Chp 1
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This document provides an introduction and overview of insurance, including definitions of insurance, how it works, its importance, functions, and classes. Insurance is defined as an economic institution based on mutuality that is formed to establish a common fund to pay for unforeseen losses. It works by pooling risks and losses from many individuals into a large fund. The primary function of insurance is the equitable distribution of financial losses from a few insured individuals among the larger group of insured. There are two main classes of insurance: life assurance which covers human life contingencies, and general insurance which covers property and liability risks.
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Chap 4 -_insurance_industry (2)
The document outlines the key components and organizations that make up the insurance industry and market in Malaysia. It discusses the roles of various departments within insurance companies and how they may be organized. It also lists and describes several important institutions related to both the general insurance market and life assurance market, including their objectives and functions.
Chapter 5
The document discusses the regulation and supervision of the insurance industry in three paragraphs:
1. The insurance industry is regulated to protect consumers due to the nature of insurance contracts and the need for insurer integrity and stability. Regulations aim to ensure eight basic consumer rights and prevent issues like unfair claims settlement.
2. Regulations aim to promote healthy competition, provide some consumer protection, and foster competency and professionalism within the industry. This is achieved through licensing insurers, brokers and adjusters and oversight by regulatory bodies.
3. The Insurance Act establishes rules for insurers, including requiring separate licensing for life and general insurance, approval for certain investment-linked products, and membership in industry associations. Regulations aim to protect the
Chp 3
The document discusses several key principles of insurance:
- Insurance requires insurable interest to differentiate it from gambling. Insurable interest refers to a legitimate financial stake in the subject matter being insured.
- The insured must disclose all material facts regarding the risk. Undisclosed or misrepresented facts can void the contract.
- Insurance contracts aim to indemnify, or make whole, the insured for losses by restoring them to their pre-loss financial position without providing a payout exceeding losses.
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This document discusses the insurance industry and its components in Malaysia. It describes the key roles and functions of insurance agents, brokers, and various departments within insurance companies, including underwriting, claims, marketing, and actuarial. It also outlines some of the major organizations that regulate and represent different segments of the insurance sector in Malaysia, such as PIAM for general insurers, LIAM for life insurers, and MTA for takaful operators.
Chap 9 -_introduction_to_takaful
Takaful is an Islamic insurance concept based on mutual assistance and cooperation. It involves participants contributing to a common fund, which is used to pay compensation to any participant who suffers losses according to the terms of the Takaful agreement. There are different models for structuring Takaful, such as the Tabarru' model where contributions are seen as donations, or the Mudharabah model where profits from investing contributions are shared. Takaful aims to be free from elements like uncertainty and gambling that are prohibited in Islam. It is overseen by a Sharia Supervisory Council to ensure compliance.
FUNCTIONS OF INSURANCE
Insurance is defined both functionally and contractually. Functionally, it is a cooperative device to spread risk over multiple individuals exposed to the same risk. Contractually, it is an agreement where an insurer takes on the risk of a large loss in exchange for regular premium payments. The primary functions of insurance are providing protection from economic loss, collective risk bearing by sharing losses among policyholders, evaluating risks, and providing certainty. Secondary functions include preventing losses, covering larger risks with small capital contributions, and facilitating development of large industries. Insurance also serves as a savings/investment tool, earns foreign exchange, enables risk-free trade, and provides indemnification for unanticipated losses.
Life insurance ppt
The document discusses the history and types of life insurance in India. It notes that life insurance can be traced back to ancient texts and the first insurance companies were established in the late 19th century. It then summarizes different types of life insurance policies including term insurance, endowment plans, whole life plans, and unit linked insurance plans. The document also briefly outlines how life insurance claims are processed.
Functions of insurance
Insurance provides protection from financial loss by spreading risk across many individuals. It has several key functions:
1. Collective risk bearing - Insurance shares the costs of losses among policyholders by pooling their premium payments into a fund used to reimburse those who suffer specified risks.
2. Evaluating and pricing risk - Insurance assesses various risk factors to determine the likelihood of losses and set premium rates accordingly.
