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.
Insurance companies face various risks including technical risk from inaccurate risk assessment, credit risk from policyholder loans, market risk from investments, and operational risks. They assess and mitigate risks through techniques like reinsurance, hedging, controlling large losses, and smoothing results. Regulations require controls for higher risk customers and transactions to prevent money laundering and terrorism financing. Risk management aims to allocate capital proportionate to risks for consistent returns.
Fire insurance protects people from financial losses caused by fires. It involves sharing fire-related losses incurred by some through contributions to a common fund by all who are exposed to fire risk. Fire insurance pays for losses that are unexpected and occur due to chance. It aims to restore the insured's financial position prior to the loss through the principle of indemnity.
This document provides an overview of the many different types of insurance. It lists and describes several major categories of insurance including life insurance, home insurance, property insurance, auto insurance, and health insurance. Within each category, it outlines specific types of insurance such as term life, whole life, and annuities for life insurance or fire, flood, and earthquake insurance for property insurance. The document serves as an exhaustive reference for the various risks that can be insured against.
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.
General insurance provides coverage for non-life risks and property such as homes, vehicles, health and more. It protects against risks like fire, theft, floods and other damages. Some key types of general insurance include car, liability, marine, fire, engineering and burglary insurance. Purchasing general insurance offers benefits like peace of mind, investment savings, financial security and independence. To make a claim, policyholders must submit documents like the claim form, license, bills and police reports, depending on the type of insurance and incident. Major insurance companies in India offer various general insurance options.
Insurance can be defined as the equitable transfer of risk of loss from one entity to another in exchange for payment. It involves an insurer, insured, a premium, and compensation for loss due to a specified peril or risk. Key principles of insurance include utmost good faith, insurable interest, indemnity, subrogation, contribution, proximate cause, and mitigation of loss. Insurance provides important social and economic benefits but also involves costs like business costs and fraudulent claims. Regulations ensure transparency and consumer protection in the insurance industry.
RISK & RETURN UNDER SECURITY ANALYSIS AND PORTFOLIO MANAGEMENT IS DESCRIBED, ALL THE DETAILED EXPLANATION OF TOPIC IS GIVEN UNDER THIS DOCUMENT.
CAN ALSO REFERRED FOR FINANCIAL MANAGEMENT, INSURANCE.
Insurance is a contract where an insurer agrees to compensate a policyholder in the event of a specified loss or liability in exchange for premium payments. Key principles of insurance include utmost good faith, indemnity, and insurable interest. There are various types of insurance like life, fire, marine, personal accident, health, and property insurance which are governed by the general principles of contract law and aim to socialize risk while protecting policyholders from financial losses.
Insurance companies face various risks including technical risk from inaccurate risk assessment, credit risk from policyholder loans, market risk from investments, and operational risks. They assess and mitigate risks through techniques like reinsurance, hedging, controlling large losses, and smoothing results. Regulations require controls for higher risk customers and transactions to prevent money laundering and terrorism financing. Risk management aims to allocate capital proportionate to risks for consistent returns.
Fire insurance protects people from financial losses caused by fires. It involves sharing fire-related losses incurred by some through contributions to a common fund by all who are exposed to fire risk. Fire insurance pays for losses that are unexpected and occur due to chance. It aims to restore the insured's financial position prior to the loss through the principle of indemnity.
This document provides an overview of the many different types of insurance. It lists and describes several major categories of insurance including life insurance, home insurance, property insurance, auto insurance, and health insurance. Within each category, it outlines specific types of insurance such as term life, whole life, and annuities for life insurance or fire, flood, and earthquake insurance for property insurance. The document serves as an exhaustive reference for the various risks that can be insured against.
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.
General insurance provides coverage for non-life risks and property such as homes, vehicles, health and more. It protects against risks like fire, theft, floods and other damages. Some key types of general insurance include car, liability, marine, fire, engineering and burglary insurance. Purchasing general insurance offers benefits like peace of mind, investment savings, financial security and independence. To make a claim, policyholders must submit documents like the claim form, license, bills and police reports, depending on the type of insurance and incident. Major insurance companies in India offer various general insurance options.
Insurance can be defined as the equitable transfer of risk of loss from one entity to another in exchange for payment. It involves an insurer, insured, a premium, and compensation for loss due to a specified peril or risk. Key principles of insurance include utmost good faith, insurable interest, indemnity, subrogation, contribution, proximate cause, and mitigation of loss. Insurance provides important social and economic benefits but also involves costs like business costs and fraudulent claims. Regulations ensure transparency and consumer protection in the insurance industry.
RISK & RETURN UNDER SECURITY ANALYSIS AND PORTFOLIO MANAGEMENT IS DESCRIBED, ALL THE DETAILED EXPLANATION OF TOPIC IS GIVEN UNDER THIS DOCUMENT.
CAN ALSO REFERRED FOR FINANCIAL MANAGEMENT, INSURANCE.
Insurance is a contract where an insurer agrees to compensate a policyholder in the event of a specified loss or liability in exchange for premium payments. Key principles of insurance include utmost good faith, indemnity, and insurable interest. There are various types of insurance like life, fire, marine, personal accident, health, and property insurance which are governed by the general principles of contract law and aim to socialize risk while protecting policyholders from financial losses.
Helps customer find the best policy according to their suitable needs
Features,pros,cons and suitability of various policies are given :-
1. Term Policy
2. Whole Life Policy
3. Unit Linked Insurance Policy (ULIP)
4. Money Back Policy
5. Endowment Policy
The document discusses various types of insurance and risk management strategies. It provides information on auto, health, property, life and disability insurance. It also covers insurance terminology like premiums, deductibles, and factors that influence policy costs. Additionally, the document discusses estate planning tools like wills, trusts, and powers of attorney to transfer assets and minimize taxes after death.
