred by the few over the entire group.
• Key mechanism is “law of large number”.
• Future losses are predicted based on law of large number.
Note
• Pooling of loss is the spreading of losses incurred by the few over the
entire group so that in the process average loss is substituted for actual loss.
• The primary purpose of pooling is to reduce the variation in possible
Outcomes , which reduces risk.
-Payment of fortuitous losses
A fortuitous loss is one that is unforeseen and
unexpected and occurs as a result of chance.
Insurance policies do not cover intentional losses
-Risk Transfer
Risk transfer means that a pure risk is transferred from
the insured to the insurer,who typically is in a stronger
Financial position to pay the loss than the insured.
-Indemnification
Means that the insured is restored to his or her approximate
financial position prior to the occurrence of the loss.
- Insurable Risk
Insurer normally insure only pure risk.
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.
Why Life Insurance is Required ?
The document discusses the concepts of insurance and life insurance. It defines insurance as protecting the economic value of assets by compensating for losses. Insurance works by pooling together individuals exposed to similar risks - if one person suffers a loss, others share the burden. Life insurance specifically promises to pay a sum of money if the insured person dies or experiences another specified event. It is needed to cover the financial loss to dependents if a person's death or disability reduces their earnings potential early in life.
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.
Fire insurance
1) Fire insurance provides coverage for losses due to fire to both commercial and residential properties. It can cover buildings, machinery, equipment, inventory and other property.
2) There are different types of fire insurance policies including specific insurance policies that provide a fixed payout amount, reinstatement policies that cover rebuilding costs, and floating policies that cover inventory stored in multiple locations.
3) To make a claim, the insured needs to provide documents like the insurance policy, loss assessment reports, bills and invoices, and police reports in the case of arson. The insurance company will then pay the claim amount as per the policy terms.
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.
Intro to insurance
Insurance is a contract where the insurer agrees to pay compensation for loss on a specified item in exchange for premium payments. There are key terms like insurer, insured, premium, risk cover, perils, and maturity benefit. Insurance can be classified by nature, business point of view, or risk. Major types include life, fire, marine, social, and miscellaneous. Life insurance covers death risk while fire insures against fire damage and marine covers ship/cargo losses at sea.
General Insurance
The document discusses general insurance concepts including basic terminology, requirements for insurable risk, and principles of insurance. It defines key terms like insurance, insurer, insured, premium, policy, risk, peril, and hazard. The six requirements for a risk to be insurable are outlined. The seven principles of insurance are explained in detail, including indemnity, insurable interest, utmost good faith, contribution, average, subrogation, and proximate cause. Finally, the document categorizes insurance into life, general, fire, health, motor, and marine types.
Life insurance and General Insurance
Life insurance
types of life insurance
terms
and general insurance
types of general insurance
Fire insurance ppt
Fire insurance provides coverage against losses from fire and other specified risks. There must be an actual loss for a claim to be made, and the fire must be accidental. Fire insurance policies are typically valid for one year and involve a written contract between the insurer and insured. The insured can recover the actual amount of loss up to the sum insured, but is not allowed to profit from insurance. Fire insurance provides a protection element but lacks an investment component.
Project report on Insurance
The document provides a detailed history of insurance beginning in ancient times. It discusses how early forms of insurance emerged in China, Babylon, and Persia to help communities cope with risks like shipwrecks or famines. Formal insurance contracts first appeared in 14th century Genoa and later spread to London. The Great Fire of London in 1666 spurred the development of fire insurance. The first insurance company in the US was established in Charleston, South Carolina in 1732 to provide fire insurance. Regulation of the insurance industry began in the 19th century at the state level. The document then provides milestones in the evolution of insurance in India and the nationalization of the life and general insurance sectors in India in 1956 and
Types of insurance
Contract of Insurance, Insurance, Life Insurance, Fire Insurance, Marine Insurance, Types of Insurance
Introduction To Motor Insurance
The document provides an introduction to motor insurance. It discusses the genesis of motor insurance beginning with the development of the internal combustion engine in the late 19th century and the introduction of automobiles and road traffic laws. It then covers the different types of motor insurance policies, underwriting factors considered, motor reinsurance, and types of claims that can arise. It emphasizes the importance of motor insurance for general insurers, prudent underwriting, good customer service, and technology.