3. Providing certainty - Insurance transforms uncertainty about potential losses into a known payment of premiums in exchange for coverage if a loss occurs.
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Chapter 5
The document discusses the regulation and supervision of the insurance industry in three paragraphs:
1. The insurance industry is regulated to protect consumers due to the nature of insurance contracts and the need for insurer integrity and stability. Regulations aim to ensure eight basic consumer rights and prevent issues like unfair claims settlement.
2. Regulations aim to promote healthy competition, provide some consumer protection, and foster competency and professionalism within the industry. This is achieved through licensing insurers, brokers and adjusters and oversight by regulatory bodies.
3. The Insurance Act establishes rules for insurers, including requiring separate licensing for life and general insurance, approval for certain investment-linked products, and membership in industry associations. Regulations aim to protect the
Chp 3
The document discusses several key principles of insurance:
- Insurance requires insurable interest to differentiate it from gambling. Insurable interest refers to a legitimate financial stake in the subject matter being insured.
- The insured must disclose all material facts regarding the risk. Undisclosed or misrepresented facts can void the contract.
- Insurance contracts aim to indemnify, or make whole, the insured for losses by restoring them to their pre-loss financial position without providing a payout exceeding losses.
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This document discusses the insurance industry and its components in Malaysia. It describes the key roles and functions of insurance agents, brokers, and various departments within insurance companies, including underwriting, claims, marketing, and actuarial. It also outlines some of the major organizations that regulate and represent different segments of the insurance sector in Malaysia, such as PIAM for general insurers, LIAM for life insurers, and MTA for takaful operators.
Chap 9 -_introduction_to_takaful
Takaful is an Islamic insurance concept based on mutual assistance and cooperation. It involves participants contributing to a common fund, which is used to pay compensation to any participant who suffers losses according to the terms of the Takaful agreement. There are different models for structuring Takaful, such as the Tabarru' model where contributions are seen as donations, or the Mudharabah model where profits from investing contributions are shared. Takaful aims to be free from elements like uncertainty and gambling that are prohibited in Islam. It is overseen by a Sharia Supervisory Council to ensure compliance.
FUNCTIONS OF INSURANCE
Insurance is defined both functionally and contractually. Functionally, it is a cooperative device to spread risk over multiple individuals exposed to the same risk. Contractually, it is an agreement where an insurer takes on the risk of a large loss in exchange for regular premium payments. The primary functions of insurance are providing protection from economic loss, collective risk bearing by sharing losses among policyholders, evaluating risks, and providing certainty. Secondary functions include preventing losses, covering larger risks with small capital contributions, and facilitating development of large industries. Insurance also serves as a savings/investment tool, earns foreign exchange, enables risk-free trade, and provides indemnification for unanticipated losses.
Life insurance ppt
The document discusses the history and types of life insurance in India. It notes that life insurance can be traced back to ancient texts and the first insurance companies were established in the late 19th century. It then summarizes different types of life insurance policies including term insurance, endowment plans, whole life plans, and unit linked insurance plans. The document also briefly outlines how life insurance claims are processed.
Functions of insurance
Insurance provides protection from financial loss by spreading risk across many individuals. It has several key functions:
1. Collective risk bearing - Insurance shares the costs of losses among policyholders by pooling their premium payments into a fund used to reimburse those who suffer specified risks.
2. Evaluating and pricing risk - Insurance assesses various risk factors to determine the likelihood of losses and set premium rates accordingly.
3. Providing certainty - Insurance transforms uncertainty about potential losses into a known payment of premiums in exchange for coverage if a loss occurs.
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1) It discusses the history and evolution of insurance in India from early references in ancient texts to the current system with both public and private sector organizations.
2) It outlines the key milestones in the development of insurance regulation and the nationalization and privatization of different sectors over time.
3) It describes the current legal structure and regulatory authorities that govern the insurance market in India.
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This 5-day course on risk management and insurance from May 11-15, 2015 aims to familiarize participants with basic concepts. The objectives are to provide background on risk management and help participants identify exposure to losses, choose risk techniques, and create a risk management plan. The document introduces risk and insurance, how insurance works by pooling risks, and the history and functions of insurance to eliminate risks and spread them among a community. It also defines key components of a risk management framework, including risk strategy, governance structure, protocols, and policies to support the risk management process.