Insurance protects individuals and businesses from financial loss by paying compensation for damage to or loss of valuable property and assets. It works by pooling risks among many policyholders, so that the costs of claims made by a few are shared among all. There are important principles that govern insurance, such as insurable interest, utmost good faith, indemnity, contribution, subrogation and average clauses.
Marine Insurance is considered to be a tough nut to crack. This slide presentation would give the viewers some basic aspects of Marine Insurance. Suggestions and comments are welcome.
The document provides an overview of how insurance works. It explains that insurance involves individuals pooling funds through premium payments to cover losses experienced by a few. When many individuals face the same risks, insurance allows for losses to be shared across the community in a manageable way for all. Premiums collected are invested, and surpluses are used to pay future claims or returned to policyholders. Examples illustrate how insurance protects against risks of fire or death by having many share the costs of losses affecting a few.
The document discusses various types of life insurance products. It begins by explaining why companies develop new products due to changing customer tastes, competition, and failures of existing products. It then describes insurance products as "unsought goods" that require marketing efforts. The basic elements of all life insurance products are term insurance, which provides death coverage, and pure endowment, which provides savings. Unit-linked insurance plans combine insurance and investment by allocating customer premiums to different funds. The document outlines the key features and benefits of various products like term plans, endowment plans, money back plans, whole life plans, and children's plans.
Insurance sector in India:challenges and opportunitiessumanjeetkaurgill
1) The document discusses the insurance sector in India, including its history and evolution from the 19th century to present day.
2) It covers the major players like LIC, GIC, and IRDA, and types of insurance policies including life, health, fire, and motor insurance.
3) The current insurance landscape in India is growing rapidly but there remains significant potential for further expansion, as over 75% of the population still lacks insurance coverage.
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.
Chapter 01 concepts and principles of insuranceiipmff2
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.
This document provides an overview of insurance contracts and their importance. It defines insurance as a cooperative device to spread risk among many exposed to the same risks. An insurance contract involves one party agreeing to pay a specified sum if an event occurs, in exchange for the other party paying a premium. The document outlines key elements of insurance contracts including insurable interest, utmost good faith, indemnity, subrogation and warranties. It also discusses the history of insurance and highlights the advantages of insurance for individuals, businesses and society, such as security, protection from risk, and encouragement of savings and investment.
The document discusses various bond valuation concepts like coupon rate, current yield, spot interest rate, yield to maturity, yield to call, and realized yield. It provides examples to calculate these measures and explains how bond prices are determined based on factors like interest rates, time to maturity, and cash flows. Bond duration is introduced as a measure of interest rate risk exposure, and bond risks from default and changes in interest rates are explained.
This document provides an overview of insurance concepts and types of insurance in India. It defines insurance as a contract where one party agrees to indemnify another for financial losses from uncertain future events in exchange for premium payments. There are two main types of insurance in India - life insurance and general insurance, which includes fire, marine, and miscellaneous. Life insurance protects against risks to life, while fire insurance indemnifies for property damage or loss from fire. Marine insurance covers losses from sea perils during ocean transit.
The six principles of insurance are: 1) Utmost good faith, which requires full disclosure between the applicant and insurer; 2) Insurable interest, which requires the insured to have a stake in the insured property or subject; 3) Indemnity, which provides compensation up to but not exceeding the actual loss amount; 4) Proximate cause, which determines liability based on the original or primary cause of loss; 5) Subrogation, which allows the insurer to recover losses from responsible third parties; and 6) Contribution, which requires multiple insurers to share liability when more than one policy covers a loss. These principles represent the legal guidelines for insurance contracts and claims handling.
1. The document discusses the history and development of the insurance sector in India. It traces insurance in India back to 1818 and discusses key developments like nationalization of insurance in 1956 and privatization in 1999.
2. The roles, types (life, general, health etc.), and major players (both public and private) of insurance are described. It also compares the market share and business of public sector giant LIC versus private insurers.
3. Benefits of insurance planning and investment opportunities in insurance are highlighted. Laws and regulations governing the insurance sector in India are also briefly outlined.
Motor insurance provides protection against physical damage and liability arising from traffic collisions. It is mandatory in India to insure vehicles before driving them. Insurance protects one's life, money, and liability to third parties by covering expenses in case of an accident. Premiums are decided based on factors like age, driving history, vehicle type, location, etc. Policies can be liability-only or comprehensive. Comprehensive policies provide coverage for damages from various causes while liability covers third party liability. Exclusions include contractual liability, war/nuclear risks, driving under influence. A case study describes an insurance company unjustifiably delaying and rejecting a claim for a stolen car.
Risk management in Life Insurance by Dr. Amitabh MishraAmitabh Mishra
The document discusses various concepts related to risk and risk management in insurance. It defines risk as the possibility of a loss occurring and explains that risk management involves processes to reduce risks to a minimum level. It also discusses how insurance companies pool risks from many policyholders to spread costs and how life insurance specifically provides a tool for risk management by allowing people to share unexpected losses. The document also covers topics like how insurance underwriters evaluate risks, classify policyholders, and determine appropriate premiums based on risk factors like age, health, occupation, and family history.
