This document discusses the principal and practice of insurance in developing countries like India. It defines insurance as a contract where an insurer assumes the risk of an insured and promises to pay compensation for a specified event in exchange for a premium. The document outlines important insurance terms, the scope and functions of insurance, different types of insurance like life and general insurance, and principles of insurance. It discusses the relevance of insurance for individuals, businesses, and society, how it supports economic development, and common attitudes toward insurance coverage.

1. PRINCIPAL AND PRACTICE OF INSURANCE

2. TOPIC
INSURANCE ; CONCEPT, PRINCIPLE, ITS
RELEVANCE IN DEVELOPING COUNTRY LIKE
INDIA AND ATTITUDE TOWARDS THE
INSURANCE COVER.

3. CONTENTS
 INTRODUCTION
 IMPORTANT TERMS IN INSURANCE
 SCOPE OF INSURANCE
 FUNCTION OF INSURANCE
 KINDS OF INSURANCE
 PRINCIPLE OF INSURANCE
 RELEVANCE OF INSURANCE
 INSURANCE AND ECONOMIC DEVELOPMENT
 ATTITUDE TOWARDS INSURANCE

4. INTRODUCTION
 Defination of insurance contents the
following feature;
 It is a contract
 Whereby an insurer assumes the risk of insured
 And promises to pay a certain amount of money
 On the happening of a specified event
 In consideration of the premium paid by insured

5. IMPORTANTTERMSININSURANCE
o Insurance policy
o Insurer
o Insured
o Premium
o Compensation
o Insured amount
o contingency

6. SCOPEOFINSURANCE
 Sharing of risk
 Co-operative instrument
 Evaluation of risk
 Payment is linked to contingency
 Contract
 Consideration
 Good faith
 The amount

7. Functionsofinsurance
Primary function
Secondary
function
Other function

8. KINDSOFINSURANCE
LIFE
INSURANCE GENERAL
INSURANCE

9. GENERALINSURANCE
 Marine insurance
 Fire insurance
 Social insurance
 Double insurance
 Reinsurance
 Over insurance
 Other insurance

10. PRINCIPLEOFINSURANCE
 Principle of insurable interest
 Principle of indemnity
 Principle of subrogation
 Principle of causa proxima
 Principle of contribution
 Principle of utmost good faith
 Principle of mitigation of losses

11. RELEVANCEOFINSURANCE
 Relevance and useful for individual
 Relevance and useful for business
 Relevance and useful for society

12. RELEVANCEANDUSEFULNESSFORINDIVIDUAL
 Provides saftey and security
 Acts as movitor
 Encourages saving
 Eliminates dependency
 Profitable investment
 Fulfills needs of a person

13. RELEVANCEANDUSEFULFORBUSINESS
 Uncertainty of business losses is contained
 Helpful in raising loans
 Helpful in raising motivation
 Helpful in partnership concerns
 Welfare of employee

14. RELEVANCEANDUSEFULTOSOCIETY
 Helpful in economic growth
 Protection of wealth

15. INSURANCEANDECONOMICDEVELOPMENT
 Providing fund for development
 Helping international trade
 Safety and security of property
 Encouraging saving
 Availability of capital
 Better creditworthiness
 Helping financial institutions
 Helping the service sector
 Protection against risk

16. ATTITUDETOWARDSINSURANCE
GENERAL ATTITUDES
FROM SOCIAL POINT OFVIEW
COMMOM PERECEPTION

17. THANK YOU