This document discusses insurance, including its definition, history in Nepal, types of insurance, and effects on daily life. It begins by defining insurance as a legal contract between three parties that distributes risks by having the insurer assume the risk of loss in exchange for premiums from the insured. The document then covers the historical development of insurance in Nepal starting in 2004, describes the main types of insurance like life, marine, fire, and miscellaneous, and explains how insurance works by sharing losses among many. It concludes by discussing the positive effects insurance has on families, business, employment, the economy, and society by providing compensation against losses and encouraging risk-taking.

1. INSURANCE Making a difference for life Presented By : KhusbooSureka Roll # 10115

2. Agenda: Introduction to Insurance. Elements of Insurance Contract. Historical Background. Types of Insurance. How Does An Insurance Works? Insurance & Its Effect In Our Daily Life. Insurance Gives Compensation Not Profit. Source : http://en.wikipedia.org/wiki/Insurance http://historiesofnepal.blogspot.com/2010/09/life-insurance-in-nepal.html 2

4. Three parties contract.

5. Written Agreement.

6. Distributes the risks.

7. Legal Agreement.

8. Assumes the Risk. 3

10. The insurer’s obligation to indemnify.

11. The insurer assumes the risk of loss.

12. As a consideration insured or policy holder have to pay a premium to the insurance company.4

14. Nepal Insurance and Transport Company in 2016

15. Nepal Insurance Co. Ltd in 2048

16. RastriyaBeema Corporation under insurance Act 2025 .

17. In 2043 New Insurance Act was introduced

18. National life and general insurance Co. Ltd from the private sector in 2043. Source : http://en.wikipedia.org/wiki/Insurance, http://historiesofnepal.blogspot.com/2010/09/life-insurance-in-nepal.html 5

20. Marine Insurance

21. Fire Insurance

22. Miscellaneous InsuranceSource : http://en.wikipedia.org/wiki/Insurance http://historiesofnepal.blogspot.com/2010/09/life-insurance-in-nepal.html 6

23. Life Insurance We can define Life Insurance as a contract in which insured person pays regular premium to the insurer i.e. insurance co. and on the death of insured or at the maturity period, the insurance companies pay the compensation or the matured sum respectively. 7

24. Marine Insurance It is non life insurance which first came into existence. This insurance is done by business house for safety delivery of goods while transporting goods from one place to another by sea way, land way or air way accident may occur in transit period causing loss or damage to goods or vehicle. To recover such loss marine insurance is done. 8

27. Motor Insurance

28. Employees Insurance

29. Cash in Transit Insurance

30. Engineering Insurance

31. Cattle Insurance

32. Medical Insurance

33. Crop Insurance

34. House Hold Insurance10

36. Insurance starts from proposal and ends with the benefits .

37. Proposal should be filled and signed up by insured.

38. Based on principle of“Utmost good faith”contract is made.

39. Establishes “ peace of mind” of insured.

40. The insured gets approperiate compensation being in the boundary of terms.11 Source : http://en.wikipedia.org/wiki/Insurance, http://historiesofnepal.blogspot.com/2010/09/life-insurance-in-nepal.html

41. Source : http://en.wikipedia.org/wiki/Insurance,http://historiesofnepal.blogspot.com/2010/09/life-insurance-in-nepal.html 12

42. Source : http://en.wikipedia.org/wiki/Insurance, http://historiesofnepal.blogspot.com/2010/09/life-insurance-in-nepal.html 13 Spending on HealthCare As per GDP

43. Source : http://en.wikipedia.org/wiki/Insurance http://historiesofnepal.blogspot.com/2010/09/life-insurance-in-nepal.html 14 Health Insurance As per Before Age 65

45. The time has proven, “Life is a risk” and this is only the basis of insurance companies.

46. An Insurance policy will set in detail which perils are covered by the policy

47. Insurance is one which protects you against the truly catastrophic. 15

49. The life of every family members are equally important to each other.

50. Insurance cares your family when something wrong happen in future.Source : http://en.wikipedia.org/wiki/Insurance,h ttp://historiesofnepal.blogspot.com/2010/09/life-insurance-in-nepal.html 16

53. The employment increases as the business people more engaged in business.17

56. The Govt. invest those money in building roads, highways, bridge, schools, etc.18

57. INSURANCE GIVES COMPENSATION NOT PROFIT Our life is full of uncertainties and it is essential to overcome those risks so the Insuranceprovides compensation against those losses. Source : http://en.wikipedia.org/wiki/Insurance, ttp://historiesofnepal.blogspot.com/2010/09/life-insurance-in-nepal.html 19

58. Have Insurance and Be free THANK YOU 20