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This document discusses insurance as a risk management strategy in financial planning. It defines different types of insurance like auto, life, health, property and professional liability. It explains key concepts such as premiums, deductibles, claims and coverage. Insurance can provide financial protection from risks and play an important role in financial planning by assisting with disability, unemployment, long-term care and death. Periodic reviews of coverage are important.
How Insurance Company works
The document provides an overview of how insurance companies work. It discusses key terms like insurer, insured, and premium. It explains that insurance companies collect premiums from customers, invest those funds, and use the money to pay claims when insured events occur. The document also outlines some common types of insurance like life, health, property, and car insurance. It discusses factors that determine insurance rates and gives examples of career paths within an insurance company.
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Chapter 03 principles and practice of lifeinsurance
The document discusses key concepts in life insurance including:
1) Life insurance provides protection for dependents by ensuring continuity of income if the primary breadwinner dies. It also serves as a savings instrument and provides benefits like education funds and annuities.
2) Determining how much insurance is needed factors in immediate expenses after death, education costs of children, recurring costs of dependents, and paying off debts.
3) Popular life insurance plans include term insurance, whole life insurance, endowment insurance, and annuity contracts. Combination plans also exist to meet various policyholder needs.
Classification of Insurance
Homeland Insurance Company LTD provides life and general insurance solutions. Its vision is to be the life insurance company of choice for quality insurance products that ensure financial security. It offers various personal and commercial insurance types from both a business and risk perspective, including life, general, social, property, liability and fidelity insurance. Homeland operates in Bangladesh and provides Takaful deposit pension schemes for individuals between 18-45 years old with monthly, trimonthly or yearly premiums ranging from 200-300 taka and benefits from 200,000-214,000 taka over 10-15 years. The schemes offer advantages like accessibility for low earners and a surrender value.
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.
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This document discusses risk mitigation and wealth creation through various insurance products and tools. It outlines different types of risks individuals face in their lives and how insurance products like life, health, accident, property, and liability insurance can help mitigate these risks. It also explains how life insurance products like endowment plans and pension plans as well as investment tools like mutual funds can help create wealth over the long run. The document provides details on various insurance options available for risk mitigation and wealth creation.
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A life insurance is an insurance for human lives. Life insurance may be permanent and term, or individual or group.
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Chapter 6: FINANCIAL OPERATIONS OF I NSURERS
1-Liabilities: Loss Reserves
A loss reserve is the estimated cost of settling claims for losses that have already occurred but that have not been paid as of the valuation date . More specifically, the loss reserve is an estimated amount for (1) claims reported and adjusted but not yet paid, (2) claims reported and filed, but not yet adjusted, and (3) claims for losses incurred but not yet reported to the company .
Loss reserves in property and casualty insurance can be classified as case reserves, reserves based on the loss ratio method, and reserves for incurred but not reported claims.
2-Policyholders’ Surplus
Policyholders’ surplus is the difference between an insurance company’s assets and liabilities . It is not calculated directly—it is the “balancing” item on the balance sheet.
If the insurer were to pay all of its liabilities using its assets, the amount remaining would be policyholders’ surplus.
Surplus can be thought of as a cushion that can be drawn upon if liabilities are higher than expected.
Surplus represents the paid-in capital of investors plus retained income from insurance operations and investments over time.
The level of surplus is also an important determinant of the amount of new business that an insurance company can write.
3-Income and Expense Statement
The income and expense statement summarizes revenues received and expenses paid during a specified period of time .
Revenues are cash inflows that the company can claim as income. The two principal sources of revenues for an insurance company are premiums and investment income.
Earned premiums represent the portion of the premiums for which insurance protection has been provided .
Expenses Partially offsetting the company’s revenues were the company’s expenses, which are cash outflows from the business.
The major expenses for an Insurance Company:
Adjusting claims
Paying the insured losses
Underwriting
4-Measuring Profit or Loss
A simple measure that can be used is the insurance company’s loss ratio and expense ratio.