Principles
This document outlines seven key principles of insurance: utmost good faith, insurable interest, indemnity, contribution, subrogation, loss minimization, and nearest cause. It provides examples and explanations of each principle, including how insurable interest requires a financial stake in the insured object or loss, utmost good faith requires full disclosure, indemnity provides compensation for loss rather than profit, and contribution and subrogation determine payment among multiple insurers. The principles of loss minimization and nearest cause also guide determining responsibility and liability.
Insurance
The document provides an overview of life insurance. It defines insurance and explains how insurance works by pooling risks and premiums from a large group of people to compensate those who suffer losses. Key principles of insurance are also outlined, including utmost good faith, insurable interest, indemnity, contribution, subrogation and mitigation of loss. The history and evolution of insurance in India is summarized, from its origins in marine insurance in the 1500s to nationalization in 1956 and subsequent regulatory reforms.
Marine insurance ppt
Insurance serves as an excellent risk-management and wealth-preservation tool whether it's for auto, medical, liability, disability, or life. The business of insurance relates to protecting the economic value of assets. Marine insurance originated several centuries ago and Lloyd's Coffee House in London, opened in 1688, became recognized as an ideal place for obtaining marine insurance. Cargo insurance provides coverage for goods in transit by sea, air, rail, or post, protecting against risks of fire, theft, pilferage and more.
Insurance - Classification
Insurance is a risk management tool where an insured transfers the risk of potential financial loss to an insurance company in exchange for a premium. There are two main types of insurance - life insurance and general insurance. Life insurance provides coverage for risks related to death and illness, while general insurance covers property losses and damages for risks like motor accidents, fire, and health issues. Insurance in India is regulated by the Insurance Regulatory and Development Authority.
Insurance act 1938
The document provides an overview of insurance law and regulations in India. It defines key terms like life insurance and general insurance. Insurance is described as a means of protecting against financial loss from uncertain events and sharing risks. The key principles of insurance like insurable interest and indemnity are outlined. The major acts governing insurance in India are the Insurance Act of 1938, Insurance Regulatory and Development Authority Act of 1999, and Actuaries Act of 2006. The roles of regulatory bodies like IRDA in overseeing the insurance industry are also summarized.
Introduction to reinsurance
This document provides an introduction to reinsurance. It begins by explaining that reinsurance exists because insurance companies need ways to manage large risks that exceed their individual capacities. Reinsurance allows insurance companies to transfer portions of risks to reinsurers. The document then defines reinsurance as "insurance for insurance companies" whereby a reinsurer takes on part of the liability from an insurer for a given policy. The main purposes and functions of reinsurance are then outlined as increasing insurers' underwriting capacity, providing financial stability, and strengthening insurers' finances. The document concludes by briefly describing the main types and methods of reinsurance.
Principles of insurance
This document outlines 8 key principles of insurance:
1) Insurable interest requires the insured to have a financial stake in the insured property/subject.
2) Uberrima fidei requires utmost good faith, where fraud or misrepresentation can void the contract.
3) Material facts must be disclosed about the insured property/subject.
4) Indemnity provides compensation to return the insured to their pre-loss status, without the potential for profit.
5) Contribution prevents double recovery where multiple insurance applies to the same loss.
6) Subrogation allows the insurer to recover costs from liable third parties.
7) Loss minimization requires the insured take reasonable steps to reduce
Principles of Life insurance by Dr. Amitabh Mishra
The document discusses the key principles of life insurance, including:
1) The principle of insurable interest which requires a financial loss upon death or injury.
2) The principle of utmost good faith which requires full disclosure between insurer and insured.
3) The principle of large numbers which allows insurers to predict risks by analyzing large pools of policyholders.
4) Life insurance has also evolved with increasing digitization, the creation of e-insurance accounts, and the growth of alternative distribution channels such as brokers, banks, and online aggregators.
Principles of valid contract special principles of life insurance
This document discusses the principles of valid life insurance contracts. It outlines several key elements, including insurable interest which requires that the policy owner has a financial interest in the insured individual's life. It also discusses the principle of utmost good faith which requires high levels of disclosure from the policy owner. Additionally, it explains that life insurance contracts are not contracts of indemnity, unlike most other types of insurance. The document provides an overview of the key features and principles of life insurance.
Insurance
This document provides an overview of insurance concepts and types of insurance in India. It defines insurance as a contract where one party agrees to indemnify another for financial losses from uncertain future events in exchange for premium payments. There are two main types of insurance in India - life insurance and general insurance, which includes fire, marine, and miscellaneous. Life insurance protects against risks to life, while fire insurance indemnifies for property damage or loss from fire. Marine insurance covers losses from sea perils during ocean transit.
