Group no 7 presentation.
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Non-insurance risk transfer methods include transferring risk through contracts, hedging, and incorporation. Risk can be transferred through contracts like leases or hold harmless agreements. Hedging transfers price risk to speculators through futures contracts, options, or swaps. Incorporation limits an owner's personal liability to the company's assets. Advantages include transferring non-insurable risks and risks to parties better able to control losses at lower cost than insurance. Disadvantages include contractual ambiguity failing the transfer and insurance costs not always reducing.
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Concept of risk
In this power Point Presentation i will discuss about the Risk and Different types of Risk. when a Investor invest in a security than what type of Risk he have from the Security.
al ijarah
Ijara or leasing is an Islamic financing contract where the financier buys an asset and leases it to a business owner for a rental fee. There are several types of ijara contracts: basic ijara for leasing services or assets; ijara muntahia bittamleek which allows the lessee to purchase the asset; and al-ijarah wa al-iqtina which is a lease-to-own agreement commonly used for home financing. The ijara contract must meet conditions such as clearly specifying the purpose and responsibilities of both parties, and cannot involve uncertainty around prices, interest, or penalties.
sukuk - islamic bond
Sukuk are financial certificates that comply with Islamic law and its investment principles, which prohibit charging or paying interest. Sukuk represent ownership in tangible assets or business activities and provide investors returns from those assets or activities. There are different types of Sukuk based on principles like Murabaha, Ijarah, Musharakah, and Mudarabah. While Sukuk aim to enable organizations to raise capital in a Sharia-compliant way, some structures have faced criticism for replicating interest-based bonds too closely. Guidelines on appropriate underlying assets and tradability in secondary markets continue to be discussed.
nature of insurance
This document provides an overview of the nature of insurance. It defines insurance as an agreement where individuals facing similar risks can share losses through transferring risks to an insurer. The insurer collects premiums from many policyholders and uses these funds to pay losses of the unlucky few. This allows for losses to be shared across all policyholders rather than borne solely by those who experience losses. It also discusses key concepts like insurable risks, premium calculation, functions of insurance, and differences between life and other forms of insurance.
Takaful and Insurance underwriting
The document provides an overview of the underwriting process. It defines underwriting as evaluating risks to determine whether to provide insurance coverage. An underwriter's role is to evaluate applications, accept or decline risks, and determine contribution amounts. Sound underwriting is important for the success of the Takaful operator and equitable treatment of participants. The underwriting process involves establishing files, evaluating factors specific to the type of coverage, determining rates, and setting policy terms. Underwriters make decisions on whether to reject risks, issue substandard policies, standard policies, or preferred policies. They also monitor policies ongoing. Agents play an important role by gathering information to assist underwriters.
Risks & its types
Concept of risk, – Basic Concept –Types of Hazard – Characteristics of Insurable Risk – Types of Risks
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.
2. Insurance - Classification of Insurance
Details on 2 insurance categories - Life and Non Life insurance. http://www.koffeefinancial.com/Static/Learn.aspx
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Concept of risk
In this power Point Presentation i will discuss about the Risk and Different types of Risk. when a Investor invest in a security than what type of Risk he have from the Security.
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2. Insurance - Classification of Insurance
Details on 2 insurance categories - Life and Non Life insurance. http://www.koffeefinancial.com/Static/Learn.aspx
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The document discusses the process of insurance underwriting. Underwriting involves evaluating risks to determine whether to issue an insurance policy to an applicant. It aims to select applicants that will likely have claims below assumed losses to ensure a profit. The underwriter considers the applicant's exposure, pricing alternatives like modifying coverage, and monitors policies to maintain satisfactory results for the insurance company. Underwriting balances risks across policyholders and ensures adequate premiums are charged for expected losses.
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Classification of Insurance
Principles of Insurance
Indian Contract Act
Bibilography
www.google.com
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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.
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Adjusting claims
Paying the insured losses
Underwriting
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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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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.
Hire Purchase
Hire purchase is a transaction where goods are purchased through installment payments, with ownership transferring upon final payment. Some key points:
- The buyer receives immediate possession but not ownership of the goods, paying a down payment (typically 20%) and installments that include interest.
- If installments are missed, the seller can repossess the goods. Ownership fully transfers after the last installment is paid.
- It allows consumers to spread costs over time while purchasing goods. However, it offers less tax benefits than leasing and the buyer assumes more risk if installments are missed.