SANASA Insurance experience in the transition from informal to formalICMIF Microinsurance
This presentation was delivered by Dr Pody Appuhamy Kiriwandeniya (Chairman at SANASA Insurance Company Ltd, Sri Lanka) at the ICMIF-AOA Development Network Seminar (18-20 September 2013; Manila, The Philippines)
A Report On Performance Of The Insurance Company In BangladeshAngela Shin
This document provides an introduction to the insurance industry in Bangladesh. It discusses how insurance began in Bangladesh under British rule in India and expanded during 1947-1971 under both East and West Pakistan rule. In 1971 after Bangladesh gained independence, the government nationalized all insurance companies. Five state-owned insurance corporations were established, which were later consolidated into two corporations - Sadharan Bima Corporation for general insurance and Jiban Bima Corporation for life insurance under the Insurance Corporations Act of 1973. The Act was amended in 1984 to allow private insurance companies to operate alongside the state-owned corporations, with some restrictions. This opened the industry to privatization and set the stage for the performance analysis of insurance companies that is the topic of the report
Helps customer find the best policy according to their suitable needs
Features,pros,cons and suitability of various policies are given :-
1. Term Policy
2. Whole Life Policy
3. Unit Linked Insurance Policy (ULIP)
4. Money Back Policy
5. Endowment Policy
The document discusses various types of insurance and risk management strategies. It provides information on auto, health, property, life and disability insurance. It also covers insurance terminology like premiums, deductibles, and factors that influence policy costs. Additionally, the document discusses estate planning tools like wills, trusts, and powers of attorney to transfer assets and minimize taxes after death.
Insurance protects individuals and businesses from financial loss by paying compensation for damage to or loss of valuable property and assets. It works by pooling risks among many policyholders, so that the costs of claims made by a few are shared among all. There are important principles that govern insurance, such as insurable interest, utmost good faith, indemnity, contribution, subrogation and average clauses.
Marine Insurance is considered to be a tough nut to crack. This slide presentation would give the viewers some basic aspects of Marine Insurance. Suggestions and comments are welcome.
The document provides an overview of how insurance works. It explains that insurance involves individuals pooling funds through premium payments to cover losses experienced by a few. When many individuals face the same risks, insurance allows for losses to be shared across the community in a manageable way for all. Premiums collected are invested, and surpluses are used to pay future claims or returned to policyholders. Examples illustrate how insurance protects against risks of fire or death by having many share the costs of losses affecting a few.
The document discusses various types of life insurance products. It begins by explaining why companies develop new products due to changing customer tastes, competition, and failures of existing products. It then describes insurance products as "unsought goods" that require marketing efforts. The basic elements of all life insurance products are term insurance, which provides death coverage, and pure endowment, which provides savings. Unit-linked insurance plans combine insurance and investment by allocating customer premiums to different funds. The document outlines the key features and benefits of various products like term plans, endowment plans, money back plans, whole life plans, and children's plans.
Insurance sector in India:challenges and opportunitiessumanjeetkaurgill
1) The document discusses the insurance sector in India, including its history and evolution from the 19th century to present day.
2) It covers the major players like LIC, GIC, and IRDA, and types of insurance policies including life, health, fire, and motor insurance.
3) The current insurance landscape in India is growing rapidly but there remains significant potential for further expansion, as over 75% of the population still lacks insurance coverage.
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.
Chapter 01 concepts and principles of insuranceiipmff2
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.
This document provides an overview of insurance contracts and their importance. It defines insurance as a cooperative device to spread risk among many exposed to the same risks. An insurance contract involves one party agreeing to pay a specified sum if an event occurs, in exchange for the other party paying a premium. The document outlines key elements of insurance contracts including insurable interest, utmost good faith, indemnity, subrogation and warranties. It also discusses the history of insurance and highlights the advantages of insurance for individuals, businesses and society, such as security, protection from risk, and encouragement of savings and investment.
The document discusses various bond valuation concepts like coupon rate, current yield, spot interest rate, yield to maturity, yield to call, and realized yield. It provides examples to calculate these measures and explains how bond prices are determined based on factors like interest rates, time to maturity, and cash flows. Bond duration is introduced as a measure of interest rate risk exposure, and bond risks from default and changes in interest rates are explained.
This document provides an overview of insurance concepts and types of insurance in India. It defines insurance as a contract where one party agrees to indemnify another for financial losses from uncertain future events in exchange for premium payments. There are two main types of insurance in India - life insurance and general insurance, which includes fire, marine, and miscellaneous. Life insurance protects against risks to life, while fire insurance indemnifies for property damage or loss from fire. Marine insurance covers losses from sea perils during ocean transit.
The six principles of insurance are: 1) Utmost good faith, which requires full disclosure between the applicant and insurer; 2) Insurable interest, which requires the insured to have a stake in the insured property or subject; 3) Indemnity, which provides compensation up to but not exceeding the actual loss amount; 4) Proximate cause, which determines liability based on the original or primary cause of loss; 5) Subrogation, which allows the insurer to recover losses from responsible third parties; and 6) Contribution, which requires multiple insurers to share liability when more than one policy covers a loss. These principles represent the legal guidelines for insurance contracts and claims handling.
1. The document discusses the history and development of the insurance sector in India. It traces insurance in India back to 1818 and discusses key developments like nationalization of insurance in 1956 and privatization in 1999.
2. The roles, types (life, general, health etc.), and major players (both public and private) of insurance are described. It also compares the market share and business of public sector giant LIC versus private insurers.
3. Benefits of insurance planning and investment opportunities in insurance are highlighted. Laws and regulations governing the insurance sector in India are also briefly outlined.
Motor insurance provides protection against physical damage and liability arising from traffic collisions. It is mandatory in India to insure vehicles before driving them. Insurance protects one's life, money, and liability to third parties by covering expenses in case of an accident. Premiums are decided based on factors like age, driving history, vehicle type, location, etc. Policies can be liability-only or comprehensive. Comprehensive policies provide coverage for damages from various causes while liability covers third party liability. Exclusions include contractual liability, war/nuclear risks, driving under influence. A case study describes an insurance company unjustifiably delaying and rejecting a claim for a stolen car.