The loss ratio is the ratio of incurred losses and loss adjustment expenses to premiums earned .
Loss ratio= (Incurred losses+Loss adjustment expenses)/Premiums earned
The expense ratio is equal to the company’s underwriting expenses divided by written premiums .
Expense ratio=Underwriting expenses/Premiums written
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Potential Careers in Insurance in Malaysia
DID YOU KNOW??
Today, the insurance industry in Malaysia offers more than just financial protection; there’re also great job opportunities for you.
Whatever careers you choose in this industry; you’ll enter an industry that offers great career development and growth through training and education.This is great place to start!!
View what career opportunities offered to talented people in the Malaysian insurance industry today.
You can also explore various other careers in insurance, the next question is only – when? The future’s bright. The future starts today!
Chap 7 -_insurance_documents
This document discusses various insurance documents and forms used in the insurance process. It describes the purpose and contents of key documents like proposal forms, cover notes, certificates of insurance, policy forms, endorsements, renewal notices, claim forms, and discharge letters. Proposal forms are used to gather risk information and form the basis of the insurance contract. Cover notes provide temporary coverage until the full policy is issued. Policy forms contain the terms and conditions of the insurance agreement. Endorsements are used to modify policy terms, and discharge letters confirm that claims have been fully settled.
Chap 8 -_underwriting
This document discusses the principles and process of underwriting in insurance. It defines underwriting as assessing and selecting risks to determine premiums, terms, and conditions. The key purposes of underwriting are to guard against applicants with high probability of loss and to charge premiums commensurate with risk. Common underwriting features include identifying hazards, selecting risks, and setting premiums, terms, and conditions accordingly. Risks with abnormal hazards may be accepted with risk improvements, warranties, exclusions, restricted coverage, excesses, or franchises. Premiums are set using individual, class, or merit rates and cover expected claims costs plus expenses.
Chp 2
1. The document discusses various concepts related to risk including risk, peril, loss, and hazard. It also describes different ways to measure risk such as priori, empirical, and judgmental probabilities.
2. Risks are categorized as either fundamental or particular, and pure or speculative. Fundamental risks affect large numbers of people while particular risks affect individuals. Pure risks involve the possibility of loss or no loss, while speculative risks involve the possibility of profit, loss, or no loss.
3. The main methods for handling risks are risk avoidance, loss control, risk retention, and risk transfer. Risk avoidance aims to reduce the total amount of loss by preventing or minimizing loss. Loss control involves retaining risks and bearing any
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2) It outlines the key milestones in the development of insurance regulation and the nationalization and privatization of different sectors over time.
3) It describes the current legal structure and regulatory authorities that govern the insurance market in India.
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It is an topic related to insurance subject. In this presentation it has been explained very well. Please read it.
Role of insurance company in Bangladesh Economy.
This document provides an overview of the insurance industry in Bangladesh. It discusses the history and development of insurance in the country, including the nationalization of insurance companies in 1972. It then lists the top 12 insurance companies in Bangladesh and describes their founding and focus. Finally, it outlines the functions of insurance companies, including pooling funds from policyholders to pay claims and providing long-term savings opportunities.
C5 types of insurers
This document discusses different types of insurers and marketing systems. It describes the main types of private insurers as stock insurers, mutual insurers, reciprocal exchanges, Lloyd's of London, Blue Cross/Blue Shield plans, HMOs, and captives. It also discusses agents and brokers, and the main life and property/casualty insurance marketing systems which include personal selling by agents, direct response, worksite marketing, and independent agencies.
Chapter 03 principles and practice of lifeinsurance
The document discusses key concepts in life insurance including:
1) Life insurance provides protection for dependents by ensuring continuity of income if the primary breadwinner dies. It also serves as a savings instrument and provides benefits like education funds and annuities.
2) Determining how much insurance is needed factors in immediate expenses after death, education costs of children, recurring costs of dependents, and paying off debts.
3) Popular life insurance plans include term insurance, whole life insurance, endowment insurance, and annuity contracts. Combination plans also exist to meet various policyholder needs.