Introduction to Life Insurance-I by Dr. Amitabh Mishra
The document provides an introduction to life insurance, including:
1) Life insurance is a contract between a policyholder and insurer where the insurer promises to pay a beneficiary upon the death of the insured in exchange for premiums.
2) Life insurance policies are legal contracts that describe insured events like death, terminal illness or critical illness. Premiums are paid regularly or as a lump sum.
3) The history of life insurance dates back to ancient Rome and burial clubs. The first modern life insurance company was established in England in 1706. Key developments included the first actuary in the 1750s and the establishment of age-based premiums in 1762.
Functions of insurance
1. Insurance provides certainty by removing uncertainties around whether a loss will occur, when it will occur, and how large the loss will be. It guarantees payment for losses.
2. Insurance provides protection by guaranteeing payment for losses, protecting policyholders from suffering financially due to risks covered by their policies.
3. Risk is shared collectively among all policyholders through insurance premiums paid, so that the cost of risks is distributed and no single person bears the full financial burden if a loss occurs.
InsUraNce, Re-InSurAnce & BanCaSSuraNce
Insurance is a mechanism for mitigating risk whereby individuals and entities protect themselves from financial loss by transferring their risks to an insurance company in exchange for a fee called a premium. It involves spreading risk among many individuals or entities to help offset the cost of unexpected losses or disasters. The key parties involved are the insured or assured who takes out the policy, the insurer or assurer who underwrites the risk, and the subject matter which is being insured such as a person's life or property.
Krishnam maheshwari 1 ppt
This document provides an overview of insurance, including definitions of key terms like insurer, insured, and importance. It also summarizes different types of insurance like life, health, fire, marine, and principles of insurance. Regulations of insurance by the Insurance Regulatory and Development Authority of India are discussed. Acts governing insurance in India are also outlined.
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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.
Intro to insurance
Insurance is a contract where the insurer agrees to pay compensation for loss on a specified item in exchange for premium payments. There are key terms like insurer, insured, premium, risk cover, perils, and maturity benefit. Insurance can be classified by nature, business point of view, or risk. Major types include life, fire, marine, social, and miscellaneous. Life insurance covers death risk while fire insures against fire damage and marine covers ship/cargo losses at sea.
General Insurance
The document discusses general insurance concepts including basic terminology, requirements for insurable risk, and principles of insurance. It defines key terms like insurance, insurer, insured, premium, policy, risk, peril, and hazard. The six requirements for a risk to be insurable are outlined. The seven principles of insurance are explained in detail, including indemnity, insurable interest, utmost good faith, contribution, average, subrogation, and proximate cause. Finally, the document categorizes insurance into life, general, fire, health, motor, and marine types.
Life insurance and General Insurance
Life insurance
types of life insurance
terms
and general insurance
types of general insurance
Fire insurance ppt
Fire insurance provides coverage against losses from fire and other specified risks. There must be an actual loss for a claim to be made, and the fire must be accidental. Fire insurance policies are typically valid for one year and involve a written contract between the insurer and insured. The insured can recover the actual amount of loss up to the sum insured, but is not allowed to profit from insurance. Fire insurance provides a protection element but lacks an investment component.
Project report on Insurance
The document provides a detailed history of insurance beginning in ancient times. It discusses how early forms of insurance emerged in China, Babylon, and Persia to help communities cope with risks like shipwrecks or famines. Formal insurance contracts first appeared in 14th century Genoa and later spread to London. The Great Fire of London in 1666 spurred the development of fire insurance. The first insurance company in the US was established in Charleston, South Carolina in 1732 to provide fire insurance. Regulation of the insurance industry began in the 19th century at the state level. The document then provides milestones in the evolution of insurance in India and the nationalization of the life and general insurance sectors in India in 1956 and
Types of insurance
Contract of Insurance, Insurance, Life Insurance, Fire Insurance, Marine Insurance, Types of Insurance
Introduction To Motor Insurance
The document provides an introduction to motor insurance. It discusses the genesis of motor insurance beginning with the development of the internal combustion engine in the late 19th century and the introduction of automobiles and road traffic laws. It then covers the different types of motor insurance policies, underwriting factors considered, motor reinsurance, and types of claims that can arise. It emphasizes the importance of motor insurance for general insurers, prudent underwriting, good customer service, and technology.