Risk management in Life Insurance by Dr. Amitabh MishraAmitabh Mishra
The document discusses various concepts related to risk and risk management in insurance. It defines risk as the possibility of a loss occurring and explains that risk management involves processes to reduce risks to a minimum level. It also discusses how insurance companies pool risks from many policyholders to spread costs and how life insurance specifically provides a tool for risk management by allowing people to share unexpected losses. The document also covers topics like how insurance underwriters evaluate risks, classify policyholders, and determine appropriate premiums based on risk factors like age, health, occupation, and family history.
SANASA Insurance experience in the transition from informal to formalICMIF Microinsurance
This presentation was delivered by Dr Pody Appuhamy Kiriwandeniya (Chairman at SANASA Insurance Company Ltd, Sri Lanka) at the ICMIF-AOA Development Network Seminar (18-20 September 2013; Manila, The Philippines)
A Report On Performance Of The Insurance Company In BangladeshAngela Shin
This document provides an introduction to the insurance industry in Bangladesh. It discusses how insurance began in Bangladesh under British rule in India and expanded during 1947-1971 under both East and West Pakistan rule. In 1971 after Bangladesh gained independence, the government nationalized all insurance companies. Five state-owned insurance corporations were established, which were later consolidated into two corporations - Sadharan Bima Corporation for general insurance and Jiban Bima Corporation for life insurance under the Insurance Corporations Act of 1973. The Act was amended in 1984 to allow private insurance companies to operate alongside the state-owned corporations, with some restrictions. This opened the industry to privatization and set the stage for the performance analysis of insurance companies that is the topic of the report
This document provides an overview of the insurance industry in Bangladesh. It discusses the historical background of insurance in the country from British rule through nationalization in the 1970s and privatization in the 1980s and 1990s. It then summarizes the top 12 insurance companies in Bangladesh and discusses both the role of insurance in economic growth and some problems facing the industry, including lack of public awareness, centralization in urban areas, and poor economic conditions limiting premium payments.
This document provides an overview of the life insurance sector in India. It discusses the history and development of life insurance in India, including the establishment of the Life Insurance Corporation of India (LIC) in 1956 and the entry of private players after reforms allowed it in 2000. It summarizes some of the major life insurance companies in India, both public sector (LIC) and private sector (SBI Life Insurance, Tata AIG Life Insurance, Bajaj Allianz Life Insurance). It also discusses the role of the Insurance Regulatory and Development Authority established in 1999 to regulate the insurance industry.
This document provides information about life insurance. It begins with definitions of insurance and life insurance, then discusses the history and evolution of the life insurance industry. It also covers life insurance in Pakistan, the different types of life insurance policies, reasons to have life insurance, how insurance works, effects of insurance, and terms and conditions. Finally, it outlines the main differences between life insurance and Takaful, which is an Islamic form of insurance.
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career opportunity in the insurance sector
,
what is insurance
,
types of insurance
,
non-life insurance
,
life insurance
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history of insurance in bangladesh
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insurance - scope and opportunities
The document discusses several insurance companies operating in Pakistan. It provides a list of 36 general insurance companies and details about some of the major players like State Life Insurance Corporation of Pakistan, ACE Insurance, Adamjee Insurance Company Limited, IGI Insurance Limited, EFU General Insurance Ltd and The Pakistan Life and General Insurance Company. It discusses the history, operations, products/services and achievements of these prominent insurance firms in the Pakistani market.
This document provides an overview of the insurance industry in Pakistan. It defines insurance and outlines its history. Several major insurance companies operating in Pakistan are described, including Jubilee Insurance, Adamjee Insurance, EFU General Insurance, TPL Direct Insurance, United Insurance, and State Life Insurance Corporation (SLIC). SLIC is noted as the largest life insurer in Pakistan, with over 200,000 sales agents across the country. The document also discusses insurance regulations, types of policies, and the roles and investments of insurance companies in Pakistan.
Stress management project report @ icici bank Babasab Patil
This document provides a table of contents for a report on consumer behavior towards insurance products with ICICI Prudential as a case study. The executive summary introduces the topics to be covered, including the need for insurance, company profile of ICICI Prudential, vision and products offered, stress management, findings and suggestions. The introduction section provides background on life insurance including its origin and development in India. It outlines the key regulations established by the Insurance Regulatory and Development Authority.
The document provides details about a summer training project undertaken by Arif Khan at MetLife India Insurance Company Limited from June 17th to August 2nd 2010. It includes a training certificate, acknowledgements, and outlines the table of contents which covers topics like the insurance industry in India, MetLife as a company, the research methodology, findings, analysis, and conclusions. The objective of the project was to study Unit-Linked Insurance Plans (ULIPs) offered by MetLife and compare them to plans offered by three of its major competitors.
Overall of Pioneer insurance company limited (insurance assignment)Niloy Saha
The document summarizes the overall performance of Pioneer Insurance Company Limited in Bangladesh. It provides details on the company's mission, vision, profile, types of insurance offered, premium income, claims payment, reinsurers, brokers, and dealings. Pioneer Insurance was established in 1996 and has grown significantly over the years, with a paid up capital of over 500 million taka and over 525 employees serving customers across 40 branches in Bangladesh.
The document discusses the Philippine Deposit Insurance Corporation (PDIC) and Insurance Commission (IC). PDIC was created in 1963 to insure bank deposits and maintain financial stability. It has three mandates: providing deposit insurance up to PHP 500,000 per depositor, examining banks and resolving distressed banks, and receiving and liquidating closed banks. IC regulates and supervises the insurance, pre-need, and healthcare industries. It licenses industry players and examines companies' operations to promote policyholder protection and industry stability.
- Insurance companies provide insurance policies to policyholders in exchange for premium payments. The policies are legally binding contracts where the insurance company agrees to pay specified sums if future events occur, such as death or an accident.