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This document discusses predictive modeling approaches for life insurance underwriting. It took a long time for predictive modeling to be applied to underwriting due to the conservative nature of life insurance and the time needed to see results. Now, more data and computing power are available. Approaches include replicating current underwriting decisions or directly modeling applicant mortality rates. Various data sources can be used, including internal, third party, and customer data. Issues in building the predictive model include how to develop and update the model over time. Companies must decide how to incorporate these approaches and start collecting relevant data.
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This document discusses Islamic financial planning and takaful (Islamic insurance). It begins by defining takaful and explaining how it differs from conventional insurance by being based on mutual assistance and contribution to a common fund. The document outlines the key concepts of tabarru' (donation) and mudharabah (profit-sharing) business models used by takaful operators. It then discusses how to determine the appropriate amount of takaful coverage needed based on a family's monthly expenses and existing financial resources. The document provides approaches like using a multiple of one's salary or assessing actual needs to estimate a maintenance fund size. It emphasizes the importance of choosing a takaful policy that matches one's specific needs and objectives
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Content
Risk, Peril and Hazard
Types of Risk
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Techniques of Risk Management
Classification of Insurance
Principles of Insurance
Indian Contract Act
Bibilography
www.google.com
Notes
Management of interest rate risk
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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.
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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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Derivatives are financial instruments whose value is derived from an underlying asset such as a commodity, bond, or equity. There are two main types of derivatives - futures contracts, which are agreements to buy or sell an asset in the future at an agreed upon price, and options contracts, which give the holder the right but not the obligation to buy or sell the underlying asset. Derivatives markets allow participants to manage risks and generate income associated with changes in prices of the underlying assets. Exchanges facilitate trading of standardized derivatives contracts and provide clearing houses to guarantee the performance of all contracts.
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The outcome of this session is to understand the fundamentals of insurance, the risk management techniques ,Principles of Insurance contracts & Key Insurance terminologies
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This document provides information about accounting for hire purchase transactions in Malaysia. It discusses the key rules and definitions under the Hire Purchase Act 1967, and outlines the accounting treatment for hire purchase transactions from the perspective of both the hirer/purchaser and the owner/seller. The hirer/purchaser is required to recognize the asset, a payable to the owner, interest expense over the term of the agreement, and account for default situations. The owner/seller recognizes revenue from the sale, interest income over time, and calculates gross profit based on collections from the hirer. Journal entries are provided to illustrate the accounting entries for various hire purchase scenarios.
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Risk management
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Financial Markets and the Economy
This document discusses monetary policy and how the Federal Reserve uses it to manage the economy. It explains that the Fed uses open market operations, buying and selling U.S. treasury bonds, to increase or decrease the money supply. When the Fed buys bonds it injects money into the economy, lowering interest rates to stimulate investment and growth. When it sells bonds it removes money, raising rates but also slowing investment to prevent overheating. The goal is to keep rates and the economy stable over time using this tool to counter shifts in money demand from the private sector.
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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.
Hire Purchase
Hire purchase is a transaction where goods are purchased through installment payments, with ownership transferring upon final payment. Some key points:
- The buyer receives immediate possession but not ownership of the goods, paying a down payment (typically 20%) and installments that include interest.
- If installments are missed, the seller can repossess the goods. Ownership fully transfers after the last installment is paid.
- It allows consumers to spread costs over time while purchasing goods. However, it offers less tax benefits than leasing and the buyer assumes more risk if installments are missed.
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This document discusses predictive modeling approaches for life insurance underwriting. It took a long time for predictive modeling to be applied to underwriting due to the conservative nature of life insurance and the time needed to see results. Now, more data and computing power are available. Approaches include replicating current underwriting decisions or directly modeling applicant mortality rates. Various data sources can be used, including internal, third party, and customer data. Issues in building the predictive model include how to develop and update the model over time. Companies must decide how to incorporate these approaches and start collecting relevant data.
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This document outlines key aspects of reinsurance. It begins by defining reinsurance as the transfer of insurance risks from insurance companies to other insurers through contracts. It then discusses the main types of reinsurance: compulsory, optional, and contractual. Next, it lists the main components of a reinsurance contract, such as the original insurer, reinsurer, assigned quota, and reinsurance commission. It also covers some common roles in reinsurance like brokers. Finally, it discusses the importance of reinsurance in stabilizing loss rates, supporting companies in accepting large risks, and helping distribute losses.
