Hi guys! I have uploaded the power point presentation for Principles of Insurance, If any one has queries in regards to this topic, you can comment below,
Thanks!
Sanmeet.
Hi guys! I have uploaded the power point presentation for Principles of Insurance, If any one has queries in regards to this topic, you can comment below,
Thanks!
Sanmeet.
"A principle can be defined as a fundamental part of any discipline that guides its general operation or as a set of rules that act as the foundation of certain belief that have been generally accepted"
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PPT on insurance for students. I have explained main types of insurance in this PPT. Hope you will find it beneficial and Useful. If you like my presentation then do comment. I will make more PPT's for you like this. Thank You.
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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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Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
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A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
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Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
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Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
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Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
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Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
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3. insurance
• Insurance is a means of protection from financial
loss. It is a form of risk management primarily used
to hedge against the risk of a contingent, uncertain
loss.
• An entity which provides insurance is known as an
insurer, insurance company, or insurance carrier. A
person or entity who buys insurance is known as an
insured or policyholder.
4. DOCTRINE OF INSURANCE
• Principle of Uberrimae fidei (Utmost Good Faith),
• Principle of Insurable Interest,
• Principle of Indemnity,
• Principle of Contribution,
• Principle of Subrogation,
• Principle of Loss Mitigation, and
• Principle of Causa Proxima (Nearest Cause)
5. Principle of Uberrimae fidei
(Utmost Good Faith)
• According to this principle, the insurance contract
must be signed by both parties in an absolute good
faith or belief or trust.
• The person getting insured must willingly disclose
and surrender to the insurer his complete true
information regarding the subject matter of
insurance.
• The insurer's liability gets void if any facts, about
the subject matter of insurance are either omitted,
hidden, falsified or presented in a wrong manner by
the insured.
6. Principle of Insurable Interest
• An insurable interest is a stake in the value of an
entity or event for which an insurance policy is
purchased to mitigate risk of loss.
• Insurable interest is a basic requirement for the
issuance of an insurance policy, making it legal and
valid and protecting against intentionally harmful
acts.
• Entities not subject to financial loss from an event
do not have an insurable interest and cannot
purchase an insurance policy to cover that event.
7. Principle of Indemnity
• The insured should not profit from a loss or damage but
should be returned (as near as possible) to the same
financial position that existed before the loss or damage
occurred.
• In other words, the insured cannot recover more than his
or her actual loss from the insurer.
• There are, however, certain exceptions to this rule, such as
personal accident and life insurance policies where the
policy amount is paid on occurrence of accident or death
and the question of profit does not arise.
8. Principle of Contribution
• The contribution principle in insurance is a rule that
specifies what happens when a person buys
insurance from multiple companies to cover the
same event, and that event occurs.
• The principle says that if the policyholder files a
claim with one company, that company is entitled
to collect a proportional amount of money from the
other involved insurance companies in proportional
basis.
9. Principle of Subrogation
• Subrogation is a term describing a legal right held by most
insurance carriers to legally sue a third party that caused an
insurance loss to the insured.
• This is done in order to recover the amount of the claim
paid by the insurance carrier to the insured for the loss.
• E.g. Ram took a insurance policy for his Car. In an accident
with shyam his car totally damaged. Insurer paid the full
policy value to insured. Now Ram can't sell the scrap
remained and insurer can legally sue shyam or the loss
caused.
10. Principle of Loss Mitigation
• It is the duty Of the insured to take reasonable
steps to minimize the loss or damage to the insured
property.
• If reasonable care is not taken like any prudent
person then the claim from the insurance company
may be lost.
• E.g. Ram took insurance policy of his house. In an
cylinder blast, his house burnt. He should have
done his best efforts, e.g. calling nearest fire station
so that the loss could be minimised.
11. Principle of Causa Proxima (Nearest Cause)
• A proximate cause is an event sufficiently related to an
injury that the courts deem the event to be the cause
of that injury.
• An insurer will only be liable to pay a claim under an
insurance contract if the loss which gives rise to the
claim was proximately caused by an insured peril.
• This means that the loss must be directly attributed to
an insured peril without any break in the chain of
causation.