Principles
This document outlines seven key principles of insurance: utmost good faith, insurable interest, indemnity, contribution, subrogation, loss minimization, and nearest cause. It provides examples and explanations of each principle, including how insurable interest requires a financial stake in the insured object or loss, utmost good faith requires full disclosure, indemnity provides compensation for loss rather than profit, and contribution and subrogation determine payment among multiple insurers. The principles of loss minimization and nearest cause also guide determining responsibility and liability.
Insurance
The document provides an overview of life insurance. It defines insurance and explains how insurance works by pooling risks and premiums from a large group of people to compensate those who suffer losses. Key principles of insurance are also outlined, including utmost good faith, insurable interest, indemnity, contribution, subrogation and mitigation of loss. The history and evolution of insurance in India is summarized, from its origins in marine insurance in the 1500s to nationalization in 1956 and subsequent regulatory reforms.
Marine insurance ppt
Insurance serves as an excellent risk-management and wealth-preservation tool whether it's for auto, medical, liability, disability, or life. The business of insurance relates to protecting the economic value of assets. Marine insurance originated several centuries ago and Lloyd's Coffee House in London, opened in 1688, became recognized as an ideal place for obtaining marine insurance. Cargo insurance provides coverage for goods in transit by sea, air, rail, or post, protecting against risks of fire, theft, pilferage and more.
Insurance - Classification
Insurance is a risk management tool where an insured transfers the risk of potential financial loss to an insurance company in exchange for a premium. There are two main types of insurance - life insurance and general insurance. Life insurance provides coverage for risks related to death and illness, while general insurance covers property losses and damages for risks like motor accidents, fire, and health issues. Insurance in India is regulated by the Insurance Regulatory and Development Authority.
Insurance act 1938
The document provides an overview of insurance law and regulations in India. It defines key terms like life insurance and general insurance. Insurance is described as a means of protecting against financial loss from uncertain events and sharing risks. The key principles of insurance like insurable interest and indemnity are outlined. The major acts governing insurance in India are the Insurance Act of 1938, Insurance Regulatory and Development Authority Act of 1999, and Actuaries Act of 2006. The roles of regulatory bodies like IRDA in overseeing the insurance industry are also summarized.
Introduction to reinsurance
This document provides an introduction to reinsurance. It begins by explaining that reinsurance exists because insurance companies need ways to manage large risks that exceed their individual capacities. Reinsurance allows insurance companies to transfer portions of risks to reinsurers. The document then defines reinsurance as "insurance for insurance companies" whereby a reinsurer takes on part of the liability from an insurer for a given policy. The main purposes and functions of reinsurance are then outlined as increasing insurers' underwriting capacity, providing financial stability, and strengthening insurers' finances. The document concludes by briefly describing the main types and methods of reinsurance.
Principles of insurance
This document outlines 8 key principles of insurance:
1) Insurable interest requires the insured to have a financial stake in the insured property/subject.
2) Uberrima fidei requires utmost good faith, where fraud or misrepresentation can void the contract.
3) Material facts must be disclosed about the insured property/subject.
4) Indemnity provides compensation to return the insured to their pre-loss status, without the potential for profit.
5) Contribution prevents double recovery where multiple insurance applies to the same loss.
6) Subrogation allows the insurer to recover costs from liable third parties.
7) Loss minimization requires the insured take reasonable steps to reduce
Principles of Life insurance by Dr. Amitabh Mishra
The document discusses the key principles of life insurance, including:
1) The principle of insurable interest which requires a financial loss upon death or injury.
2) The principle of utmost good faith which requires full disclosure between insurer and insured.
3) The principle of large numbers which allows insurers to predict risks by analyzing large pools of policyholders.
4) Life insurance has also evolved with increasing digitization, the creation of e-insurance accounts, and the growth of alternative distribution channels such as brokers, banks, and online aggregators.
Principles of valid contract special principles of life insurance
This document discusses the principles of valid life insurance contracts. It outlines several key elements, including insurable interest which requires that the policy owner has a financial interest in the insured individual's life. It also discusses the principle of utmost good faith which requires high levels of disclosure from the policy owner. Additionally, it explains that life insurance contracts are not contracts of indemnity, unlike most other types of insurance. The document provides an overview of the key features and principles of life insurance.
Insurance
This document provides an overview of insurance concepts and types of insurance in India. It defines insurance as a contract where one party agrees to indemnify another for financial losses from uncertain future events in exchange for premium payments. There are two main types of insurance in India - life insurance and general insurance, which includes fire, marine, and miscellaneous. Life insurance protects against risks to life, while fire insurance indemnifies for property damage or loss from fire. Marine insurance covers losses from sea perils during ocean transit.