Insurance shashank 5th
This document defines insurance and outlines key terminology used in the insurance industry such as policy, premium, insured, and indemnity. It discusses various principles of insurance contracts including utmost good faith, indemnity, insurable interest, and proximate cause. The document also categorizes different types of insurance like life, fire, marine, and general insurance. It provides examples of life and general insurance policies. Additionally, it defines roles of insurance intermediaries like agents, brokers, surveyors, and TPAs. Finally, the document outlines different types of risks covered by insurance like systematic, unsystematic, credit, country, and foreign exchange risk.
Law of special contracts
This document defines and explains key concepts regarding four types of contracts:
1. Contract of indemnity - Where one party promises to save the other from loss caused by the promisor or another.
2. Contract of guarantee - Where one party promises to perform if a third party defaults. Sureties are liable for the principal debtor's obligations unless otherwise stated.
3. Contract of bailment - The delivery of goods by one person to another for some purpose, to be returned or disposed of according to the bailor's directions.
4. Contract of agency - Where one person acts for another, called the principal. Agents have duties to their principal and rights like remuneration. Agency can be terminated
Risk financing
This document defines and describes various risk financing techniques, including risk retention and risk transfer. It discusses self-insurance, captive insurers, and insurance. The key differences between first party and third party insurance, and claims-made vs. occurrence policies are explained. Factors to consider when selecting risk financing techniques include the type and size of organization, financial resources, risk control programs, and long-term costs. The document also discusses reinsurance, policy terms and conditions, and the differences between a soft vs. hard insurance market. It defines the cost of risk and its importance for health care organizations.
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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.
Business law- Insurance Law
Insurance law is the practice of law surrounding insurance, including insurance policies and claims. It can be broadly broken into three categories - regulation of the business of insurance; regulation of the content of insurance policies, especially with regard to consumer policies; and regulation of claim handling.
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.
New jubilee i nsurance.png
The insurance policy is a contract between the insurer and insured (policyholder) that determines what claims the insurer must pay. In exchange for a premium, the insurer promises to pay for losses covered under the policy language. Insurance policies have specific features not seen in other contracts to fulfill particular needs. The policy is generally an integrated agreement that includes all documents associated with the contract between insured and insurer.
Rob Tolley London - What Is Risk Transfer and What Are Its Benefits
A risk management technique via which risk is transferred to a third party is known as risk transfer. In effect, one party assumes the liabilities of another. A common example of risk transfer is the purchasing of insurance – this involves the transfer of risk from an entity or individual to an insurance company.
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.
2017 Financial & Risk Management Forum: Bottom Up Risk Transfer
2017 Financial & Risk Management Forum: Bottom Up Risk TransferSpecialized Carriers & Rigging Association
Are you concerned when asked “does your daily work ticket provide the right contractual risk transfer language?” The answer is often “yes” because to answer the question will probably cost you billable hours with an attorney. NBIS has successfully defended its clients in claim situations using contract language, even upper tier contracts & MSA’s. During this session, Mr. Smith and Mr. Silva will present basic protocols on why contractual risk transfer is so important and how to position your operation properly. You will learn how IRMI spreads the ‘Top Down Risk Transfer’ message to large construction companies and ways to defend your operation in the event of a claim. Lean on the team of experts from NBIS to ensure your daily work ticket leverages the most defensible terms available.
Speakers: Bill Smith, EVP Claims & Risk Management, NBIS (NationsBuilders Insurance Services, Inc.) Tyrone Silva, Risk Manager, NBIS (NationsBuilders Insurance Services, Inc.)Characteristics of risk managmnt
The document discusses key aspects of personal insurance contracts. It notes that insurance protects the insured, not the property or liability itself. It also discusses assignment provisions, how contracts are drafted primarily by the insurer, and conditions the insured must meet for the insurer to pay a claim such as complying with duties after a loss. Insurance contracts are aleatory in nature as the insurer's payment is based on chance and typically exceeds the premium paid by the insured.
Warranty Indemnity Jlt Capabilities
1) Insurance solutions can offer a more cost-effective alternative to escrow arrangements for managing financial risk in mergers and acquisitions by taking the long-tail risk out of a transaction.
2) Warranty and indemnity insurance can enable truly "clean exits" for sellers and remove concerns for buyers over issues like indemnity caps or periods.
3) The insurance market for M&A deals offers capacity over £100M from 6-7 underwriters and competitive premiums of 1-4% of the limit of indemnity.
