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.

1. 2012-2013
BUSINESS PRESENTATION
SUBMITTED TO :- MR. PIYUSH SINGLA
SUBMITTED BY :- ADITYA KANSAL , SHUBHAM GARG , SANCHIT KHATTAR , SOMESH GARG ,
GURSIMRAN SINGH ,
NAVPREET SHARMA , AMRITPAL SINGH ,
ADITYA AATLI ,MEGHA NAYYAR ,
MEGHA VERMA ,MANDEEP KAUR,
REETIKA GOYAL .

3.  Insurer
 Insured
 Proposal
 Policy of Insurance

6. Double Insurance

7. It is the sub-insurance made by
the insurers in case he finds
himself incapable to compensate
for the loss. Sometimes an insurer
insurers the risk, which is beyond
his control and capacity, he may
get the whole or the part of the
risk reinsured from other
company.

8. History

9. •In 1956 : 245 Indian & foreign insurers & provident societies were
taken over by the central govt. & they got nationalized.
The history of general insurance business in India can be traced back
to Triton Insurance company Ltd (the first general insurance
company) which was formed in the year 1850 in Kolkata by the
British.
•107 insurers integrated & grouped into four companies viz. the
national insurance company ltd. The oriental life insurance company
ltd. & the united Indian insurance company ltd. was incorporated as a
company.

10. FUNCTION
PROTECTION
RISK SHARING
ASSISTING CAPITAL
FORMATION
PROVIDING CERTAINITY

11. TYPES OF
INSURANC
E
LIFE GENERAL
INSURANCE INSURANCE
FIRE MARINE MISCELLANIOUS
INSURANCE INSURANCE INSURANCE

12. LIFE INSURANCE is a
contract between a person
and the life insurance
corporation. There is a
element
of investment in the life
insurance, because the
amount of the policy is
received in both the cases
i.e. on the death of the
insured or at the expiry
of the policy.

13. WHOLE
LIFE
POLICY
LIFE
INSURANCE
POLICY

14. GENERAL
INSURANCE
Insurance contracts other than life insurance
contracts are known as GENERAL
INSURANCE contracts.
GENERAL
INSURANCE
FIRE INSURANCE MARINE MISCELLANEOUS
INSURANCE INSURANCE

16. MARINE INSURANCE
MARINE INSURANCE is an agreement in which the insurance
company assures to compensate for the loss, if any, caused by
insured marine perils after the receipt of the premium.
Actual total
loss
Total loss
Constuctive
total loss
Marine loss
General
average
Partial loss
Particular
average

17. Miscellaneous Insurance
•Health Insurance
•Burial Insurance
•Home Insurance
•Liability Insurance
•Motor Vehicle Insurance
•Casual Insurance
•GAP Insurance
•Credit Insurance
•Property Insurance

18. Health
insurance is insurance again
st the risk of incurring
medical expenses among
individuals. By estimating the
overall risk of health care
expenses among a targeted
group, an insurer can
develop a routine finance
structure, such as a monthly
premium or payroll tax, to
ensure that money is
available to pay for the
health care benefits specified
in the insurance agreement.

19. Burial insurance is a very old type of life
insurance which is paid out upon death to
cover final expenses, such as the cost of
a funeral. The Greeks and
Romans introduced burial insurance circa
600 AD when they organized guilds called
"benevolent societies"

21. Liability insurance is a part of the
general insurance system
of risk financing to protect the
purchaser from the risks of liabilities
imposed by lawsuits and similar claims.
It protects the insured in the event he or
she is sued for claims that come within
the coverage of the insurance policy.
Companies that faced a common peril,
formed a group and created a self-help
fund out of which to pay compensation
should any member incur loss . The
modern system relies on dedicated
carriers, usually for-profit, to offer
protection against specified perils
in consideration of a premium.

23. Casualty insurance, often
equated to liability insurance, is
used to describe an area
of insurance not directly
concerned with life
insurance, health insurance,
or property insurance. It may
include marine insurance for
shipwrecks or losses at sea or
fidelity and surety insurance. It
may also
include earthquake, political risk
insurance, terrorism
insurance, fidelity and surety
bonds.

24. GAP insurance is also
known as Guaranteed
Auto
Protection or Guaranteed
Asset Protection and
simply known as GAP
within the North American
financial industry. GAP is
the difference between the
actual cash value of a
vehicle minus all perils
deductible and liens and
the lease or loan payout
minus financed soft
products or negative equity
on a trade. GAP coverage
is mainly used on new and
used small vehicles and
heavy trucks, and some
financing companies
require it.

27. Other Types

28. PRINCIPLES OF INSURANCE
PRINCIPLE OF UTMOST GOOD FAITH
PRINCIPLE OF INSURABLE INTEREST
PRINCIPLE OF INDEMINITY
PRINCIPLE OF MITIGATION
PRINCIPLE OF CAUSA PROXIMA
PRINCIPLE OF SUBROGATION
PRINCIPLE OF CONTRIBUTION

30. Principle of Insurable Interest

31. Principle of Indemnity

32. Principle Of Causa Proxima

33. Principle of Subrogation
After an insurer has paid to the insured
the monies indemnifying the loss
suffered, the insurer is then entitled to
recover from any third party at fault the
damages for causing the loss which
otherwise could have been sought by the
insured.

34. In the event of
Principle of Mitigation
mishappening , it
is the duty of the
insured that he
must take all
reasonable steps
to minimise the
steps in same
manner, which he
would have done
if the property
was not insured.
If the insured
suffers any loss
or incurs
expenses in
minimising the
loss, he can

35. Principle of Contribution

36. If an insured item is insured for
less than 80% of the value, the
insurance company may offer
to pay only a pro rata portion
of the insured amount
Where an insured holds two or
three policies for the same risk,

37. Insurability
Insurability
Large
loss
Definite
loss
Accidental loss
Calculable loss
Affordable premium
Large number of similar exposure
units
Limited risk of catastrophically large
losses

38. Advantages Of Insurance
Protection
Indemnity
Element of investment
Compulsory saving
Industrial development

39. Future Of Indian Insurance
Market

42. CONCLUSION
It relives those insuring from the worry and anxiety they may have
about how they would meet the cost of risk. In case of business, this
is a positive stimulus to their activities and allows them to get on
with their own business in the knowledge that they are financially
protected against many forms of risk. Business people will be more
inclined to risk their money with the knowledge that they will not fall
victim of some risk. This is an extremely important factor which
insurance brings – not only to the individual but also to the whole
country – as stimulating business makes for a healthy economy