Classification of Insurance
Homeland Insurance Company LTD provides life and general insurance solutions. Its vision is to be the life insurance company of choice for quality insurance products that ensure financial security. It offers various personal and commercial insurance types from both a business and risk perspective, including life, general, social, property, liability and fidelity insurance. Homeland operates in Bangladesh and provides Takaful deposit pension schemes for individuals between 18-45 years old with monthly, trimonthly or yearly premiums ranging from 200-300 taka and benefits from 200,000-214,000 taka over 10-15 years. The schemes offer advantages like accessibility for low earners and a surrender value.
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.
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This document discusses risk mitigation and wealth creation through various insurance products and tools. It outlines different types of risks individuals face in their lives and how insurance products like life, health, accident, property, and liability insurance can help mitigate these risks. It also explains how life insurance products like endowment plans and pension plans as well as investment tools like mutual funds can help create wealth over the long run. The document provides details on various insurance options available for risk mitigation and wealth creation.
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This document discusses various topics related to insurance in the Philippines, including life insurance, non-life insurance, investment of insurance funds, the Insurance Commission as the regulatory body, key provisions of the Insurance Code of the Philippines, and the organizational structure and functions of the Insurance Commission. The summaries provide an overview of the high-level information covered.
Life Insurance
A life insurance is an insurance for human lives. Life insurance may be permanent and term, or individual or group.
Reinsurance in India
Reinsurance involves insurance companies insuring each other's risks. There are two main types of reinsurance - facultative, which applies to individual risks, and treaty, which applies to a company's entire book of business. Reinsurance can be proportional, where the reinsurer takes a share of each policy, or non-proportional, where the reinsurer covers losses over a certain amount. The reinsurance market in India is dominated by GIC, the sole domestic reinsurer, which reinsures a portion of policies with international reinsurers. Some challenges for reinsurers in the Indian market include higher premium rates and a lack of desirable quotes from Indian reinsurers for small deals.
Chapter 6: FINANCIAL OPERATIONS OF I NSURERS
1-Liabilities: Loss Reserves
A loss reserve is the estimated cost of settling claims for losses that have already occurred but that have not been paid as of the valuation date . More specifically, the loss reserve is an estimated amount for (1) claims reported and adjusted but not yet paid, (2) claims reported and filed, but not yet adjusted, and (3) claims for losses incurred but not yet reported to the company .
Loss reserves in property and casualty insurance can be classified as case reserves, reserves based on the loss ratio method, and reserves for incurred but not reported claims.
2-Policyholders’ Surplus
Policyholders’ surplus is the difference between an insurance company’s assets and liabilities . It is not calculated directly—it is the “balancing” item on the balance sheet.
If the insurer were to pay all of its liabilities using its assets, the amount remaining would be policyholders’ surplus.
Surplus can be thought of as a cushion that can be drawn upon if liabilities are higher than expected.
Surplus represents the paid-in capital of investors plus retained income from insurance operations and investments over time.
The level of surplus is also an important determinant of the amount of new business that an insurance company can write.
3-Income and Expense Statement
The income and expense statement summarizes revenues received and expenses paid during a specified period of time .
Revenues are cash inflows that the company can claim as income. The two principal sources of revenues for an insurance company are premiums and investment income.
Earned premiums represent the portion of the premiums for which insurance protection has been provided .
Expenses Partially offsetting the company’s revenues were the company’s expenses, which are cash outflows from the business.
The major expenses for an Insurance Company:
Adjusting claims
Paying the insured losses
Underwriting
4-Measuring Profit or Loss
A simple measure that can be used is the insurance company’s loss ratio and expense ratio.
The loss ratio is the ratio of incurred losses and loss adjustment expenses to premiums earned .
Loss ratio= (Incurred losses+Loss adjustment expenses)/Premiums earned
The expense ratio is equal to the company’s underwriting expenses divided by written premiums .
Expense ratio=Underwriting expenses/Premiums written
5-Rate-Making Methods
Potential Careers in Insurance in Malaysia
DID YOU KNOW??
Today, the insurance industry in Malaysia offers more than just financial protection; there’re also great job opportunities for you.
Whatever careers you choose in this industry; you’ll enter an industry that offers great career development and growth through training and education.This is great place to start!!