Introduction to Life Insurance-I by Dr. Amitabh Mishra
The document provides an introduction to life insurance, including:
1) Life insurance is a contract between a policyholder and insurer where the insurer promises to pay a beneficiary upon the death of the insured in exchange for premiums.
2) Life insurance policies are legal contracts that describe insured events like death, terminal illness or critical illness. Premiums are paid regularly or as a lump sum.
3) The history of life insurance dates back to ancient Rome and burial clubs. The first modern life insurance company was established in England in 1706. Key developments included the first actuary in the 1750s and the establishment of age-based premiums in 1762.
Functions of insurance
1. Insurance provides certainty by removing uncertainties around whether a loss will occur, when it will occur, and how large the loss will be. It guarantees payment for losses.
2. Insurance provides protection by guaranteeing payment for losses, protecting policyholders from suffering financially due to risks covered by their policies.
3. Risk is shared collectively among all policyholders through insurance premiums paid, so that the cost of risks is distributed and no single person bears the full financial burden if a loss occurs.
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Introduction to Life Insurance-I by Dr. Amitabh Mishra
Similar to Bst project insurance
InsUraNce, Re-InSurAnce & BanCaSSuraNce
Insurance is a mechanism for mitigating risk whereby individuals and entities protect themselves from financial loss by transferring their risks to an insurance company in exchange for a fee called a premium. It involves spreading risk among many individuals or entities to help offset the cost of unexpected losses or disasters. The key parties involved are the insured or assured who takes out the policy, the insurer or assurer who underwrites the risk, and the subject matter which is being insured such as a person's life or property.
Krishnam maheshwari 1 ppt
This document provides an overview of insurance, including definitions of key terms like insurer, insured, and importance. It also summarizes different types of insurance like life, health, fire, marine, and principles of insurance. Regulations of insurance by the Insurance Regulatory and Development Authority of India are discussed. Acts governing insurance in India are also outlined.
Non LiFe InSurAncE/GeNeRal InsuRanCe
Non-life or general insurance provides coverage for risks other than human life. It includes various types of insurance like health, property, liability, marine, fire, motor, and credit insurance. Health insurance covers medical expenses while property insurance protects insured property from risks like fire, theft, and natural disasters. Liability insurance protects against claims by third parties for damages. Marine insurance covers risks for ships, cargo and freight. [END SUMMARY]
Introduction about insurance
This document provides an overview of different types of insurance. It defines insurance as an arrangement where a company or government agency provides compensation for specified losses in exchange for premium payments. It then discusses several types of insurance in more detail, including: life insurance, which reimburses for death or illness; general insurance, which covers non-life risks like property damage; fire insurance; health insurance; and marine insurance, which covers goods and freight during transport. For each type, it provides a brief definition and examples of what is covered. It also lists some general insurance companies.
Insurance Basics
This presentation is all about insurance. It will cover some topics.
1-What is Insurance ?
2-Why Insurance ?
3- Type of Insurance
4-What is Risk?
5- Peril and Hazard
6- Transfer of Risk ?
7- Mitigation
8-WHAT IS GENERAL INSURANCE ?
9- Type Of General Insurance
10- Insurance Company Operations
11- Underwriting, Claims Settlement
12- Reinsurance
introductionaboutinsurance-160830110112 (1).pptx
This document provides an overview of different types of insurance. It defines insurance as an arrangement where a company provides compensation for specified losses in exchange for premium payments. General insurance covers non-life risks like property and health, while life insurance reimburses for death or critical illness. The document outlines various insurance types like life, general, motor, fire, health and marine insurance. It provides details on what is covered under policies for life, fire, health and marine insurance.
INSURANCE.pdf
The document discusses various aspects of insurance including its meaning, characteristics, types, and the role of the Insurance Regulatory and Development Authority of India (IRDAI). It defines insurance as a means of protection from financial loss through compensation for specified losses. There are two main types of insurance - life insurance and general insurance, with the latter covering property, health, marine and other non-life risks. The document also outlines the objectives and characteristics of reinsurance. Finally, it describes the functions and role of IRDAI in regulating the insurance sector in India.
Presentation1
This document provides an overview of various types of loans and insurance. It discusses home loans, vehicle loans, business loans, gold loans, education loans, and loans against insurance policies. It also covers different types of insurance including life insurance, health insurance, property insurance, and specialized property insurance like fire insurance, earthquake insurance, flood insurance, and more. Natural disaster insurance and terrorism insurance are also mentioned.