The role of insurance intermediaries
Insurance intermediaries serve as the critical link between insurance companies and consumers. They facilitate the placement and purchase of insurance and provide services to both insurers and policyholders. There are two main types of intermediaries - insurance agents, who represent insurers, and insurance brokers, who represent policyholders. Intermediaries advise consumers, present insurance options, and assist with placing coverage, claims management, and risk management. They are an essential part of insurance supervision and distribution.
Chapter 001
This document provides an overview of a university course on principles of insurance taught by Maslah Ahmed Abdulle. It outlines the lecturer's qualifications and learning objectives for the course. Key concepts that will be covered include defining insurance and different types; risk and risk management tools; insurance contracts and their essential elements; the subject matter of insurance policies; and principles of insurance like utmost good faith and indemnity. Specific insurance types like fire, marine and accident insurance are also briefly defined.
Glossary of insurance_terms a-z
This document provides definitions for over 50 insurance terms, beginning with terms related to reinsurance. It defines terms such as ab initio, accident, accident cover, act of God, actual total loss, adjuster, advice, agent, aggrieved party, agreed value, amount covered, arbitration, arson, Australian Financial Services Licensee, and binder. The document continues alphabetically defining additional insurance-related terms through to contribution.
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This document compares subcontractor default insurance (SDI) to performance bonds for subcontractors. SDI arose as an alternative to bonds and transfers the risk of subcontractor default from the general contractor to an insurance carrier. With SDI, the general contractor retains some risk through deductibles, while performance bonds transfer all risk to the surety. The surety has more involvement in investigating defaults, while SDI carriers rely primarily on subrogation after paying claims. SDI may be easier for contractors to obtain than bonds but provides less legal protections.
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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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Group no 7 presentation.
- 1. Qn. Explain the non insurance transfer methods of managing risk.
- 2. WORK PLAN. Definition of non insurance transfer . Methods of non insurance transfer -by contract -by hedging -by incorporation Advantages and disadvantages of non insurance transfer.
- 3. Risk transfer- means the original party exposed to a loss can obtain a substitute party to bear the risk. Non insurance transfer- a method other than insurance in which risk and its potential financial consequences are transferred to another party.
- 4. Methods of non insurance transfer. BY CONTRACT. Risk is transferred by agreement between the parties. Though no any risk transferred without agreement between the parties, the most used methods of transfer risk by contract are: lease and hold harmless agreement.
- 5. Lease- risk transferred to the owner of the property and in turn to the user as well .e.g risk transfer between landlord and tenants. Hold harmless agreements-Clause inserted into the contract that specifies the party that will be responsible for losses covered by the agreement, regardless of size.
- 6. Forms of hold harmless agreement. limited form- all parties are responsible for liabilities arising from their own action. Intermediate form-the transferee agree to pay for any losses in which both the transferee and transferor are jointly liable. The transferee should sign the intermediate agreement form.
- 7. Broad form-it require the transferee to be responsible for all losses arising out of particular situation, regardless of fault. The broad is not always legally valid. BY HEDGING-transferring the risk of unfavorable price fluctuation to speculator by purchasing and selling future contract on an organized exchange.
- 8. Common used methods of hedging -future or forwarding contract -option Put and call option. -swap. BY INCORPORATION- An incorporated firm can ever lose is the total amount of its assets. Personal assets of the owners can not be attached to help pay business losses as can be of sole proprietorships.
- 9. Advantages of non insurance transfer. Non commercial insurable risks can be transferred to another party. Potential losses can be transferred to someone in a better position to exercise loss control. It costs less compared to commercial insurance.
- 10. Disadvantages of non insurance transfer Contract language(ambiguity) and format can led the transfer to fail. The insurer dos not give the credit for the transfers, and insurance cost may not always be reduced. If the transferee is unable to pay the loss, the transferor is responsible for that loss.
- 12. PREPARED BY: GROUP NO 7 AMINA S. YUSUFU BA-AF/009/14 FRANCIS NGOLE BA-AF/ 043/14 SHIJA JAMES BA-AF/124/14 GLORY MOSHI BA-AF/ 117/14 EPHATA LOTH BA-AF/036/14 EMMANUEL MWAKIPESILE BA-AF/034/14 ERICK LYMO BA-AF/127/14 ELIBARICKY KASIRA BA-AF/033/14 BENJAMINI PAUL BA-AF/132/14 ATWIBU S JUMA BA-AF/119/14 FERDINAND V. MWACHA BA-AF/040/14 ABELLA E. GABONE BA-AF/001/14 CHRISTINA SUKWA BA-AF/024/14 CONSOLATA MHINA BA-AF/026/14 KIBORI LAIZER BA-AF/145/14