- Insurance companies accept the risk from policyholders in exchange for premiums. They determine which applications to accept and how much to charge through underwriting. Premiums provide stable revenue while payments to policyholders are the major expense.
- There are various types of insurance like life, health, property & casualty, liability, and investment-oriented products. Insurance companies combine these types of insurance in different ways and are regulated at the state level in the US.
The document provides information on insurance regulation in India. It defines insurance and describes the roles of the insurer and insured. It outlines the evolution of insurance regulation in India from 1818 to the present day. It describes the mission and organizational structure of the Insurance Regulatory and Development Authority (IRDA) and its duties and responsibilities in regulating the insurance industry. It also discusses insurance products, intermediaries, the ombudsman system for resolving complaints, and IRDA's new health insurance regulations.
This document summarizes a joint memorandum circular issued by the Insurance Commission, Cooperative Development Authority, and Securities and Exchange Commission regarding informal insurance activities. It defines informal insurance activities as those that collect contributions/premiums before contingent events and provide guaranteed benefits after such events occur. Entities engaged in informal insurance are required to formalize their activities by partnering with authorized insurers or becoming authorized themselves within 1-2 years. Guidelines are also provided for the treatment of existing funds collected from informal insurance to ensure they continue benefiting contributors. The deadline to comply is extended to December 31, 2011.
MEFIN_Microinsurance through Rural BanksGhay Mapano
This document provides an overview of microinsurance in the Philippines and the experience of Country Builders Bank with a partner-agent microinsurance model. It discusses the regulatory framework and policies governing microinsurance, the strategy and milestones of the Rural Bankers Association of the Philippines in promoting microinsurance, and how Country Builders Bank obtained necessary licenses and approvals to offer microinsurance through a partner insurer. Specific details are given on Country Builders Bank's training of agents, product launch, and enrollment results for principal members and dependents within the first year.
This document is a Product Disclosure Statement and policy wording for Chubb PeopleSure Corporate Travel Insurance. It provides an overview of key coverage included in the policy such as personal accident and sickness benefits, overseas medical expenses, lost deposits or cancellation, luggage and equipment coverage, and liability protection. It also outlines significant risks, benefits, exclusions, premium information, and claims procedures. The document contains all the necessary information about the policy for customers.
Internship Report on EFU Life Assuarance ltd.Wish Mrt'xa
EFU Life Assurance Ltd is Pakistan's first private sector life insurance company, incorporated in 1992. It acknowledges support from Allah, as well as its parents and the organization for allowing the internship. The document then covers EFU Life's history, being originally established in India in 1932 before moving to Pakistan. It discusses key insurance terms and concepts. EFU Life has grown to over 150 branches and 3,500 employees, and offers various insurance products and services while being ISO certified. The SWOT analysis examines the company's strengths, weaknesses, opportunities and threats.
The document discusses the history and operations of Life Insurance Corporation (LIC) and General Insurance Corporation (GIC) in India.
It provides background on LIC, including that it was established in 1956 by merging 245 private insurance companies following nationalization. LIC is India's largest insurance company and is owned by the government. The document also outlines GIC's role in reinsuring policies and consolidating 107 private insurers after nationalization in 1972.
The roles of LIC and GIC include spreading insurance widely, maximizing savings mobilization, conducting business efficiently, and investing policyholder funds prudently and safely.
The document provides an overview of the life insurance and financial planning industry in India. It discusses key topics such as the historical development of the insurance sector, current regulatory framework, major players and their market shares, various insurance products offered, and distribution channels. The industry is set for rapid growth in the coming years driven by increasing incomes, financial awareness and the entry of private players. Customer service and use of new distribution channels like bancassurance are becoming important for companies to succeed in this competitive environment.
This presentation was provided by Steph Pollock of The American Psychological Association’s Journals Program, and Damita Snow, of The American Society of Civil Engineers (ASCE), for the initial session of NISO's 2024 Training Series "DEIA in the Scholarly Landscape." Session One: 'Setting Expectations: a DEIA Primer,' was held June 6, 2024.
This slide is special for master students (MIBS & MIFB) in UUM. Also useful for readers who are interested in the topic of contemporary Islamic banking.
A Strategic Approach: GenAI in EducationPeter Windle
Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
How to Add Chatter in the odoo 17 ERP ModuleCeline George
In Odoo, the chatter is like a chat tool that helps you work together on records. You can leave notes and track things, making it easier to talk with your team and partners. Inside chatter, all communication history, activity, and changes will be displayed.
How to Build a Module in Odoo 17 Using the Scaffold MethodCeline George
Odoo provides an option for creating a module by using a single line command. By using this command the user can make a whole structure of a module. It is very easy for a beginner to make a module. There is no need to make each file manually. This slide will show how to create a module using the scaffold method.
This presentation includes basic of PCOS their pathology and treatment and also Ayurveda correlation of PCOS and Ayurvedic line of treatment mentioned in classics.
it describes the bony anatomy including the femoral head , acetabulum, labrum . also discusses the capsule , ligaments . muscle that act on the hip joint and the range of motion are outlined. factors affecting hip joint stability and weight transmission through the joint are summarized.
A review of the growth of the Israel Genealogy Research Association Database Collection for the last 12 months. Our collection is now passed the 3 million mark and still growing. See which archives have contributed the most. See the different types of records we have, and which years have had records added. You can also see what we have for the future.
2. LIFE INSURANCE
A life insurance policy is a contract with
an insurance company. In exchange for premiums
(payments), the insurance company provides a lump-
sum payment, known as a death benefit, to beneficiaries
in the event of the insured's death.