View what career opportunities offered to talented people in the Malaysian insurance industry today.
You can also explore various other careers in insurance, the next question is only – when? The future’s bright. The future starts today!
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Motivation is the biggest Mantra for success in any field. Keep this going in your blood as it flows through your brain and heart.
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This document provides an introduction and overview of Takaful (Islamic insurance). It discusses:
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2) The key principles of Takaful including tabarru (voluntary donation or contribution) and ta'awun (mutual assistance).
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This presentation by Professor Alex Robson, Deputy Chair of Australia’s Productivity Commission, was made during the discussion “Competition and Regulation in Professions and Occupations” held at the 77th meeting of the OECD Working Party No. 2 on Competition and Regulation on 10 June 2024. More papers and presentations on the topic can be found at oe.cd/crps.
This presentation was uploaded with the author’s consent.Carrer goals.pptx and their importance in real life
Career goals serve as a roadmap for individuals, guiding them toward achieving long-term professional aspirations and personal fulfillment. Establishing clear career goals enables professionals to focus their efforts on developing specific skills, gaining relevant experience, and making strategic decisions that align with their desired career trajectory. By setting both short-term and long-term objectives, individuals can systematically track their progress, make necessary adjustments, and stay motivated. Short-term goals often include acquiring new qualifications, mastering particular competencies, or securing a specific role, while long-term goals might encompass reaching executive positions, becoming industry experts, or launching entrepreneurial ventures.
Moreover, having well-defined career goals fosters a sense of purpose and direction, enhancing job satisfaction and overall productivity. It encourages continuous learning and adaptation, as professionals remain attuned to industry trends and evolving job market demands. Career goals also facilitate better time management and resource allocation, as individuals prioritize tasks and opportunities that advance their professional growth. In addition, articulating career goals can aid in networking and mentorship, as it allows individuals to communicate their aspirations clearly to potential mentors, colleagues, and employers, thereby opening doors to valuable guidance and support. Ultimately, career goals are integral to personal and professional development, driving individuals toward sustained success and fulfillment in their chosen fields.
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Chp 1
- 1. CHAPTER 1 INTRODUCTION TO INSURANCE TOPIC OUTLINES: 1. Definition of Insurance 2. Importance of Insurance 3. How Insurance Works 4. Functions of Insurance 5. Classes of Insurance
- 2. Definition An economic institution based on the principles of mutuality, formed for the purpose of establishing a common fund, the need for which arises from chance occurrences of nature, whose probability can be fairly estimated. It involves payment of contracted benefits or compensation to the insured or a third party against unforeseen losses. PB502/Haniza/PSA 2
- 3. Essential features of insurance An economic institution Based on the principles of mutuality or cooperation Its objective is to accumulate fund to pay for claims Only certain risks can be insured against PB502/Haniza/PSA 3
- 4. The importance of insurance PB502/Haniza/PSA 4 The need for income Source of income Unfortunate events or risks
- 5. How insurance operates? FUND? RM100 RM100 RM100 RM100RM100 RM100 RM100 PB502/Haniza/PSA 5 Risk : Premature death RM100 is contributed every month to the fund. If every CIRCLES represent 10000 people, HOW much money is accumulated in the FUND? TOTAL : Loss : RM100,000 Concepts involved : 1. Pooling of risk 2. Pooling of losses
- 6. Functions of Insurance Secondary Functions Cost stabilization Stimulates business enterprises Removes fear and worries Reduction of losses Means of savings Sources of capital for investment Provides employment for many PB502/Haniza/PSA 6 Primary function : Equitable distribution of the financial losses of the few who are insured among the many insureds.
- 7. Classes of insurance Life Assurance A contract which pays an agreed sum of money on the happening of a contingency (event), or of a variety of contingencies, dependent on human life. Risks Covered : Premature death Continuous stream of income during retirement Sickness or disability General Insurance A contract arranged to provide cover against certain risks to the insured and/or third parties Risks covered : Loss or damage to property Legal liability caused by products or goods sold or process carried out Death or injury to a person by an accident PB502/Haniza/PSA 7