Insurance chapter 3.pptx
Insurance is a contract where an individual or entity receives financial protection from losses in exchange for paying premiums. Companies pool risks to make premiums affordable. There are two main types of insurance - life insurance which pays out a sum when a person dies, and non-life insurance which covers other losses or liabilities. Within these are various products like health, property, vehicle and travel insurance. Regulations ensure customer protection and industry growth.
asbd iasbduasdb dbas udabduisInsurance Laws & Regulation.pptx
This document provides an overview of insurance law and regulation in India. It defines insurance as a contract between two parties where one party agrees to pay the other in the event of a specified loss or accident. Insurance law governs insurance policies and claims. Regulation ensures fairness, prevents market collapse, and promotes access. The document outlines the need for insurance, classifications of insurance including life, general, and reinsurance. It discusses key concepts such as double insurance, social insurance, workmen's compensation insurance, and third party insurance. Finally, it lists the major acts governing India's insurance sector, including the role of the Insurance Regulatory and Development Authority (IRDA).
full project final-PDF
General insurance companies provide financial protection against losses from events like fire, floods or theft. They earn income from premiums paid by policyholders and investment returns. Premiums cover costs like claims payments, expenses and dividends. Investment returns depend on market conditions and vary yearly. Reliance General Insurance offers over 80 insurance products across categories like personal accident, fire, marine, motor, health and travel. It aims to make insurance accessible through branches across India and online services. The company follows quality standards and received ISO 9001:2000 certification.
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Insurance-Purpose-Economic Development-Insurance Agent-Regulation-Compensation-Life Insurance-Types-General Insurance-Types-Difference
2010 11 pgp1-lab_written report_section_b_group 14_26-11-2010
This document provides an overview of key concepts related to insurance contracts in India. It discusses terminology used in insurance, the nature of insurance contracts as aleatory contracts requiring utmost good faith, key principles like indemnity and proximate cause, types of insurance policies including life, fire, and marine, and concepts like insurable interest, misrepresentation, subrogation, contribution, and commencement of policies.
Basics of Insurance by RapidValue Solutions
This presentation explains the process of Insurance in a very Simplistic and schematic way. It starts with the definition of Insurance and moves onto the types of insurance like life insurance, general insurance, P&C insurance, Auto insurance etc. It explains the insurance industry sales channels and the customer purchase process. The presentation also looks to explain the claims process. It suggests, citing statistics from various sources, that insurance industry will have to go thorough digital transformation as it will benefit both the insurers and the customers.
Types of Insurance
This document provides an overview of the many different types of insurance. It lists and describes several major categories of insurance including life insurance, home insurance, property insurance, auto insurance, and health insurance. Within each category, it outlines specific types of insurance such as term life, whole life, and annuities for life insurance or fire, flood, and earthquake insurance for property insurance. The document serves as an exhaustive reference for the various risks that can be insured against.
Property Insurance & the Players
The document provides information on property insurance and the various parties involved. It discusses the types of property insurance like home insurance, flood insurance, and landlord insurance. It then describes the roles of claims adjusters, public adjusters, and loss consultants in investigating and assessing insurance claims. Claims adjusters work on behalf of the insurance company, public adjusters work for the policyholder, and loss consultants provide reports to determine property values and restoration costs.
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.
PRESENTATION ON “ STUDY OF SALES PROMOTION’’ AND “ANALYSIS OF INSURANCE B...
Meaning of INSURANCE ,Indian Insurance Industry Overview Types of Insurance ,Examples of INSURANCE Company ,How does insurance work?, tax benefits on insurance
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.
Life insurance
The document discusses life insurance and provides definitions and explanations of key concepts:
- Life insurance is a contract where the insurer agrees to pay a sum of money to the insured or their beneficiaries upon the insured's death or other specified event.
- Both parties have responsibilities - the insurer must pay claims as agreed, while the insured must disclose all relevant information truthfully and pay premiums.
- There are various types of life insurance policies that can provide financial protection or serve as investment vehicles. Life insurance plays an important role in protecting families and encouraging savings.
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asbd iasbduasdb dbas udabduisInsurance Laws & Regulation.pptx
asbd iasbduasdb dbas udabduisInsurance Laws & Regulation.pptx
2010 11 pgp1-lab_written report_section_b_group 14_26-11-2010
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Bst project 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