3. LIST OF INSURANCE COMPANIES WHOSE
CERTIFICATES OF AUTHORITY WERE EXTENDED FOR
LICENSE YEAR 2014-2015 As of 15 May 2015
Beneficial Life lnsurance Company, lnc
BF Life lnsurance Corporation
BPI-Philam Life Assurance Corporation
CAP Life lnsurance Corporation
Caritas Life I nsurance Corporation
Cooperative lnsurance System of the Philippines
Country Bankers Life lnsurance Corporation
First Life FinancialCompany, lnc.
Fortune Life lnsurance Company, lnc.
FWD Life lnsurance Corporation
Generali Pilipinas Life Assurance Company, lnc.
lnsular Life Assurance Company, Ltd.,
The Manila Bankers Life lnsurance Corporation
4. Manufacturers Life lnsurance Company (Phils.), lnc., The
Manulife Chinaban k Life Assurance Corporation
Philam Equitable Life Assurance Company, lnc.
Philippine AXA Life lnsurance Corporation
Philippines lnternational Life lnsurance Company, lnc.
Philippine Life Financial Assurance Corporation
Philippine Prudential Life lnsurance Company, lnc.
Pioneer Life lnc.
PNB Life lnsurance, lnc.
Pru Life lnsurance Corporation of U.K.
Sun Life Grepa Financial, lnc.
Sun Life of Canada (Philippines), lnc.
United Coconut Planters Life Assurance Corporation
United Life Assurance Corporation
5. NON-LIFE INSURANCE
It is basically an insurance policy to protect
an individual against losses and damages other
than those covered by Life insurance.
6. Coverage:
The coverage period for most non-life insurance
policies and plans is usually one year, whereby premiums
are normally paid on a one time basis. The risks that are
covered by non-life insurance is property loss (stolen car
or burnt house), liability arising from damage caused by
an individual to a third party, accidental death or injury.
7. LIST OF INSURANCE COMPANIES WHOSE CERTIFICATES OF
AUTHORITY WERE EXTENDED FOR LICENSE YEAR 2014-2015
(As of 15 May 2015)
AFP General lnsurance Corporation
AIG Philippines lnsurance, lnc.
(Formerly: Chartis Phils. lnsurance lnc. name change effec. 13 Dec. 2012)
Alliedbankers I nsu rance Corporation
Alpha lnsurance and Surety Company, Inc
Asia lnsurance (Philippines) Corporation (Formerly: Asia Traders lnsurance
Corporation - name change effec. 23 June 2004)
Asia United lnsurance, lnc.
BF General lnsurance Company, lnc.
BPI/MS lnsurance Corporation
Bankers Assurance Corporation
Blue Cross lnsurance, Inc.
CARD Pioneer Microinsurance lnc. (Formerly: Pioneer Asia lnsurance
Corporation - name changed efiec. 13 Sept. 2013)
Centennial Guarantee Assurance Corporation
Charter Ping An lnsurance Corporation
Cibeles lnsurance Corporation
Commonwealth lnsurance Company
Country Bankers lnsurance Corporation
8. Corporate Guarantee and lnsurance Company, lnc.
Empire lnsurance Company
Far Eastern Surety & lnsurance Company, lnc.
FLT Prime lnsurance Corporation
(Formerly: First Le@nto-Taisho lnsurance Corp. - name changed effec. 11
May 2005)
First lntegrated Bonding & lnsurance Co., lnc.
First Nationwide Assurance Corporation,
The Fortune General lnsurance Corporation
FPG lnsurance Co., lnc.
(Formerly: Federal Phoenix Assurarce Company, lnc. - name changed
effec. 18 Februaty 2015)
lnsurance Company of North America
lntra Strata Assurance Corporation
Investors Assurance Corporation
Liberty Insurance Corporation
MAA General Assurance Philippines, lnc.
Malayan lnsurance Company, lnc.
Manila Surety and Fidelity Company, lnc.
Mapfre lnsular lnsurance Corporation
9. Mercantile lnsurance Company, lnc.
Meridian Assurance Corporation
Metropolitan lnsurance Company, lnc.
Milestone Guaranty and Assurance Corporation
New lndia Assurance Company, Ltd.,
The Northwest lnsurance & Surety Company, lnc.
Oriental Assurance Corporation
Pacific Union lnsurance CompANY
People's General lnsurance Corporation
Perla Compaffia de Seguros, lnc.
Petrogen Insurance Corporation
PGA Sompo Japan lnsurance, lnc.
Philippine British Assurance Company, lnc.
Philippine Fire and Marine lnsurance Corporation
Philippines First lnsurance Company, lnc.
Pioneer lnsurance and Surety Corporation
Pioneer lntercontinental lnsurance Corporation
Plaridel Surety and lnsurance Company
10. PNB General lnsurers Company, lnc.
Premier lnsurance & Surety Corporation,
The Prudential Guarantee and Assurance lnc.
QBE Seaboard lnsurance Philippines, lnc.
(Formerly: QBE lnsurance (Philippines), lnc- - name changed eftec. 27
December 2013)
Reliance Surety and lnsurance Company, lnc.
Republic Surety and lnsurance Company, lnc.
SGI Philippines General lnsurance Company, lnc.
(Formerly: Monarch lnsurance Company, lnc. - name changed effec. 26
May 2014)
Solid Guaranty, lnc.
The Standard lnsurance Company, lnc.
Starr lnternational lnsurance Philippines Branch
Sterling lnsurance Company, lnc.
Stronghold lnsurance Company, lnc.
Travellers lnsurance & Surety Corporation
UCPB General lnsurance Company, lnc.
United lnsurance Company, lnc.
Visayan Surety and lnsurance Corporation
Western Guaranty Corporation
11. FUNCTIONS OF INSURANCE
Primary Functions:
Insurance provides certainly:
Insurance provides certainly of payment at uncertainty
of loss. The uncertainty of loss can be reduced by better
planning and administration.
Insurance provides protection:
The main function of the insurance is to provide
protection against probable chances of loss.
12. Risk-Sharing:
The risk is sharing in ancient time was done
only at the time of damage or death but today
on the basis of probability of risk, the share
obtained from each and every insured in the
shape of premium without which protection is
not guaranteed by the insurer.
13. Secondary Functions:
1. Prevention of Loss - The insurance joins hands with
those institutions which are engaged in preventing the
losses of the society.
2. Improves Efficiency - The insurance eliminates
worries and miseries of losses at death and destruction
of property.
3. It helps Economic Progress -By protecting the
society from huge losses of damage, destruction and
death, provides an opportunity to develop to those larger
industries which have more risks in their setting up.
14. BANCASSURANCE
the partnership or relationship between a bank and an
insurance company whereby the insurance company
uses the bank sales channel in order to sell insurance
products.
15. also known as cross-selling, is defined as the
presentation and sale to bank customers by an
insurance company of its insurance products within
the premises of the head office of such banks duly
licensed by the Bangko Sentral ng Pilipinas (BSP or
Philippine Central Bank)
16. Amended Insurance Code of the Philippines
Institutionalizes Bancassurance
On 15 August 2013, the President of the Philippines
signed into law Republic Act No. 10607 or the revised
Insurance Code of the Philippines (RA 10607). RA 10607,
which amends the 38-year-old Insurance Code under
Presidential Decree No. 612, seeks to strengthen the
Philippine insurance industry and re-align Philippine law
with global developments in the insurance sector.
17. IMPACT ON THE INSURANCE
SECTOR
All financial institutions supervised by the Insurance Commission
(IC), including insurers/insurance companies, agents, and brokers
(collectively, the Supervised Entities), are subject to the new
provisions of RA 10607, including those relating to bancassurance.
At present, the BSP for its part is revising its cross-selling regulations
applicable to banks. Proposed amendments to current BSP regulations
are expected to grant authority to commercial and thrift banks to
engage in cross-selling, in addition to universal banks and expanded
commercial banks which were presently allowed under BSP rules.
18. NEW BANCASSURANCE
PROVISIONS
Amendments relating to bancassurance which are brought about by RA
10607 include the following:
• To engage in a bancassurance arrangement, a bank is not required
anymore to have equity ownership of the insurance company.
• All bancassurance products, whether life or non-life, are required to
be issued or delivered in the form previously approved by the Insurance
Commission.
• Personnel tasked to present and sell insurance productswithin the
bank premises must be duly licensed by the Insurance Commission. Such
personnel will also be subject to the rules and regulations of RA 10607 to
be promulgated by the Insurance Commission and the BSP.
19. COMPLIANCE:
To comply with the new provisions on bancassurance, Supervised
Entities may consider taking the following steps:
• Review carefully and more in-depth the bancassurance provisions ofRA
10607 and further IC regulations/issuances to be issued on the matter;
• Consider the new bancassurance provisions, review and reconsider their
current policies and practices applicable to cross-selling, in order to comply
with the recent law;
• Possibly liaise with relevant IC personnel (in particular, the Regulation,
Enforcement and Prosecution Division) to ensure that their policies/practices
meet internal rules, policies, and practices of the IC; and
• Monitor the progress and eventual issuance of the rules and regulations to
be promulgated by the Insurance Commission and the BSP, specifically with
respect to bancassurance, to ensure timely and effective compliance.
20. NEW RULES OF BANCASSURANCE
Under the said Rules, the selling of insurance products,
including variable life insurance products, within the premises of
a bank is only allowed after the Insurance Commission (IC) has
approved the bancassurance agreement entered into by and
between the insurance company and the bank
In order to differentiate insurance products from bank products,
the regulation requires that the portion of the bank premises
where bancassurance activities are conducted must be distinct
and clearly marked off against areas where bank products are
sold.
The regulator also said: “The IC will not require bank employees
to obtain a licence as an insurance agent as such task is merely
incidental to their duties as bank employees.”
22. LIFE INSURANCE
Total investments placed by life insurance companies
comprised 76.41% of total assets of the sector or Php364.05
Billion, 11.17% more than the investments in 2009.
Domestic companies and foreign companies accounted for
35.89% and 64.11% of the amount respectively.
As in the past years, bonds remained the most popular with
61.22% of the total investments in 2010. This is followed by
stocks with 10.60%, Policy Loans with 8.35%, collateral
loans with 5.98%, Fixed deposits with 3.53% , Real Estate
with 3.50% and other invested assets with 6.82%.
23.
24. Investments in bonds rose by 10.84% while
investments in stocks increased by 20.29%. A
significant increase of 40.81% was noted in fixed
deposit due to the 139.63% more placements made by
domestic companies in 2010.
Total investments in long term government bonds
and government securities allocated for the 91.98% of
the total investments in bonds of the life sector.
Treasury notes which took 81.96% of the total
government bonds increased by 20.22% during the
year under review.
25.
26. NON-LIFE INSURANCE
The total invested assets in 2010 grew to Php 51.36
Billion, 13.52% more than the Php45.24 Billion
investments in 2009. The domestic and foreign
companies contributed additional 5.54% and 60.12%
respectively, to their previously invested assets. As in
past years, bonds shared the biggest 45.56%, followed
by fixed deposits of 20.29% and stocks of 17.62% of
the total investments placed by the non-life sector.
27. Data shows that all investments except mortgage loans
increased in 2010 by as much as 51.00
28. Total investments in government securities (long term
and shortterm) totaled Php24.44 Billion, 30.00% more
than the previous year’s Php18.80 Billion. The
amount was 95.81% of the total investments in bonds
which remained the most popular among other
placements made by the non-life sector.
29.
30. INSURANCE
COMMISSION
The Insurance Commission is a government agency
under the Department of Finance. The Commission
supervises and regulates the operations of life and
non-life companies, mutual benefit associations, and
trusts for charitable uses. It issues licenses to insurance
agents, general agents, resident agents, underwriters,
brokers, adjusters and actuaries. It has also the
authority to suspend or revoke such licenses.
31. MISSION
We are committed to protect the interest and
welfare of the insuring public and to develop
and strengthen the insurance industry
VISION
By 2020, as Regulator, we shall provide an
opportunity for every Filipino to secure insurance
protection and we shall observe practices at par
with regional and global standards.
33. OBJECTIVES:
To promote growth and financial stability of insurance
companies
To professionalize insurance services and develop
insurance consciousness among the general populace
To establish a sound national insurance market, and
To safeguard the rights and interest of the insuring
people.
35. Chapter 1: The Contract of Insurance
Title 1: What may be insured
Title 2: Parties of the contract
Title 3: Insurable Interest
Title 4: Concealment
Title 5: Representation
Title 6: The Policy
Title 7: Warranties
Title 8: Premium
Title 9: Loss
Title 10: Notice of loss
Title 11: Double Insurance
Title 12: Reinsurance
36. Chapter 2: Classes of Insurance
Title 1: Marine Insurance
Title 2: Fire Insurance
Title 3: Casualty Insurance
Title 4: Suretyship
Title 5: Life Insurance
Title 6: MicroInsurance
37. Chapter 3: The Business of Insurance
Title 1: Insurance Companies, Organization, Capitalization
and authorization
Title 2: Solvency
Title 3: Asset
Title 4: Investments
Title 5: Reserves
Title 6: Limit of Single Risk
Title 7: Reinsurance Transactions
Title 8: Annual Statement
Title 9: Policy Forms
Title 10: Variable Contracts
38. Title 11: Claims Settlement
Title 12: Examination of companies
Title 13: Suspension or revocation of authority
Title 14: Appointment of conservator
Title 15: Proceedings upon insolvency
Title 16: Consolidation and merger of insurance
company
Title 17: Mutualisation of stock life insurance companies
Title 18: Withdrawal of foreign Insurance Companies
Title 19: Professional Reinsurers
Title 20: Holding Companies
39. Chapter 4 : Sales Agencies and
Technical Services
Title 1: Insurance Agents and Insurance Brokers
Title 2: Reinsurance Brokers
Title 3: Resident Agents
Title 4: Non-Life Company Underwriter
Title 5: Adjusters
Title 7: Rating Organization and Rate Making
Title 8: Provision common to agents, brokers and
adjusters
Title 9: Bancassurance
40. Chapter 5: Security Fund
Chapter 6: Compulsory Motor Vehicle Liability
Insurance
Chapter 7: Mutual Benefit Associations and trusts for
charitable uses
Title 1: Mutual Benefit Associations
Title 2:Trusts for charitable uses
41. Chapter 8: Trust Business in General
Chapter 9: Registration, responsibilities and oversight
of self-regulatory organization
Chapter 10: The Insurance Commissioner
Title 1: Administrative and Adjudicatory powers
Title 2: Fees and other sources of funds
43. 1. Government
The Government Services Insurance System (GSIS)
which extends life insurance to all government
employees, and various general insurance products to
government installations and their interests; and the
Social Security System (SSS) fall within this category.
44. 2. Private
Two main classifications of private companies:
Proprietary Insurers
organized and operated by stockholders mainly for
profit. Most of companies in the Philippines fall within
this classification.
45. Cooperative Insurers
Operated to provide insurance at cost to members. The
insured's are the owners. When a profit is made, part is
given back to the insured's as "policy dividends" and the
balance is used to build up the surplus.
47. Life Insurance
A policy of life insurance is not a mere contract of
indemnity, but is a contract to pay the beneficiary a
certain sun of money in the event of death, provided
certain conditions are performed by the insured.
49. Property Insurance
provide protection against more risks to property
such as the special perils of earthquake, flood, typhoon,
riot and strike, falling aircraft, and impact of vehicles are
written usually in conjunction which fire coverage.
50. Marine Insurance
this includes cargo, hull freight, and liability of
the ship owner to the crew, passengers, or property of
the third parties. Inland marine, covering shipment of
goods by trucks, railways, or ferry, is included in this
classification.
51. Casualty Insurance
This is the broadest classification which includes
those lines of business that do not fall under Fire or
Marine such as motor car, workmen's compensation,
personal accident, crime insurance, liability insurance
etc.
52. Motor Insurance
Any kind of insurance pertaining to the
ownership, maintenance, or use of motor vehicle may be
referred to, in general, as Automobile Insurance. It also
refers to insurance on auto home, motor cycles, scooters,
mobiles, buses, road building equipment, trailers, etc.
Automobile Insurance required in the business of
selling, repairing, servicing motor vehicles comes in the
category.
53. Other Insurances
Personal Accident Insurance
A particular type of insurance which provides
benefits/indemnity in case of losses to the person
or physical well-being of an insured, individual
arising out of accident.
54. Direct Losses
Accidental loss of life or
death which results out of
injuries sustained by the
individual and accidental
loss sight or eyes
Indirect Losses
The individual may be
disabled for some time,
either totally or partially.
He could be confined in
the hospital or bed-ridden
at the house in which case
he is unable to engage in
his usual means of
livelihood
55. Health Insurance
A type of insurance coverage that pays for medical
and surgical expenses that are incurred by the insured.
Health insurance can either reimbursed the insured for
expenses incurred from illness or injury or pay the care
provider directly. Often included in employer benefit
packages as a means of enticing quality employees.